Complaint Review: Bank Of America - Carpentersville Illinois

I have been a checking customer with Bank Of America for almost 15 years and a credit card customer for about 12. I have NEVER had a problem with Bank of America. Not one! Even when I had my head up my a*s and made a simple mistake, I called them in a calm and polite tone, and they took care of it immediately even when it was MY fault. As an accoutholder YOU need to be accountable for your actions and the way you maintain your account. You really need to read your contract. Also, it is common practice for most banks to first deduct checks and charges, then add deposits. It doent matter who you deal with. Every major bank does it that way. $700 in charges! Thats more than the result of the one check you mentioned! Better start paying attention, or just keep paying the fees. Bank of America has proven itself to me to be an outstanding financial institution. Good luck~

BoA may very well be in compliance, but you can bet that their policy of charging overdraft fees is skewed specifically for capitilizing on fees while staying just inside the line of compliance. They are, in fact, making a lot of money by posting debits out of succession, as in this case. Compliant? Yes. Ethical? IMHO I wouldn't say they are. I had automatic charges taken out of my BoA check card, even after I called BoA and told then that they were unauthorized, and was assured by the BoA rep that the charges would not go through in the future. Well, several went through, an overdraft resulted, and I got charged an overdraft fee, which I refused to pay. Spent hours on the phone, letters, and visits. BoA still has it on my record. I withdrew everything, and will not deal with them again. I am much happier with my new bank. I would suggest that people take their banking business elsewhere.

BoA may very well be in compliance, but you can bet that their policy of charging overdraft fees is skewed specifically for capitilizing on fees while staying just inside the line of compliance. They are, in fact, making a lot of money by posting debits out of succession, as in this case. Compliant? Yes. Ethical? IMHO I wouldn't say they are. I had automatic charges taken out of my BoA check card, even after I called BoA and told then that they were unauthorized, and was assured by the BoA rep that the charges would not go through in the future. Well, several went through, an overdraft resulted, and I got charged an overdraft fee, which I refused to pay. Spent hours on the phone, letters, and visits. BoA still has it on my record. I withdrew everything, and will not deal with them again. I am much happier with my new bank. I would suggest that people take their banking business elsewhere.

BoA may very well be in compliance, but you can bet that their policy of charging overdraft fees is skewed specifically for capitilizing on fees while staying just inside the line of compliance. They are, in fact, making a lot of money by posting debits out of succession, as in this case. Compliant? Yes. Ethical? IMHO I wouldn't say they are. I had automatic charges taken out of my BoA check card, even after I called BoA and told then that they were unauthorized, and was assured by the BoA rep that the charges would not go through in the future. Well, several went through, an overdraft resulted, and I got charged an overdraft fee, which I refused to pay. Spent hours on the phone, letters, and visits. BoA still has it on my record. I withdrew everything, and will not deal with them again. I am much happier with my new bank. I would suggest that people take their banking business elsewhere.

BoA may very well be in compliance, but you can bet that their policy of charging overdraft fees is skewed specifically for capitilizing on fees while staying just inside the line of compliance. They are, in fact, making a lot of money by posting debits out of succession, as in this case. Compliant? Yes. Ethical? IMHO I wouldn't say they are. I had automatic charges taken out of my BoA check card, even after I called BoA and told then that they were unauthorized, and was assured by the BoA rep that the charges would not go through in the future. Well, several went through, an overdraft resulted, and I got charged an overdraft fee, which I refused to pay. Spent hours on the phone, letters, and visits. BoA still has it on my record. I withdrew everything, and will not deal with them again. I am much happier with my new bank. I would suggest that people take their banking business elsewhere.

You are right about cash being available next day, but that means no later than next day. In most systems, a cash deposit memo posts and is immediately available. There may still exist some archaic system which doesn't do an online memo post, and in that case you'd always see it show up next business day. Surprisingly, the larger banks seem to have the least sophisticated systems.

"I had a situation where I made a cash deposit to my account before the cutoff time and later that night my account was overdrawn. Their explanation to me was that the funds are not available until the next business day. I reminded them that since it was a cash deposit it should not have been held but available immediately. They told me that if any teller has ever made my cash available immediately at any time they must have been doing me a favor because they recognized me or something because it is a federal law that any funds deposited into an account is not available until the next business day. Sounds crazy to me!." May sound crazy, but it's actually correct. Google for Regulation CC, this is also known as the expedited funds availability act and it explains how deposits are credited to your account. The federal reserve's website explains that cash falls under the next day availability category, and that it "must be made available on the first business day following the banking day of deposit." In other words if you make a deposit before cutoff on a Wednesday then the funds must be available on Thursday, but debits coming into the account on Wednesday night may not be covered by the cash deposit. Interestingly, if you make a deposit after cutoff on a Friday then that would count as a Monday transaction and the funds wouldn't be available until Tuesday. Some banks may waive this next day hold on a case by case basis, so what the customer service agent was telling you is correct and the bank is in compliance.

These are ways for you not to be an "unsuspecting customer". 1) Read the customer account agreement (also known as terms and conditions) for your account. This will detail exactly what the bank's policies are concerning holds on check card purchases, availablity of funds, holds on check deposits. All your questions (except the meaning of life) should be answered. 2) Keep an account register. You will know exactly how much you have in you account to draw against. Don't rely on the bank to do this for you. That is your responsibility. 3) Look at your deposut receipt. It will state when the deposit will post to your account and may also state when the funds will be available. If there is any question, ask the teller. 4) You have $100 in you account. When the checks you are issuing reach $100.00 total, stop writing. Guess what. Anything over $100.00 will bounce. Most of the issues you are complaining about are of your own making. You do bear some responsibility in managing your finances.