Complaint Review: Bank of America - Nationwide

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.

They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
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.

This email is a rebuttal to RipOff #5990.
It was sent by CThompson at [email protected].

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: [email protected]
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!

This email is a rebuttal to RipOff #5990.
It was sent by J at [email protected].

BANK OF AMERICA Cheating Debit Card Users *Consumer suggestion (#5990)

They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
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!

This email is a rebuttal to RipOff #5990.
It was sent by pasnat at [email protected].

BANK OF AMERICA Cheating Debit Card Users (#5990)

They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
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.