Fvck Bank of America

[Doboji]

I just figured out their overdraft schemes.

The way their online banking system works.

1. You make a transaction using your VISA check card
2. If you check your account on the day of the transaction, the transaction shows up as "pending". Your account is debited the amount of the transaction.
3. 24 hours later, all records of the transaction is removed from your account records, and your account is credited the amount of the transaction.
4. Now your account is showing an incorrect balance.
5. 3 days later, the transaction reapears on your account and your account is again debited the transaction amount.

This makes overdrafting incredibly easy. In my case I have 3 accounts I operate from, 2 checking, and 1 savings. The VISA check card is linked to my discretionary spending account.

Sample scenario.

starting balance $80
Day 1.
I go to mcdonalds and spend $6.00
Get gas for $35
Pizzahut for $15

Day 2.
Movie for $8.50
Bought a Gatorade at 7-11 for $1.69

Account shows Balance: 13.81

I dont spend anything for a couple of days.

I need to get gas on Day 4 I check my balance. My balance shows $24 I'm confused now, because I know I spent money. So I'm scratching my head oh crap what hasn't shown up? Ahhh the movie I went to. that was 8.50.... so I really have $15.50

Ok I'm gonna leave a cusion so I spend 14.00 on gas.

The NEXT day... I check my account and I'm overdrawn -33.19... now I'm pissed...

Why the FVCK does the transactions dissapear completely so as to make banking as hard as possible? What is the point of online banking if it does this? Other banks like Wachovia I have confirmed do NOT do this. It's a fvcking scam pure and simple. And the sad part is, it's completely legal and they can get away with it.

ARGH

-Max

 

[RagingBITCH]

It shows up like it's supposed to for me.

 

[radioouman]

change banks.

 

[Chunkee]

I have been trying to figure this out myself, becuase i get charged 5 bux for overdraft protection, how can they charge for overdraft protection? I dont understand.

jC

 

[Doboji]

Originally posted by: radioouman
change banks.

:thumbsup: Plan on it.... recommendations?

-Max

 

[Gibson486]

Aren't there temp transactions? Some places temporarily charge $1 to your account to make sure the account is still active. Ofcourse, you always get that money back in the end.

 

[tfinch2]

WTF is the point of having a bank account if you keep less than 200 dollars in it? Don't you get minimum charges too? I never understood that.

 

[monk3y]

It's better to budget yourself... Online banking takes different amounts of time for different transactions to go through.

 

[Pepsi90919]

we don't use the "visa check cards" here, just interac

 

[Queasy]

Originally posted by: Doboji

Originally posted by: radioouman
change banks.

:thumbsup: Plan on it.... recommendations?

-Max

Washington Mutual

 

[Pepsei]

Wachovia bank or Credit unions.

 

[Cal166]

That's why I HARDLY use my cards that are linked to my bank. I always use my Credit Cards for purhcases.

 

[Argo]

Originally posted by: Doboji

Originally posted by: radioouman
change banks.

:thumbsup: Plan on it.... recommendations?

-Max

I'm pretty happy with chase.

 

[Fenixgoon]

bank of america works fine for me... god i love them!

 

[Amused]

This is why you keep a checkbook register and record all transactions.

If you bounce anything, it's your fault. Relying on BofA to keep track for you is a bit foolish.

 

[Gibson486]

I just got a school loan from them. It takes ages for them to approve it.

 

[FoBoT]

can't you just keep track of how much you spent, like with a little notebook

 

[lancestorm]

I think you are partially to blame for cutting it so close. Give yourself some leeway by putting extra funds in your checking to avoid these situations in the future. Or just have one checking.

 

[davew0670]

this happens when you use your check card as a credit card instead of a debit card. The business where you use your card has to submit their credit card transactions for payment. some business may do this once a week, others may do it on a daily basis. Debit purchases are usually instant.

 

[Tom]

here is how a checking account works, don't take more money out than you put in, and you don't have to worry.

 

[Doboji]

Originally posted by: Amused
This is why you keep a checkbook register and record all transactions.

If you bounce anything, it's your fault. Relying on BofA to keep track for you is a bit foolish.

Then the online banking option is worthless. Not to mention it's a real pain in the ass to write down every 2-3$ transaction.

Also why is it the other banks don't do it this way?

Reality is Bank of America does this because they are counting on people making miscalculations so they can profit.

-Max

 

[Amused]

Originally posted by: Doboji

Originally posted by: Amused
This is why you keep a checkbook register and record all transactions.

If you bounce anything, it's your fault. Relying on BofA to keep track for you is a bit foolish.

Then the online banking option is worthless. Not to mention it's a real pain in the ass to write down every 2-3$ transaction.

Also why is it the other banks don't do it this way?

Reality is Bank of America does this because they are counting on people making miscalculations so they can profit.

-Max

I highly doubt this is some vast conspiracy. If you have a checking acount, it is YOUR responsibility to record all transactions. Nobody elses.

It simply amazes me that a bright person like you cannot grasp this very simple, and VERY old fact.

If you're not going to bother recording transactions, get overdraft protection. Soon. Because NO bank will have online record keeping you can totally trust.

Better yet, go ask your parents if you're a bright boy for not recording all your checking account transactions. That should be good for a laugh.

 

[SnipeMasterJ13]

Damnit.

I also just got screwed. 10 dollars for an overdraft fee. An overdraft of 2.81 because they are stupid and my 26.50 in gas didnt show up. They transferred money from my personal line of credit and MAXED that out, no big deal I figured cause i got paid today and just paid it all back. But now my deposit from my check today is about half of what it was supposed to be. Its like they paid half my check with my own money from the personal line of credit. Once i get out of class today im going to hurt someone...

 

[Descartes]

I have no problems with Bank of America. I love their online banking, and they always have a reasonable person available if I have any questions.

 

[Doboji]

Originally posted by: Amused

Originally posted by: Doboji

Originally posted by: Amused
This is why you keep a checkbook register and record all transactions.

If you bounce anything, it's your fault. Relying on BofA to keep track for you is a bit foolish.

Then the online banking option is worthless. Not to mention it's a real pain in the ass to write down every 2-3$ transaction.

Also why is it the other banks don't do it this way?

Reality is Bank of America does this because they are counting on people making miscalculations so they can profit.

-Max

I highly doubt this is some vast conspiracy. If you have a checking acount, it is YOUR responsibility to record all transactions. Nobody elses.

It simply amazes me that a bright person like you cannot grasp this very simple, and VERY old fact.

If you're not going to bother recording transactions, get overdraft protection. Soon. Because NO bank will have online record keeping you can totally trust.

Better yet, go ask your parents if you're a bright boy for not recording all your checking account transactions. That should be good for a laugh.

*sigh* I acknowledge that the error was mine, however my beef is that they certainly made the mistake exceedingly easy to make. The system would be so easily fixed if they just kept the transactions SOMEWHERE that I could look at them. I mean what would happen if I lost my check register somehow? Then what?

The real life scenario I ended up overdrawing 4.61 cents in two small transactions, and ended up -70.61. Which was pretty pissy.

Normally I wouldn't be scraping the bottom of the barrel like this, but I just bought a diamond ring, and a condo.... so there ya go.

-Max