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Warning to all Bank Of America Customers


The Voices Talk to Me
After nearly becoming a victim of Bank Of America twice now, and with no legal recourse possible I have decided that the very least I can do is warn people.

Bank of America engages in 3 activites that I know of that put you the consumer at risk and create an enviroment to commit banking fraud against you.

First lets start with how they put you at risk. The attached image is your BofA front page which has the ability for you to log in. I Marked it in Blue "1". But there is one problem with this if you look at the bottom right hand of the screen shot Marked in red "3" there is no security icon ensuring that all data entered on that page is secured and forced to use 128 bit encryption. Which "can" put you at risk to have your account login information stolen.

I say CAN, because while I am sure BofA has good security on thier servers to prevent someone from tampering with their site page, I know how secure my PC is and I would rather trust that then someone I do not know.

So how do you prevent this "Potential" security risk, simple, at the top right hand of the screen, marked in red "2", you will see a "login in" text link in red, click on that it will take you to another page with options to login to your type of account. You will notice that when you go through that login you will get your security icon. (see attachment "bofa Login")

Now on to how Bank of America tries to commit fraud............

Ok so now how does Bank of America try to commit fraud against you? They do this 2 seperate ways or both. As you can see from the attachment, this is what your account page looks like. The area I circled and marked in red "3" is the pending transaction section. This area "SHOULD" tell you any and all pending transactions to your account. But does it? NO! It doesn't! As you can see from the screen shot, there are 2 pending transactions, but in reality I have 3! And this is the shady part, Bank of America only posts transactions to the pending section when they occur but remove them from that section after 12 hrs, (sometimes more sometimes less) but always before the actual transaction takes place.

So what does this mean? How is this fraud?

Here is how it works, BofA posts your pending transaction for 12 hrs or less and your balance will reflect the change, but once they remove that entry and long before the transaction posts to your account. so if you were to log in to check your balance after BofA removed the item from your pending transactions your balance would show that you have more money than you really do! Lets do an exercise.

You bank balance is $100, you make a purchase for $50. For 12 hrs after the purchase the purchase will show in pending transactions and your balance will be $50. After BofA removes the item from pending transactions your balance will show $100. Now you login to check your balance you see that you have a balance of $100 and nothing listed in pending transactions. If you forgot that you made that $50 purchase you might go and spend that $100. Or at least BofA is hopeing that you will.

So you think you have $100 you goto the club and spend $75, well guess what, your now $-25.00 in the hole, BofA charges you a nice fat $66 - $99 over the limit fee, and you are now $-91.00 - $-124.00 in the hole!

Now the second way BofA commits fraud against you is they will withhold transactions for as long as 3 weeks before post them to your account, but will post most of them immediatly if your account is over drawn. Lets do another example.

You account balance is $100, you make 7 $20 purchases, all on the same day, for a total of $140. BofA will post 6 transactions to your account making you overdrawn by $20. And will charge you the $66 - $99 fee. your balance is now $-86 - $-119. The next day they will post the 7th transaction, they will pay it, and hit you with another overdarw fee of $99. Leaving you with a balance of $-185 - $-218.

That is bank fraud, but nearly impossible to prove in court. BofA deliberatly will withhold additional overdrawn transactions and will post them a day after to charge you additional fees reguardless of when the transaction was made.

If you have direct deposite they will hold your direct deposit credit till they post transactions that will overdraw your account, charge you the fee then will process your direct deposit credit.

So how do you avoid being the victium of BofA? Two ways, first, use a differnt bank!, the second is to keep perfect and miticulas records of EVERY transaction you make, and NEVER trust the online balance shown! Only your own register balance that you keep. No other balance is accurate with BofA, NONE!!!
(see attachment bofa pending)



Prodigal Son
Maveric169 said:
Bank of America only posts transactions to the pending section when they occur but remove them from that section after 12 hrs, (sometimes more sometimes less) but always before the actual transaction takes place.
Has happened to me on multiple ocassions.


F@H - Is it in you?
Staff member
Political User
I have been over-drawn a few times at bank of america... this was when I was living basically paycheck to paycheck...

every time they gave me back my money when I brought print outs to them at my local B of A bank...

I have never had a problem with bank of america per se... if anything they have afforded me excellent service...

I understand where you are coming from but also understand this occurs with pretty much every other bank out there in almost the same manner in my experience... my credit union did it... wells fargo did it... b of a does it...

there is a reason B of A has a disclaimer on their site wrt what is shown v/s what is accurate... and there is a reason one has to be fiscally responsible... its unfortunate but its my money and I'll be damned if some computer program is going to tell me how much I have and charge me overdraft fees for going over...

sorry to hear about your predicament once again... but like I said its the same everywhere... and B of A's online banking is a heck of a lot better than many other places... just being able to see my checks posted online is brilliant...

Son Goku

No lover of dogma
The $66-$99 overdraft charge seems extremely steep. You might want to see if you can find a credit union. With the credit union I belong too (New Mexico Educators), the overdraft fee is $22 by comparison. I'm not sure how their fees stack up in comparison to others as I'm not a BofA customer, except the ATM useage fee (for non BofA customers I'm aware of). They're ATMs have the highest fee of any in town at $2.12. Most other ATMs around here from NMEFCU, to Wells Fargo, to NM State Bank, etc are $1.50 or $1.75. Bank of America is the only one around that seems to have their higher ATM useage fee... I avoid their ATMs where I can, which isn't all that difficult as many places have more then one cash machine. UNM's sub (student union building) for instance has 4 ATMs all along the same wall, each from a different bank... Many of the grocery stores which used to have B of A ATMs also got rid of them and replaced them with Wells Fargo or credit union machines (smaller ATM fee again). One of the three malls did the same, but the other two haven't...

As to the overdraft fee, I've run into a couple, but another story. My rent is due by the third of the month else it's considered late. The money for the rent is in an out of state savings account (usually around the second, but this month for instance with the second on Sunday, today); nothing i can really do about this. My rent is more then $300, but ATMs impose a $300 limit (fraud protection) on the money one can pull in any given day. Arguably this limit should be raised as it was $300 in a day over 10 years ago and accounting for inflation over all this time, that's less real money one can draw, though the nominal dollar amount remains the same. For me the risk is either a $22 overdraft fee or a $30 late fee with the land lords. The land lords late fee is more...

Usually it takes 5 days for a check to clear (no problem, as that leaves me enough time to move money even with ATM limits). But twice the check cleared the following day (less then 24 hours). Electronically perhaps? Not sure, but that was unusual...

Usually a transaction off my check card remains on the system (deducted from available balance for 2 days, typically clears in 5). I think that has more to do with the credit card system then anything else. If they withold direct deposits until they get the max number of fees, hmm...

I know Nations Bank used to do some things rather irregular around here. Added to extremely long waits (with 20 teller stations at one branch, only 2 were open on Friday afternoons, and the line wrapped around a rather large branch, went out the door, and towards the street). Also needed to see someone about a prob, there was a waiting list for the account executive, took about 2 hours to see someone. No Nations Banks exist in Albuq anymore, they're either moved away, else the bank no longer exists...


Spammer representing.
Political User
Get overdraft protection.
Get a different bank.
Don't spend money you don't have.
Keep track, it isn't hard, I do mine in my head.
Do you know how much you will have in the bank in the next month? I do, I know within a close figure what bills I have to pay and how much I will make. Simple math.

But on the other side, Key Bank pulled crap like this with me. Then I left.


Blame me for the RAZR's
Usually it takes 5 days for a check to clear (no problem, as that leaves me enough time to move money even with ATM limits). But twice the check cleared the following day (less then 24 hours). Electronically perhaps? Not sure, but that was unusual...

this is something implemented in the last 7 months. you no longer can count on this. I rember reading something about it at wells fargo. basically it eliminates the time between writing a check to someone and it having to go through all the routing crap.

American Zombie

Staff member
Political User
Son Goku said:
Usually it takes 5 days for a check to clear (no problem, as that leaves me enough time to move money even with ATM limits). But twice the check cleared the following day (less then 24 hours). Electronically perhaps? Not sure, but that was unusual...
Not anymore as a federal law named check 21 went into effect on October 28, 2004 and checks can clear the bank real quick so you better have the money in your account before writing a check.
What are the main effects of "Check 21" on consumers?
  • You won't be able to get your original paper checks back, because your bank will no longer have them.

  • [font=Arial, Helvetica, sans-serif]Checks you write will clear sooner, increasing the risk that a check will bounce if funds are not in the account when you write the check. Don't write a check unless the funds are already in the account to cover it.

  • [font=Arial, Helvetica, sans-serif]You may not get access to the funds from checks you deposit any sooner, because the new law does not shorten check hold times. After 30 months, there must be a study on whether banks are making funds available to consumers earlier than the allowable hold periods.

  • [font=Arial, Helvetica, sans-serif]Banks will save money on processing checks, but banks are not required to share these savings with consumers.

  • [font=Arial, Helvetica, sans-serif]Different kinds of copies of a check will have different rights attached. Check 21 creates a new kind of paper copy of an electronic image of a check. This special kind of copy is called a "substitute check." Only a substitute check can be the legal equivalent of the original check, and only a substitute check triggers your right to recredit of disputed funds. A regular copy of a check does not carry these same protections. If you ask for a copy of a check, your bank may send you an ordinary copy instead of this special kind of copy which triggers legal rights and protections unless you ask for a substitute check.

  • [font=Arial, Helvetica, sans-serif]"A bank other than your bank will have your original check, and will decide whether to destroy it. Neither Check 21 nor other law requires a bank to keep your original check for any period of time. Before Check 21, your own bank decided how long to keep your original checks, if you didn't get them returned with your statement. Under Check 21, the bank of the person you wrote the check to may decide when to destroy your check.

  • [font=Arial, Helvetica, sans-serif]Consumers will get new rights for some electronically processed checks, but not for others. When a so-called "substitute check" is provided to a consumer, Check 21 gives the consumer a right to have funds of up to $2,500 recredited to the consumer's account in 10 business days if the check is paid twice, paid for the wrong amount, or otherwise paid in error. The statute is ambiguous about whether this new right applies when a paper substitute check is used in the processing of the check but is not returned to the consumer. The regulations restrict the right of recredit only to checks where the consumer was provided with a substitute check. If a check is processed electronically by all the banks it is routed through without the use of a substitute check and the consumer is not provided with a substitute check, then the check remains under state check law. In that case, the consumer does not receive a 10 day right of recredit even if the electronic image of the check is paid twice, paid for the wrong amount, or if both the electronic image and the paper check are paid.

  • [font=Arial, Helvetica, sans-serif]Consumers who want to maximize their consumer rights should ask for return of "substitute checks" with their checking account statements. Watch out for fees associated with a substitute check-returning account. Look for another bank if your bank charges a high fee to get copies of all your checks as substitute checks.

  • [font=Arial, Helvetica, sans-serif]Only the special "substitute check" can be legally equivalent to the original check to prove payment. The copies that a bank sends to consumers under a so-called "voluntary truncation" agreement, where the consumer agrees not to get the checks back, do not prove that a payment has been made, and do not trigger your Check 21 recredit right.​
  • [/font]​
Full read of above quote is here.

Son Goku

No lover of dogma
Doesn't usually happen...though in my case there I have no choice. If it comes down to a gaurenteed late fee of $30 or a possible overdraft charge of $22...I'll save at least $8/month.

The only other option would be if ATMs were to allow me to draw $560 out of the cash machine within 1 banking day.

OK, here's the thing, my father sends the rent money to me (still in college). It was, for instance $546 this month, though next month will likely go up (land lords covered water, trash removal and sewage under my current lease, expires end of this month). For the renewal, news was sent out in August that they would no longer cover water when it comes up for renewal.

My father lives out of state (2,300 miles away) but we have a joint savings account at one of his local banks. I have an ATM card, he puts the money in. I suppose he could directly transfer the money to my account, accept such an electronic funds transfer probably costs him an arm and a leg at his bank. It's upwards of $20 to wire money from my bank here... This is only happens when the 2nd of the month falls on a Sunday or a holiday however, as he doesn't get money until the beginning of a given month...

So, it comes down to the lower risk, and in any case the lesser charge. Not a perfect world, but the least risk for me...
uhm I hate to burst the bubble but thats how banks work the world over, All banks in the world Debit your account before Crediting your account. Period. While I agree this is unfair to the customer, you have to remeber that banks are publicly traded companies out to make a profit from you in more than one way.

My bank recently made £500 off of me due to another bank bouncing a £1200 cheque. ABeing sd the fact the issueing bank wont admit to a mistake my bank is £500 better off.

Nothign can be done about it unless you can chnge the way every bank on earth operates. That is no small task :)

Son Goku

No lover of dogma
Actually, credit unions can be a little different in some regards as it's more of a cooperative, then a comercial bank. Reason I asked if he could subscribe...

At my credit union all deposits are posted/with funds made available immediately. If I transfer funs from online banking between accounts it's the same thing, it's immediately visable in the account ledger, and not as a pending transaction.

As to many banks, I think they do have a given time of the day to credit the money (4 pm) which on that joint account amounted to 2 pm MST (as my father lives on the East coast). Of late, it's been more noon time here, so I think they changed their time to post it.

My credit union does seem to be different as the money is immediately posted the second of deposit. I don't know if this applies to all credit unions though. Credit unions aren't banks however, and unlike banks are more "non-profit" organizations. All this said, credit unions aren't free to allow anyone to be a member, and one does have to qualify to become one...


OSNN Godlike Veteran
What BofA do you use? I get charged $30 for an overdraft with my BofA account. Also, LordofLA is right, (it hurts to admit that :p ) Every bank debits before applying credit


F@H - Is it in you?
Staff member
Political User
b of A has a sliding scale for over-drafts..

they might excuse the first few... generally after that it goes to about $20 or $30... and then it slides upwards if you keep over-drawing on a consistent basis...

also if it is a blatant clerical error they will rectify it... they generally make more money off of you in the long term (if you have a decent bank balance in there, or have multiple transactions) than not...

and LordofLA is correct about the way things work...

you just have to deal with the rules and regs... naturally if you are unhappy with a bank, you can select a different institution... I like b of A coz when my wife's card was ripped off in New Orleans early last year, they refunded us everything back immediately and then pursued the fraudulent usage on the backend themselves and gave us a new account number/card number..


The Voices Talk to Me
Jewelzz said:
What BofA do you use? I get charged $30 for an overdraft with my BofA account. Also, LordofLA is right, (it hurts to admit that :p ) Every bank debits before applying credit
A overdraft is different from an overdraw, overdraft is only a $30 to take money from one account to cover another account. Overdraw is when you accidently spend money you don't have with nothing to cover it...

mine is out of CA.

This is the second time BofA has burned me. The first time was I lost $500+ due to fraudulent charges. BofA credited my account for the charges, changed my account number and issued a new card. Then continuned to tell me that they were investigating the charges (someone used my ac**** number to purchase an online porn subscription, an tons of stuff from late night TV). The screwed arround with things for a month, then reversed all the credits (causing a massive overdraw on my account) and told me it took too long for them to investigate the charges and that I would not be creditied. End of story. I complianed to god hell and everyone to no availe. They refused to do anything. And now they tried to pull the crap listed above in my first post.

I am done with BofA. I am going to take my business to Wells Fargo and see how they do.


F@H - Is it in you?
Staff member
Political User
besides the fact that they rip you off with bank charges and can barely be found on the east coast :)


think of it this way... I am a bank of america customer and I think wells fargo sucks... (ok I am being harsh... they are not actually that bad... just don't have as much to offer and some of their rates are steep)
I would imagine every bank you goto is just as bad as the next one - youo just have that period where you just cant get the rose tinted glasses off and you still think youor grass is greener.

All banks are out to make money from you. All banks will charge you the earth for the smallest of slipups. No bank really cares about its customers.

Now before people go on a rant note that I said BANK, not any insitituion that you can use as a bank but arent (in the uk I'm thinking of Building Societies and the like - I'm sure eslewhere has their not-quite-a-bank alternatives)


Beware the G-Man
Political User
xsivforce said:
Has happened to me on multiple ocassions.

Also me. I had to go through two supervisors before they reversed the overlimit charge.

And they also have stated that if your account is short of your purchase with your VISA check card by say... $5.00 they will aprove the purchase. They said to me it is a curtesy to their customers. I told them I didn't want a f00kin curtesy. If I don't have enough in the account, then I want the transaction to be denided, plain and simple. But this is the way they screw you over. But I've been with them since 1986 sooooo... :mad: They went down hill a whole lot more since they were bought out by that other bank, the one that own B of A now.

I could tell you some really f00ked up horror stories 'bout them.


Beware the G-Man
Political User
I had one overlimit charge that I finally got them to reverse that had to do with a deposit I did at an ATM machine. It was one of theirs too. But ya gotta watch out for the cut-off time at the ATM. If ya do a deposit after the cut-off time they will not post it until the next business day. And to make matters worse, when you do your deposit they will credit 100 dollars of your deposit (that is if it's more than $100.00) to be available. But only if you do a cash withdrawl.

If you did this deposit say... at 5pm and the cut-off is at 3pm then the deposit goes through the next day. But they have credited your available balance $100.00. So let's say that you had $50.00 in your account. Now according to B of A you have $150.00 available to you.

So now you go and make a purchase with your VISA Check Card that is also your ATM card. You make the purchase at Geeky Joe's Computer Crap store. You buy $75.00 worth of whatever. But you bought it at 7pm. O.K. ya go home and play with your new computer toy. The next day you go online and check your account balance. Holy shiit! You're overdrawn. How! Because the purchase you made at Geeky Joe's was done before 8pm. WTF!?!? And now they hit you with a non sufficient funds fee. Yep, because that purchase posted that same day. Not the next day. The cut-off for a purchase to be posted the same day is 8pm. If you had done the purchase at 8:15pm it would have posted the next day, when the deposit posts. And check this... If you had done a cash withdrawl for the $100.00 that the bank credited as available to your account at the ATM when you did the deposit. At that same very instant you did your deposit, and then have gone to Geeky Joe's and payed with the cash. You would not have recieved any fee what so ever.

Why? How is this possible? Well, because the cash withdrawl you would have done would not post until the next day. And since your deposit posts the next day, you're covered. But because the Check Card purchase was done instead. It hit your account that very same night. And as to your account you really only have $50.00 in it. Since the extra available $100.00 will be available "for Check card purchases after 8pm. Not right away. Because after 8pm every card purchase posts... the next day. :mad:

Now... are we completely confused yet? :p

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