BofA is owned by Warren Buffet and his investors. When I found that out I moved all of my money to a local community bank.
They make there money off of massive over draft fees. Here is the scheme they used.
You enroll in automatic bill pay services and set up the dates for those bills to be paid. Prior to Buffet and Company taking over, BofA would send out the payment on the date you set up and 2-4 business days later (it’s a warning in the fine print of the service) the payment would be received and posted to your account.
Buffet came in and set up the new policy that they send out the payment 3 days earlier, and deduct it from your account on that same day, then the date you set up for it to go out of your account. The problem is most people, me included, set up these payments based upon when our pay checks will be deposited knowing that we have money in our account to cover the withdrawal, which didn’t occur until the payment was actually received and deposited by the receiver.
By flipping the date BofA knows they will catch several thousand customers with not enough funds to cover the payment and then hit them with overdraft fees.
HATE, HATE, HATE BoA...
They would do something similar with our checks back in the day...would post checks against our account in such a way as to guarantee overdrafts...and then the counter fees when you went in to “discuss” with a teller...one never got away from paying them some how.
Once I learned that banks are NOT there for the average person, but for big business, I switched permanently to a credit union.