Bank of America Complaint - Bank of America - Holding Transactions in Pending Status and Charging NSF Fee on ATM Cash Withdrawal
ARIZONA -- I thought this was my imagination until I read another post on this site. It has been confirmed. Bank of America holds transactions. I'll give you an example of what happened to me.
I had $100 in a checking account. I used my checkcard for 2 transactions which total $40.00 together. I log on and see that I still have $60 left. So I now go to the ATM and I withdraw $40, leaving me (with what I think is $20). Then the next day, I find out my account is in the negative. A payment came in that night (auto-payment from phone bill of $107). True, I had forgotten about the phone bill, however, in what manner do you think Bank of America handled this? Well, rather than have everything else clear and then charge the fee on the phone bill auto payment, they charged a fee on everything after the phone payment, including the CASH WITHDRAWAL. How is it possible for a cash withdrawal to bounce? If you apply standard accounting methods, and I have cash in the back and I take out cash from the bank, that cash is mine and should have first been removed from this equation. These people will take advantage of you at each opportunity.
We have switched to a Credit Union and will be closing out our account this month. We will NEVER do business with Bank of America again. They are now the Bank of NO Opportunity. Goodbye and try not to cry about it Bank of America - the public is becoming wiser and eventually you will not be able to take advantage of people.
As a footnote, I also want to mention that this practice has been questioned and a lawsuit brought against Bank of America due to changing the posting order of items. Here is the latest update on that:
... Bank of America recently settled a class-action lawsuit that alleged it (and by extension, Fleet Bank, LaSalle Bank and U.S. Trust Company, which it acquired during that period) changed the posting order of transactions and embarked on other activities in order to increase the revenue it received from non-sufficient funds fees, overdraft fees and similar charges. The lawsuit, which was settled for $35 million, also alleged that the bank failed to warn customers that certain transactions were triggering fees. Even though Bank of America denies any wrongdoing, it is agreeing to pay up to $78 per account holder. ...
Thank you for reading my post.
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