BANK OF AMERICA Cheating Debit Card Users *Consumer suggestion *Victim responds *REBUTTAL
Bank of America is charging me hundreds of dollars because I cannot keep my checking account straight as a result of their inadequate customer services. Each overdraft fee is $30, and I am going broke because their 800 number does not give good information about what transactions have been processed in my account.
The 800 number lists all debit transactions, checks and deposits. What they don't tell you is that when you use your debit card, the money is automatically subtracted from your balance, but if the merchant does not complete the transaction process within 24 hours, they release your money back into your account WITHOUT TELLING THE CUSTOMER HOW MUCH MONEY WAS RETURNED TO THEIR ACCOUNT OR WHEN. The bank claims they would be unethical to keep your money if the merchant doesn't present them with proof of the transaction in 24 hours, and I agree, but don't they also have the responsibility to let you know if they have put money back in your account that you have checked off as having been taken? Their automated service has transaction options to do everything else: Why can't they have an option for incoming debit transactions (those within the 24 hour hold) and then another for debit transactions processed?
I contend that the bank does not WANT to make this feature available because they collect $30 for every transaction they can cause you to make which overdraws your account. HOW DO THEY EXPECT YOU TO KEEP YOUR ACCOUNT BALANCED IF YOU CALL THE 800# TO CONFIRM COMPLETED TRANSACTIONS AND THEY SHOW YOU A DEBIT HAS BEEN SUBTRACTED BUT THEN PUT THE MONEY BACK IN THE NEXT DAY WITHOUT SHOWING IT AS A RETRACTION? ????? Simple: They like the $30 per transaction fee they are scamming us out of.
PLEASE * if you have experienced this problem, COMPLAIN. Call customer service, the media, and every other outlet you can find to let them know this system stinks.
While debit cards are wonderfully convenient, they are becoming cost prohibitive because the bank cannot give its customers timely enough information to help us keep our records balanced. And then they charge US for the mistakes!
Click here to read other Rip Off Reports on Bank of America
5 Updates & Rebuttals
Melissa
Mesquite,Texas,
simple solution
#6Consumer Suggestion
Wed, June 19, 2002
Bank of America has a debit card
transaction book that you can get from
almost any Bank of America location.
It has a pocket that holds your card
and a book to write your transactions
in.
If you would simply write your transactions down WHEN you do them, you would ALWAYS know what your balance is.
By the way, I warn ALL of my new check
card customers that merchants do not
always send us proof of the transaction
within 24 hours, so even if their
transaction has not yet posted - subtract
it from your balance to keep you out of
trouble. Also, the bank actually loses
money on customers that have constantly
overdrawn accounts, contrary to your
belief.
What you are experiencing are "authorization holds" that merchants place on your account when your card is swiped.
#60
Tue, October 16, 2001
They filed the following rebuttal to the above Rip-Off Report:
Their email: crittergal@ev1.net
Their name: Christine
Their relationship to the company: Consumer Suggestion
Rebuttal:
I work for a credit union and I still cannot understand what the original complaint is about! This complaintant is stating that he (or she) is taking the funds out of his checkbook, yet is still bouncing checks? You would have MORE money in your account, not less, unless you were adjusting your checkbook dependent upon the automated phone service.
What you are experiencing are "authorization holds" that merchants place on your account when your card is swiped. You may go to a department store, charge $32.00 worth of merchandise and the store puts a $40.00 authorization hold on your account, then the actual charge goes through anywhere from immediately to days later.
I have to agree with the first comments, take it out of your checkbook, confirm which checks have cleared, but do not use the automated phone service to balance your Visa Check Card/Debit Card transactions.
The next time you call, talk to a human, not a computer!
#60
Sat, August 11, 2001
This email is a rebuttal to RipOff #5990.
It was sent by CThompson at idlives@aol.com.
BANK OF AMERICA Cheating Debit Card Users *Consumer suggestion *Victim responds (#5990)
They filed the following rebuttal to the above Rip-Off Report:
Their email: idlives@aol.com
Their name: C Thompson
Their relationship to the company: Consumer Suggestion
Rebuttal:
The bank keeps two balances for every account: an account balance and a ledger balance. If you're trying to balance exactly, you need to get the ledger balace (these are your available funds). The next time you call, talk to a human, not a computer!
I've been with B of A for umpteen years -- they've only screwed up once!
I'll take you up on your suggestion... But, ..I want to explain that I am trying NOT to utilize the same funds twice!!!
#60
Thu, August 02, 2001
This email is a rebuttal to RipOff #5990.
It was sent by J at nofriendofjackie@yahoo.com.
BANK OF AMERICA Cheating Debit Card Users *Consumer suggestion (#5990)
They filed the following rebuttal to the above Rip-Off Report:
Their email: nofriendofjackie@yahoo.com
Their name: J
Their relationship to the company: Response to the Consumer Suggestion ..Thank you but...
Rebuttal:
As the original author, I want to explain that I am trying NOT to utilize the same funds twice!!! I sit down with my checkbook believing all entries have been made. I listen to the 800 number's list of checks that have cleared and the debits that have posted. I check them off as processed. THAT is what creates the problem: Even though their audio system tells me the debit transaction has cleared my account, if I check my available funds afterward and balance my checkbook to that, I might be including funds that I've been told were already taken to cover a debit but then they were put back because the vendor didn't process the transaction.
The bank has option after option after option on their endless audio line system; why can't they add in an option to list "outstanding debits" or debits that have been processed initially but not actually paid????
This one simple option would have saved me more than a hundred dollars. They are basically giving me bad information about what my available balance is when there are potentially more debits to be reduced and, in fact, they lie to me when the system says the particular debit has been taken out but, in fact, it's really only been "frozen" for 24 hours. They should
NOT list a debit transaction as processed when it is "frozen;" they should only deduct those funds once the vendor presents documentation of the transaction. However, they want to protect THEMSELVES and make sure the money is there, at least for 24 hours, so they freeze it.
I absolutely have no intention of kiting checks, using the same money twice, etc.; I am desperately trying to avoid that and also to avoid overdraft fees. All I am asking is for the bank to give me an option on their customer service line (or online banking system) that lets me know exactly how much money is really mine up to the minute.....is that so wrong?????? I don't think so...I pay them $13 a month in service charges for the privilege.
And I think I'll take you up on your suggestion--with a credit union. Thanks!
Dump your B of A account. If you're eligible to join a credit union, do so.
#60
Thu, August 02, 2001
This email is a rebuttal to RipOff #5990.
It was sent by pasnat at kmoreno@aubreyco.com.
BANK OF AMERICA Cheating Debit Card Users (#5990)
They filed the following rebuttal to the above Rip-Off Report:
Their email: kmoreno@aubreyco.com
Their name: pasnat
Their relationship to the company: Consumer Suggestion
Rebuttal:
Believe me, I am no fan of B of A - I consider them the personification of bad banking. However, I don't think you have a legitimate gripe. It sounds like you think that if the vendor doesn't claim your money within 24 hours, you get it back and can spend it on something else.
I don't think so. Once you use your debit card, consider that money gone, even if it takes more than 24 hours to post. The vendor is going to want its money eventually. Record the debit in your check register and don't think about re-spending it. If you carefully track your expenses, recording all checks, ATM transactions, automatic transfers and debit card transactions, you should have no trouble keeping your finances straight. I
use my credit union debit card for 90% of my financial transactions, and when I had to pay an overdraft fee, it was because I failed to record an ATM withdrawal. Mea culpa.
It sounds to me like you're complaining because B of A isn't notifying you when a debit transaction hasn't shown up yet, and you feel like you've got some float time to work with. Be careful; I'm not exactly sure what check kiting is, but this sounds close to it. Keep accurate records and don't spend the same money twice.
Two final words of advise: First, keep a cushion in your checking account ($100 or so) that you just write off as if it wasn't there. That way, if you overdraw, you'll land on your cushion and won't assess a fee.
Second: Dump your B of A account. If you're eligible to join a credit union, do so.