Bank of America, you sneaky bastards.
I have a hate-hate relationship with Bank of America, but use them as my primary bank for the sake of accessibility (i.e., when I moved to NY, there were no Wells Fargos around). Now that I’m back in TX, I’ve just been too lazy to close all my BoA accounts and switch over all my online accounts.
But if you don’t keep an eye on BoA, they will totally screw you over when given the opportunity.
If you are one of the poor, unfortunate souls who has gotten an overdraft fee since October 19, 2009 [raises hand. twice.], please do yourself a favor and look at your bank statements again. As of that date, it is bank policy not to charge overdraft fees if you’re under less than $10 by the close of that day.
Which is where I come in:
One day I transferred all of my direct deposit into my second checking account. I proceeded to use funds as desired until a couple of days later, when my debit card was rejected. I called the bank in a pissy mood, because I knew I had funds in that account.
Except I didn’t, because of a bank error that had no record of my transfer. So the woman on the line transferred my money from her end, cancelling out most of the pending overdraft fees. I was left with about $75 in overdraft fees because my balance was -$3 or something. By now, of course, I was really pissy because the fees hadn’t even been my fault. The lady said that “maybe” the bank would be able to do something about it, but I’d have to wait until all the fees were processed. That fee ended up being cleared because of the new overdraft fee policy, not because of bank error, and only because I had to be on their ass about it.
A week later, something similar happens again (yes, my account runs perilously low on the regular—you try living on 19 15 hrs of work a week). This time, the woman at the bank was great about undoing the bank error, and promptly refunded all the fees.
Either way, I had to be the one to notify BoA about the bullshit charges, and I had to deal with the significantly lower account balance while they sorted everything out. The policy is awesome, but apparently it’s only effective if a customer complains, because otherwise, the charges are still automatic.