Bank of America Complaint - Deceptive Online Banking System
Bank of America's online banking system seems to be set up to deliberately deceive customers by witholding current account transaction information.
I had Washington Mutual previously and all transaction were posted immediately - debits, transfers, bill pays - and you could easily manage your account using only their online banking. Bank of America is totally different: all debits, transfers, and bill pays are posted as pending, usually for a day or so, and then there is ALWAYS a period of anywhere from 12 to 24 hours where transactions are not listed AT ALL: not as pending and not as posted - they are not visible.
What it means is that the online banking system of B of A is useless for managing your account, you are forced to use some sort of other register, be it Quicken or a piece of paper. Bank of America could easily make the online system real-time and useful, I know, because Washington Mutual is able to do it. There can only be one reason that BofA does it this way, and that is to deceive people who don't keep separate registers (I do now, because I have to, I didn't have to with WaMu) for the purpose of generating bank fees. There can be no other reason! If there is a legitimate reason, someone please enlighten me - don't say I should have kept my own register: of course with BofA I must, and I do.
Explain to me why WaMu is able to make it realtime, but BofA can't seem to.
Another difference between the two: online bill payments funds are immediately removed from your account and then sent to the payee as a check from a Washington Mutual bank's own account. BofA, when it cuts a check to mail with billpay leaves you responsible for the check until the payee cashes it - again, for no other reason than to generate NSF and overdraft fees based either on a customer's carelessness with their balance or the intenional confusion generated by their online system. I started getting messages like "check #5004 was sent to so-and-so" when I didn't even know I had checks in that range.
Bank of America could easily make things less confusing and clearer, and they could change the way their system operates; again, I know they can, because I've seen Washington Mutual do it; however, they don't, for the purpose of generating fees.
Those of you who want to respond by saying "you should keep your own register" are missing the true nature of the complaint here.
(I'm not a WaMu fanboy, I've seen them make mistakes also, but the obvious deliberate deceptiveness of BofA online banking system is insultingly arrogant)
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