Bank of America Compliment - Confusing On-Line Account Management/ Non-Existant Customer Service
MERRIMACK, NEW HAMPSHIRE -- As one of many thousands of Fleet Bank customers that found themselves customers of Bank of America, I've found it to be a diffucult and pricey transition. I became a fan of on line Banking while with Fleet, but I cannot say the same for BOA.
BOA's on line Banking is not real time. It reports previous day balances and reports current day activity in a "hold" state. This takes some getting used to. In addition transfers to reserve credit/ overdraft protection are not instantaneous and appear to take anywhere from 1 to 3 days to post and become avaialble. Frankly, I cannot understand how a real time transfer of avaialble funds cannot be posted immediately. Where does it go, who has it and what are they doing with it?
With declining interest rates being offered by Banks, this account has simply become a pass through account to manage regular expenses. I leave liquid cash assets in other higher yeilding vehicles ,transferring in funds when needed.I take advantage of cash reserve overdraft protection and immediately pay off in full. The delay in posting payments caught me unexpectedly and lead to several overdrafts. On another occasion I found that only a portion of avaiable finds were advanced to cover an overwrite. I posted questions through the web site on three occasions and depite an automated message insuring a response in 12 hours, nothing was received. A registered letter to my Branch office was never responded to.I called Customer Service and spoke with someone in Mexico City and they told me to write to the "problem resolution office in Florida". I did so and sent a registered letter with extensive ,indisputable proof of conflicts of policy and oddly timed transactions. I simply received a pre-printed form letter stating "not a bank problem, no refund will be given". They did not answer my requests for clarification of bank policy and an explanation as to why I was esentially ignored by Customer Service in all the avenues I had taken. In December, I erred again by depositing funds into savings rather than checking. By the time I realized it, three items totalling $1900.00 had been presented against a $636.00 account balance and 1K in cash reserve. All three were charged $34.00 each for NSF. By right there was sufficent coverage for two of the three items. No monies were taken from any account to cover two of the three items. I was simply charged. One of these items was a ATM withdrawl.Why did it let me do this? Upon reading the transaction slip I saw the error and transferred in funds to cover the items. But it was to late. Yes it was my error, but it should have been a $34.00 error, not a $102.00 error. I sent another letter with ATM receipts and bank statements to demonstrate that the two of the three items should have been covered.Again, I got the same form letter. "Not our fault...."
BOA needs to reconnect with the concept of communication and customer service. Thier policies and practices may very well be suspect. When a customer initiates six communications, offering great detail in each and requests policy clarification in writing, at the very least BOA needs to make the effort to respond.
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