I wish the customer service people I spoke to yesterday and today just came out and told me that one of my pending transactions caused me to have 3 overdraft fees instead of two.
Here is my story: Last Wednsday I had $12 in my account. I needed to make a purchase for $400 that day so a relative transferred in $400 just before I made the online purchase. That day I also bought $9 of gas -- which only recorded as $1. The next day I needed to pay a bill online for $65 so a relative transferred $65 just before I made the purchase.
On Friday that left me with 3 pending transactions on my account. In good faith I had money put into the account just before I made the two bigger transactions. Everything should have been covered.
But then a check I wrote went through a day early (before my relative could transfer $$). It was for $450. The same night the $400 and $9 were hard-posted or whatever---BUT the $65 WAS STILL PENDING!! That night the pending $65 was taken out first and just caused a cascading effect. To me the $65 should have been ignored until it was hard-posted.
My point is I had enough in there to pay the $450 and just have a nsf on 2. The front page of B of A account information shows that my $450 check cleared -- its when you go in the account history that it show The $450 bounced. So if they had not included my pending transaction I would have only two $35 fees. They want to charge me 3.
Also, why was the $400 charge not marked as paid? The money was there on Wednesday when I made the purchase. If they are going to make pending transactions trigger fees, then they ought to freeze the money in the account as soon as you use your card.
If they had done that the only bounced things I would have had would have been for the $450 check on Friday -- because I made the other purchases on Wednesday and Thursday.
I talked until I felt blue in the face to BofA asking why in the world a pending transaction caused this trouble. They just said that's the way things are, and they would file a report, and remarked that maybe the machine was not allowing a fee refund because I was continuously bouncing checks.
Is this something new?
4 Updates & Rebuttals
Karl
Highlands Ranch,Colorado,
USA
MANIPULATION POEM.......
#5Consumer Comment
Fri, November 11, 2011
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Just type in 502469 at this site and it appears as 'Consumer Comment #20' at Ripoff Report #502469.
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Charles
Phenix City,Alabama,
USA
How do you think bush was able to afford his new home
#5Consumer Comment
Wed, November 11, 2009
How do you think bush was able to afford his new home. Because he has stocks In the oil industry. Bush & these rich people made profits from the oil & high gas prices.
And they was making people more poorer stealing from us. But crooks always get away with doing this to people.
And people on this site defend, the crooks & bad businesses.
Karl
highlands ranch,Colorado,
U.S.A.
BTW, The reason that gas prices were over $4 a gallon last year is because...
#5Consumer Comment
Wed, November 11, 2009
OIL was being 'MANIPULATED' by some people who wanted to make profits at the expense of innocent Americans and innocent people all over the WORLD.
IamGood
Galveston,Texas,
USA
rules on Pending Debit Card Transactions
#5General Comment
Tue, November 10, 2009
I checked with BOA about pending transactions. Here is a excerpt from their web site.
This pending transaction refers to a purchase made with your Check Card. When you use your Check Card to make a purchase, the merchant asks us to authorize the transaction. When we approve a request to authorize a Check Card transaction, in most cases we place an authorization hold on your account. The authorization hold shows as a pending transaction in Online Banking and reduces the available balance in your account by the amount requested. Since the authorization hold reduces the available balance in your account, your remaining available balance must be sufficient to cover checks and other items that post to your account (such as in-person and ATM withdrawals, electronic funds transfers, and other debits) or, you may incur fees for overdrafts or returned items.
This means when you use your check card, as a debit, it reduces your account by that amount, because the bank has promised the merchant it will hold that balance.
Your balance was reduced by 65.00 that night, so even though the 65.00 was not presented to your bank yet, the bank reduced your balance by 65.00 so that when the transaction actually came in, there would be the money there to pay it.
The debit transaction for 65.00 could also be subject to a 35.00 fee if when the vendor "actually" presents the transaction to the bank, and you dont have the money there to pay that merchant. Because of BOA's promise to that merchant, they will be required to pay, so you would have to deposit 65.00 + the 35.00 fee.
BTW , the reason gas purchases show 1.00, is that the gas station wants to make sure your debit card is active, so they pass a charge hold of 1.00 just to make sure the card is still valid. When the transaction is over, when the transaction is presented to your bank, it is presented for the full amount. On your gas transactions, you should write down the actual amount in your check register.
You could have avoided all these charges, if you kept a register!!!