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Old 12-16-2009, 12:12 PM
 
Location: St. Croix
737 posts, read 2,163,698 times
Reputation: 754

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"Interest on Uncollected Balance" shows up on my online statement today. What the h*ll is this? I call "customer service" and find out the following:

1. I deposit a check from a client; check is from a large American-based institution.
2. Next day, when the transaction is not in the pending mode (in my mind, cleared), I transfer from my Small Biz checking to my personal, Bk of America checking.
3. My small biz checking gets charged for letting me use my money (transferred to a linked personal account).

Bk of America sees that the accounts are linked for easy transfer; can see over 10 years of a relationship (IRAs, mortgage, credit card, checking, etc.).

Bottom line, LOOK at your statements. They charged me the "Interest on Uncollected Balances" without any warning. Had I known that the transaction, the deposit, into my biz checking and transferring WITHIN the same institution would have cost me $, I wouldn't have done it.

Yep, I've done it before and never had this occur. They aren't just stealing, it is stealing without letting you know. That's what really burns me. Made me feel stupid - new policy for them, new knowledge for me.

And yes, I got the charge reversed. Thanks for letting me rant.
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Old 12-16-2009, 12:19 PM
 
7,139 posts, read 12,902,141 times
Reputation: 2315
I have turned BofA into Better Business Bureau several times. Have closed my accounts with them. No need to continue doing business with a diseased entity.
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Old 12-16-2009, 12:34 PM
 
8,287 posts, read 11,486,301 times
Reputation: 4938
It seems banks love their fees! Do you know that when Bank of America was Nationsbank back in the 90s they would lose my deposits or credit them several days later? These were cash deposits and remembering having to go into the branch and taking time off from work to resolve the problems! It was a complete and utter nighmare! I finally closed my account with them and used my credit union instead which was half way across the country!
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