"My name is Xyz, and I'm a senior Finanacial Advisor at Bank of America"
So, recently, my bank charged me overdraft fee, even though there was plenty of money in the account. Here is how it happened:
1.) I write a check, and give it to somebody
2.) I negotiated, and got a different price, person agrees to refund, but says already deposited.
3.) I put in a check stop, (for $30, but worth it)
4.) Bank charges me for the check stop (listed before #5)
5.) Check comes through, and exceeds what was in the account (since I expected it to be less)
6.) Several other checks and charges come to the account due to regularly scheduled payments ON THE SAME DAY, just after the overdraft of the large check.
7.) Even though there is enough amount of money in the account to cover all but the stopped check, all payments were charged overdraft fee!!
8.) I spend an hour on the phone with their Senior something: "But sir!!! this is how the bank industry works! We give money away, even though there is not enough, and it'll take us a day to notice. In the mean time, we'll actually make your ballance negative, and sit here and charge you for each payment that comes through. This is right! and this is how everybody does it, and more importantly, I think it's right"
9.) me: "But wait! You didn't look at my check? I gave you enough information to stop it! why didn't stop? And if there wasn't enough money in the account to pay, why not charge me over draft for that one charge, and not charge me for the other charges to this account?"
10.) "That's just how it works. And I've tried to explain to you...., and the thick book that you got when you opened the account also explains it, and we expect that you looked at it. that's just how the industry works."
evil? unethical? greedy? Or just a great business practice?
