How about paying cash for a cup of coffee? You probably have that much change in the bottom of your purse. Why do people have to use a ATM card for small purchases? Give your self a $20.00 bill to spend for the week for small purchases. All the Banks pay the largest debit first and then the next largest and the next etc. You need to have better control. Use a check register. The Bank is not at fault and that is why they will not return the fees. If your deposit was made after 2.00 p.m. it would not be credited until the next day.
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Bank of America is one of the worst and biggest banks in the United States. It pains me to see the number of customers this bank has and the number of stories from personal friends who've ran into overdraft issues with this bank. In your situation, having went to the bank and called customer service... go back to the bank and demand to speak to the bank's branch manager. Demand they justify and explain how this occurred. Even if you are at fault, in most cases if you don't have a habit of overdrafting, the branch manager can and often times will remove some or all of the overdraft charges. If that fails, continue to work the phones with custo ... more >>
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Many banks hold cash deposits until the next business day, this is stupid but common. So that money is not available (my ATM statement says exactly what my available balance is) so you have to work within your available balance. The banks work like in the 1940's when it is to their advantage, like posting cash the next day. Stupid but common.
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Bob, you are mistaken, cash (by law) is never held. I think your confusion is that a deposit, of any type, made after a cutoff time is not posted until the nightly update of the next business day. In other words, a cash deposit made at 4:45 on a Monday will not be available funds until Tuesday night. Banks, especially the large ones, have to cut off transactions at a time that allows them to process all the work and get the checks to the Fed by the Fed's own cutoff time.
I agree with Grandma that is not well advised to be using a debit card for trivial (coffee) purchases, especually if you don't have a grasp of what's available for you t ... more >>
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'Bank of America is one of the worst and biggest banks in the United States.' Oxymoron?
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The same thing happened to me a few weeks ago at Wells Fargo. I went in calmly and smiled and explained that I did not realize...but they flat out refused to take the fees off my account. The old days of asking politly does not work anymore. Your only revenge is to close your account or suck it up and never make the mistake again. Always take cash out when you make a deposit, that way you don't have to wonder if you missed the deadline. Try to view all banks and credit card companys as blood sucking vampires - the more you stay away from them, the better off you will be! :)
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Anyone here working in the banking business? I would like to know: WHY does it take so long for a deposit to go in to your bank account? This is the computer age - we are talking about numbers here. If they need to check to see if it is a real check - wouldn't that only take a few minutes? Couldn't someone just sit there and check that? It seems to me that banks purposely have a long delay JUST so they can tack on fees. This is a 24/7 world we are living in but banks (and the Feds) operate like 1984.
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Thanks for all your imput. I have tried again in vain to rectify the situation. BOA manager could NOT tell me why they have they pay the largest amount first, rather than pay first in first out procedure.(which to me is sensible) They told me they "assume" that since I made a large purchase, I "should" have the money to cover it (which i did) you all know what "assmue" means when shementioned it, as I told her to NOT assume anything. BTW, some of us, want to keep track of EVERY purchase, even if it's just for a cup of coffee, or whatever it may be. BOA told me that had I asked to have the funds (CASH) deposited THAT DAY, I should have asked f ... more >>
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What time did you do your deposit? Banks have signs that tell you what time the cut off is for deposits. When you got your receipt it tells you how much is available. Did you look at your receipt?
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Buster... sure it only takes a couple of minutes, multiply that by the tens of thousands of checks they handle every day. Consider also, that the fact that the funds may be in the account when I call, does not mean they will be there when the check hits the bank. And finally, after it does hit the bank, the bank can still return that check for a period of time. That's why it takes so long.
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I have been with BOA for the past 20 years with no problems in the last 10. my transactions clear in no particular order and I keep a checking register. The only time I use the online service is to watch when transactions come in. My deposits always go ahead of anything else. I'm not sure what is happening with everyone else but I just don't see what the problems are when you have adequate fund in your account to clear anything that comes in, regardless of order.
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CRH is correct in that BoA does process credits first, and especially correct in her adequate funds philosophy.
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That is what cash receipts are for. I keep a envelope in my purse for cash receipts.
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Thank you Ken, I'm glad someone agrees with me.
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I've been with BOA for almost 20 years, BOA has told me they pay the highest purchase made on that particular day (in decending order) NOT by when or date thepurchase was made. BTW, I made several purchases over the weekend using my DEBIT option (therefor allowing myself to know exactly what was in my account) BAO paid everything I bought (over the weekend) in decending order PLUS the purchase I made after 5PM on Monday thus making all my debits over the weekend kick out as overdrafts. BOA should have paid my first in forst out purchases, and not the highest amount first. (this is how BOA makes their money) BOA can't tell me why they have th ... more >>
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In order for there to be any overdraft fee there would not have been enough money in the account to cover all the charges. I understand you made a cash deposit, but you made it after the cut off time and therefore it was not credited until the next day. When you got your receipt it would have told you that. Why did you not just give your daughter the cash to pay her utility bill?
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Yoke:
My Daugher has had the very same problems in her own account with the bank (BOA).....Yes I understand you, but she's been fighting with the bank as well.
The simple fact of the Branch manager telling me Quote: had you AS the teller to deposit the cash funds in your account for that day (the day I deposited) they would have done so. This to me is the type of unspoken practiceI'm making mention of, and is based on who knows about it, and who doesn't. To me, not very good practice on the Bank's part. If you deposit cash in that day, it should show up that day. BOA has differnt cutoff times, based on which State you live in, so if I'm tr ... more >>
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When you looked at your receipt and it stated your funds were not available until the next day you should have questioned it then. You did look at your receipt, correct? Once you realized the funds were not available until the next day you should have held off paying off the utility bill.
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speedy, since you've been with BOA for almost 20 years, I would surmise you understand their policies. Since all your complaints are against BOA, why haven't you switched banks by now? I know if I had a continual beef against one of my banks, I'd leave in a heartbeat! But, be heartened, 'relief' is on the way--as soon as Countrywide completes the purchase of BOA.
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Ponie
I dounderstand all you're telling me. I was with BOA since the Shawmut bank days.. I, wftermy last go around with BOA, was sent their newest literature based on their latest banking practices.. dated March 2008 and May 2008. This newest info, which I recieved yesterday, bases their newest fee schedules and their current practices, somthing I believe they should have notified me prior to their newest policies being instituted. I think the FEDS may catch them at their own game, when they try to aquire Countrywide. Until then, I've decided to get myself into a Credit Union in my State, thus divorcing BOA. I just think BOA's practices, whi ... more >>
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The bank that I USED to bank at (BofA) had a large sign that stated cash deposits were credited immediately. I made a deposit at the ATM of cash(the machine counted the money) I had a receipt that said available funds and they STILL gave me overdraft fees. I have changed banks.
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BofA is purchasing Countrywide, not the other way around. BofA is going to be able to write off just about all of Countrywide debt which leaves the taxpayer paying for the bad mortgages. This law needs to change. Read about it. This isn't the first time BofA bought a business that was floundering and wrote off the debt. If this conglomerate wants to buy everything, let them eat the bad debt. The banks generate 17.5 billion in revenues a year through overdraft fees. Write to the banking commission and complain. There is also a consumer alert at capwiz which has info and a letter you can send that's on legislation for banking and overdraft fees ... more >>
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(06/18/2008) 
