Consumerist: Bank of America Changes Overdraft Policy To

What kind of car did you get?

Originally posted by vansmack:
While I don't symapthize with Rusty's particular situation, I do know what the article is talking about (and it's NOT rusty's sitch).

I've been a happy BofA customer for 20 years, but I have seen this change described by consumerist. Recently, we switched the majority of our savings cash to ING (better interest rate). When Smackette and I bought a new car (on a Saturday), we wrote the check and while waiting for the car to be brought around, we transferred the money from ING to BofA (Saturday afternoon). The money was transferred from ING that evening. Toyota deposited the check at around noon PT on Monday.

BofA decided not to post the transfer until COB Monday, depsite having the money in their possession and left in pending for two days.

BofA refused to honor the check and dinged us for $35 (which of course we didn't pay after a polite phone call). Toyota was cool about it and put the check through the next day with no additional charge. They said BofA does stuff like this all the time - their theory is that BofA's computers are programmed to find instances like this to make money.

My advice to those of you living pay check to paycheck is to (1) find another bank or (2) pay the $30 fee for overdraft protection and get a free BofA credit card with a low limit to use soley for overdraft protection. They'll get their $30 one way or another, but at least you can limit the damage.

Originally posted by Charlie Nakatestes,Japanese Golfer:
What kind of car did you get?

I wasn't kidding when I told Brian Wallace that I contribute to the Smug.

I had an unauthorized charge on my card for a couple thousand dollars that triggered my overdraft even though it was only pending and never actually went through.

Originally posted by RustyOrgan:
My situation is EXACTLY the same as the one in the Consumerist article. Maybe i used a poor example as an illustration..

Well, all we know is what you tell us, and the difference between your example and the example I provided and Consumerist provided is the timing by which BofA chooses to honor the transfer. In your example, for maybe the 10 minutes between buying lunch and making the deposit, your account was in the red.

A better example would have been on the way to buy lunch, I deposited the money, but BofA charged me an overdraft fee when I bought my lunch because the deposit was not posted until COB, despite it being a cash desposit.

Originally posted by Charlie Nakatestes,Japanese Golfer:
What kind of car did you get?

the vansmacks strike me as a toyota matrix couple

Originally posted by vansmack:

Originally posted by RustyOrgan:
My situation is EXACTLY the same as the one in the Consumerist article. Maybe i used a poor example as an illustration..

Well, all we know is what you tell us, and the difference between your example and the example I provided and Consumerist provided is the timing by which BofA chooses to honor the transfer. In your example, for maybe the 10 minutes between buying lunch and making the deposit, your account was in the red.

A better example would have been on the way to buy lunch, I deposited the money, but BofA charged me an overdraft fee when I bought my lunch because the deposit was not posted until COB, despite it being a cash desposit.

one time , when i was younger, much younger…i accidentally overdrafted my checking account.

I made a number of purchases:

$3.00 for 2 packs for smokes
$6.99 for a 6 pack of beer
$25 for gas

in that order.

I overdrafted my account by $12.00

Now, instead of taking my transactions in the order they were made, they took the gas first, which immediately overdrew my account and incurred a $29 fee. The next two small transactions posted after the account was negative, thus incurring 2 more $29 charges.

Awfully shady i thought, until I realized that some places (such as Mobil Gas Stations) post their credit transactions faster than others (crappy Asian liquor store under my apt), so its not the bank's fault really because its not like there is someone personally handling my transactions to notice something like this.

Usually, if this happens on a rare basis, you can call the bank and have the charge waived.

I was asking because we just got a 2006 RAV4.

Originally posted by HoyaSaxa03:

Originally posted by Charlie Nakatestes,Japanese Golfer:
What kind of car did you get?

the vansmacks strike me as a toyota matrix couple

Originally posted by Charlie Nakatestes,Japanese Golfer:
I was asking because we just got a 2006 RAV4.

Originally posted by HoyaSaxa03:

Originally posted by Charlie Nakatestes,Japanese Golfer:
What kind of car did you get?

the vansmacks strike me as a toyota matrix couple

why do i think Vansmack would have something nicer than a matrix?

i just bought a car too but i certainly wont be telling you people what it is!

Originally posted by HoyaSaxa03:
the vansmacks strike me as a toyota matrix couple

I'm not sure which is more sad: the fact that I couldn't find the Red X (strike) from the Family Feud anywhere on the interwebs, or the fact that I spent over 20 minutes looking for it.

Back in March we bought a Prius.

Originally posted by Erinaceous Sonickus:
i just bought a car too but i certainly wont be telling you people what it is!

Hey, I own a car too, so stick that in your pipe and smoke it, chief.

Originally posted by vansmack:

Originally posted by HoyaSaxa03:
the vansmacks strike me as a toyota matrix couple

I'm not sure which is more sad: the fact that I couldn't find the Red X (strike) from the Family Feud anywhere on the interwebs, or the fact that I spent over 20 minutes looking for it.

Back in March we bought a Prius.

Really? I thought you were better at using the Interwebs than that. I was able to find this in under a minute.

<img src="http://a218.ac-images.myspacecdn.com/images01/56/s_f42eeeea38714910ad6ef7dedd9a0b31.jpg" alt=" - " />

OMG! i TOTALLY own a car too! we should, like, start a club or something! i say we call it the "Super-dooper, hipsters-only, BofA-hating we-own-cars-GNAAA-GNAAAAAAA club"! we'd be so cool.

i knew smackie would have a prius, cause he's a white person that likes stuff

also funny that the wife has an 06 rav-4 and i have a matrix

Originally posted by miss pretentious:
Really? I thought you were better at using the Interwebs than that. I was able to find this in under a minute.

I hate you.

Originally posted by god's shoeshine:
i knew smackie would have a prius, cause he's a white person that likes stuff

Seriously? White and likes stuff? That's all you've got for me?

I bought the Prius for foreign policy reasons!!!

[hangsheadinshame] And because I like stuff [/hangheadinshame].

That's one reason I switch from Bank of America to a different bank. The Overdarft Fees was one reason I quit them. No wonder people dislike them.