Bank of America Informative - Negatively Changes Their Policy On "Pending Transactions"
Bank of America's policy of Overdraft Fees is nothing short of debilitating.
As of this post (May 2008), BofA has recently changed their policy on PENDING TRANSACTIONS which - in particular - has resulted in numerous overdraft fees on my account.
It took 3 calls to their "customer service" department, before someone admitted to me that their policy has indeed recently changed.
In the past, using my bank card (non-debit) on a Friday would NOT see those transactions post to my account until Monday. That meant I had until Sunday's "cut-off time" to fund the account to cover Friday's charges.
As of this writing, BofA has CHANGED that policy so that (quote) "Pending charges may in fact pull the funds from the account that same day".
To clarify, BofA is saying that I no longer can wait until Sunday - I must fund Friday's charges before Friday's cut-off time.
While this is a simple change of protocol for me, why was their policy change not made well known? HINT: Instead of the onslaught of advertisements upon logging into the BofA website (www.bankofamerica.com), such that often require my clicking a "Not Interested" button, why not post a message that says "Dear Valued Customers, please avoid overdraft fees by keeping your account funded Monday through Friday, as we have recently changed our policies in that we now post Friday's activity ON Friday."
Why didn't BofA make this well known? In my opinion, they make BILLIONS off of Overdraft Fees. It's a planned event, not unlike insurance companies who calculate who and how many people will die this year. This is one of their money-making scams ... um, I mean schemes.
Yes, I know that I can assign an overdraft account to protect myself, but that would not be necessary if they made their customer well-aware of policy
changes ... instead of tell me (as their Customer Service department did) that "Didn't you see the notice? It was included with a recent statement."
So, instead of further insulting us with your videos ( http://www.youtube.com/watch?v=CT77_8kEJvk&feature=related), why not spend the time and energy to
keep your "valued customers" well informed?