Bank of America Informative - Consumer Information
When consumers post reviews of a company such as Bank of America, they should always research the process they are complaining about before they complain. After 27 years of employment with Bank of America, I have had the opportunity to actually participate in many areas or functions of the bank, so let me explain to all of you complainers why you are paying a charge for bouncing a check. When you write a check or use your debit card, that item is sent to the bank that the merchant uses. The merchant's bank processes the items, then sends them through a clearing house or the Federal Reserve to be collected from the account holder's bank, which in this case is Bank of America. Because the financial institutions are regulated, these items have to be paid or returned within a specific timeframe as specified by the regulators. Your bank does not have the option to hold these items until you can make a deposit or pay the items if the money is not available in your account, unless they choose to do so, based on your relationship ( how long have you been a customer, how many checks have you bounced in the past 12 months, what type of balances you carry in all of your accounts, and how many accounts do you have with them). When the item is presented to Bank of America, if the funds are not available, the item is rejected into a batch that contains all of the items that have bounced that current processing day. That batch of items then has to be reviewed by a special real person that has to be paid. She reviews the items for individual attention to see if there is any way they can pay those items based on the criteria discussed earlier. Do you know how many bounced checks a financial institution receives each and every day? I can tell you that each processing center processes thousands and thousands of rejected items each and every day. So the banks need hundreds of employees to process those thousands of items. This is what you are paying for, when you bounce a check and have to pay a non-sufficient funds fee. Because you bounced the item, and the bank had to provide that service of individual handling, you are paying a fee for the service. Any business that provides a service is paid a fee. This is called income. If the bank never had to process bounced items, consumers would never have to pay the fee for that service, because the service was not provided. Do you get it? If you take your shirts to the dry cleaners, you have to pay for their service. If you bounce a check you have to pay for the service. You don't ever hear a customer complain about an NSF fee, if they never bounce a check. So the point is if you do not want to pay the fee, don't bounce the check. And the only way that can be guaranteed is by using a check register and subtracting each and every entry from your available balance when you give them the check or use your checkcard. Using the balance you have obtained from online banking, telephone banking, the ATM, or the customer service representative, does not reflect your true balance, because they are not mind readers, and they do not know how much you have spent on items that have not been presented to the bank. In other words when you bought groceries and used your checkcard for 75.00, it is not reflected in the balance the bank gave you, until the merchant sends it for processing. So if the bank (teller, ATM, phone banking, customer service rep, or online banking) tells you that your balance is $100.00, you must subtract the $75.00 from that balance so that you accurately know how much you can spend. If you spend the $100.00 because the bank told you that was your balance, you are going to incur and pay a NSF fee. The service was provided and the fee is paid.
And yes, if you were lucky enough to get a refund because it was your first mistake since banking with us, you will possibly get the refund. But if you are asking for the refund, and you have already received a refund, you will be denied. Service received, service fee paid.
And you will always notice that the complainers about a bank, are the consumers paying the NSF fees. When they say Bank of America sucks, that means they bounced checks and had to pay the price. The consumers who never bounce checks (because they use a check register) never call in to complain about NSF fees.
So, to all of you who like to complain about NSF fees and managers who do not refund fees, please do your research before you complain and start using your check registers Then you will not have to complain and you will be a happy consumer.
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