As a consumer from your state, I felt it was my responsibility to bring to your attention the following incident.
Bank of America knows that customers use online banking so as not to have to keep track of their paper receipts with a calculator. Clients depend on the accuracy of the balance shown online, and often check that balance on days that they make transactions. Bank of America (MD) Online banking purposefully does not show the true daily available balance on users’ online statement. A posted transaction will appear instantly then disappear for a few days, fooling the user that the available balance shown is up to the minute or even the day. Then BOA allows (instead of denying) transactions to post based on the erroneous balance and simply charge overdraft fees, although it was their mistake in reporting the wrong balance.
So, BOA depends on being able to charge Huge overdraft fees racking up on Online Banking customers who depend on their online banking daily balance to be correct and accurate. Transactions that post on a certain day show up instantly, then the available balance listed is assumed to be just as instant. But, the following day, and days after, the transaction is no longer shown and the available balance has reverted, unbeknownst to the client, who feels free to use their debit card, without having a register, to track spending otherwise. Other online banking that I currently use, will show the transaction, and the available balance up to the minute and that available balance can be depended upon to be accurate and updated every day no matter how many transactions are posted and how many days pass.
Please do something about the dangerous practice that Bank of America has developed. Only people who can least afford it, will be financially harmed by it. Especially those of us who are accustomed to checking our online balance (sometimes several times a day) in order to stay within our debit card limit. If the online balance can no longer be relied upon, we might as well go back to checks and check registers, and check fees, etc. Other banks are doing it right, so should BOA.
I have contacted several CSA’s by phone and requested that Bank of America refund the fraudulent fees, but they have so far refused, saying that I should keep a register and that the online balance does not reflect “pending” transactions, even though they have already posted. I would like my monies refunded, and BOA punished for this fraud.
As a resolution, I would like the following:
I want all the fees they fraudulently took refunded to me and the account closed.
Please contact me if you need more details regarding this incident.