- Report: #363643
Complaint Review: Bank Of America - Scottsdale Arizona
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Bank Of America
3132 N. Scottsdale Road Scottsdale, 85251 Arizona, U.S.A.
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Bank Of America IS IT COLD??? I FEEL AN over DRAFT Scottsdale Arizona
A deposit is made at "B of A" (Bank of America) in their ATM (which then they had upgraded and extended the hours that a transaction would be credited) and a receipt for the transaction was spit out of the machine. On the receipt were several bits of information, including the "available balance".
As many banks do, when you make an deposit in an ATM which has not as yet been verified, $100 of that deposit is made available immediately. Therefore, lets say a check from a private individual for $200 is deposited in your account. Your balance prior to the deposit is $25. The ATM receipt shows an AVAILABLE balance of $125. This is the balance of your account LESS any unverified transactions (electronic or otherwise) of which the bank is aware at that time.
(here comes the public ripoff part) You can at the time you deposit that check in the ATM choose "Yes I would like another transaction" and withdraw in cash from your account the amount of your available balance or a portion thereof from the machine (in cash, of course). If at some time after the ATM deposit was made but before it was verified an electronic transaction, say, a debit card purchase at a store hit your account, all of a sudden that hundred dollars that mind you just a minute ago was for all intents and purposes an AVAILABLE cash balance becomes an unverified deposit and will not satisfy lets call it that $35 purchase at the super market.
I might be wrong here, but I do not recall any banking institution that I have had an account with in the past processing the debits and credits to their customers' accounts in this fashion. I even worked for a time at Norwest Bank when they were "alive" (and this was in the returns dept !!) and saw the operations from the inside. Maybe I am complaining about this for nothing and there is some bizarre twisted logic to this, but if there is $100 in your account that is in your account as cash all of a sudden isnt any more when there is the chance of the bank getting an overdraft charge (or 2 or 5) out of you. I wonder how many customers they do this to daily and how many millions they are ripping us off for ??? It does not seem right !!
Idontcare
Scottsdale, Arizona
U.S.A.
As many banks do, when you make an deposit in an ATM which has not as yet been verified, $100 of that deposit is made available immediately. Therefore, lets say a check from a private individual for $200 is deposited in your account. Your balance prior to the deposit is $25. The ATM receipt shows an AVAILABLE balance of $125. This is the balance of your account LESS any unverified transactions (electronic or otherwise) of which the bank is aware at that time.
(here comes the public ripoff part) You can at the time you deposit that check in the ATM choose "Yes I would like another transaction" and withdraw in cash from your account the amount of your available balance or a portion thereof from the machine (in cash, of course). If at some time after the ATM deposit was made but before it was verified an electronic transaction, say, a debit card purchase at a store hit your account, all of a sudden that hundred dollars that mind you just a minute ago was for all intents and purposes an AVAILABLE cash balance becomes an unverified deposit and will not satisfy lets call it that $35 purchase at the super market.
I might be wrong here, but I do not recall any banking institution that I have had an account with in the past processing the debits and credits to their customers' accounts in this fashion. I even worked for a time at Norwest Bank when they were "alive" (and this was in the returns dept !!) and saw the operations from the inside. Maybe I am complaining about this for nothing and there is some bizarre twisted logic to this, but if there is $100 in your account that is in your account as cash all of a sudden isnt any more when there is the chance of the bank getting an overdraft charge (or 2 or 5) out of you. I wonder how many customers they do this to daily and how many millions they are ripping us off for ??? It does not seem right !!
Idontcare
Scottsdale, Arizona
U.S.A.
4 Updates & Rebuttals
Charles
Phenix City,Alabama,
U.S.A.
Its time to fight back
#2Consumer Comment
Thu, August 21, 2008
Anybody who has been wronged buy a company or cheated some how need's to fight back. These bad businesses then whines about custormer's slandering there company. It's time we stop letting these bad businesses get rich while they try to make us poor, know bank's are the knew rip-off today holding you responsible for transaction's you didn't authorize this Is abuse. After being victimized so many time's In the past buy other businesses today bank's are causing us trouble today I will not let these bank's get rich of me & making me poor. It's time for all of us to fight back agaisnt these bank's who steal from us then blame us for the problem when they know the merchant or business made the unauthorized transaction. But still we have to pay the price that Is how the law Is set up to screw us over!. Well I am tired of being screwed! & I will not keep silent anymore. It seem's bank's are allowed to ruin us & get away with It. I can't keep silent anymore we need to stop letting these bank's take advantage of us & screwing us over It just get's me so ticked off!!!!!!!. That these bank's are allowed to get away with this type of abuse!.
Robert
Buffalo,New York,
U.S.A.
You forgot about the posting ORDER.
#3Consumer Suggestion
Mon, August 18, 2008
You forgot about the posting order in your ROR. Under YOUR scenario, you would overdraw the account and be assessed the OD fee. You have $25, deposit $200 at an ATM ($100 courteously made available) and a $35 store debit hit. The banks post DEBITS FIRST. So, you had $25, the $35 store debit hits, causing a $10 overdraft-the ATM deposit is irrelevant at this point. The $200 (or $100 courtesy) will be posted AFTER the DEBITS. Folks need to understand that any deposit is meaninless untill the deposit CLEARS!!!! OD and NSF fees are EASILY AVOIDED: 1. maintain an accurate account register-to the penny. Reconcile your account register with the monthly statement that is mailed to you by your bank, not with any online balance or telephone balance inquiry. If you don't have a monthly statement mailed to you, contact your bank and have the bank start mailing them. 2. Do NOT utilize ANY AUTOMATIC BILL PAY service. If the bank or the payee makes a mistake, this opens the door for OD/NSF fees. Write checks for recurring monthly bills such as rent/mortgage, utilities, insurance, etc. 3. DO NOT USE A DEBIT CARD for everyday shopping! The more transactions on your account, the more opportunities there are for a mistake (by you, the bank, or the payee) that won't be discovered by you until you reconcile your account register. DO NOT USE a debit card for small purchases, such as McDonalds, wally world, drive thru coffee and donut, etc. Budget your routine expenses and take out the cash monthly, bi-weekly or weekly for these incidental expenses. If you follow these suggestions I can assure you that you will NEVER pay an OD/NSF fee again unless it is UNDOUBTEDLY a bank error-and then the bank will do what is necessary to make you whole. I haven't paid a bank fee of any kind since 1982. It works!
John
Califon,New Jersey,
U.S.A.
The real reason is...
#4Consumer Comment
Mon, August 18, 2008
you left the irresponsibility door open. Ha ha ha ha. See what I did there?
Striderq
Columbia,South Carolina,
U.S.A.
The reason is...
#5Consumer Comment
Mon, August 18, 2008
the ATM deposit you're making is after cut off time for same day business and therefore not truly available for your use that same day. The receipt will show you the business date that the money will credit to the account and therefore the business date that you can use the money. However, I do agree with you that this is definately one thing that the banks need to change. If indeed the ATM shows the deposit available, then it should be available for all tranactions that day.
