The latest is bank gaming?

[[AK]Clay]

We’ve got some folks in the know in the banking industry here, so perhaps you can help w/ the BS meter on this one!

A guy at work is claiming his (and other) banks have a new game to help bank revenue in these difficult times. The trick is to delay electronic deposits for a while, so that you’ll overdraft and they can zing you overdraft fees. In his case, his direct deposit goes in at 6:00 every Monday morning. Never failed. This week, it didn’t go in until the afternoon – and he got zinged when he hit the gas station on the way into work in the morning.

I find folks tend to be quick to assume sinister intent, but must admit the timing is somewhat coincidental. Any commentary?

[[AK]Bribo]

Do Not Question Authority! Pay Your Fees! That Is All!

[[AK]Rocks]

Cant speak for other banks, but No way. First these polcies are so programatically embedded into the DDA systems that BOA is so big we couldnt find the code to change or even manage the change randomly. Now on the other explainations.

Secondly, your example is somewhat suspect in my view. First, if u debt your account at 6am, its memo posted (BOA practise), meaning the real withdrawl wont occur until the batch run that night (10pm). Usually posted on ATMs and bank notices everywhere Even if he overdrafted it would clear based on the deposit, and desposit rules, at noon if he bad with a good bank. Also, if the bank is a real time posting bank, meaning no memo post, then time matters. Know your balance before purchase.

Now again some banks have (DDA) "demand Desposit account" accounting rules that says, process debts first and credit last at nite. (overdrawn forsure). BOA as far as I know BOA processes credit first then debts, avoiding the overdraft. We are a nice bank. Bottomline is if deposit in a 6am or noon, if the debts go first, you are overdrawn. Pay the fee so bank can pay its employees. What in your wallet? A good bank or a bad one? Rules can vary by state too.

So,A long confusing answer to "know how your bank processes YOUR MONEY". If you dont like it, change banks. If the bank made a mistake, more than likely they will reserve the overdraft. Bank changing rules to make money randomly? That I find hard to believe at BOA. Do you have a trusted bank?

Cant belive I am defending a bank. What is the world coming too. Oh well, I think you should put all your money in a matress and tell me your home address.

[[AK]Hylander]

I agree with Rocks and basically call BS on this one. However, if it's possible they had system delay in posting transactions and he incurred the fee during that time of delay - I would think the institution would certainly credit his account for the fee without question unless it's a really, really crappy institution.

That being said.. we're always having people get mad because they have a NSF and they say - "But I have an automatic deposit coming in on Friday". Great.. but it's WEDNESDAY LADY!! As I've mentioned before, we always call our members first to give them the opportunity to bring the funds in by mid afternoon to avoid the NSF Fee unless they are habitual abusers and then we just hit them with the fee.