I have a Bank of America checking account and credit card account. A few months ago, I set up my credit card as an overdraft for my checking. After overdrawing once or twice, I figured out that BoA takes out in incriments of $20 for overdraft, from my credit card into my checking.
So I've been having fun with overdraft the past few days. Yesterday was due to my bills payments posting before my deposit (a mix of cash and checks). Ok, not a problem, I have under $100 available on my credit card (yay college student living on credit! =x) and that should cover it. But it doesnt, and added on overdraft fees are more than I have available to put on. So I call Bank of America, and the nice lady agreed to reverse my overdraft fees. She also confirmed my idea about taking out of my credit card in incriments of $20.
Today, I bought some yarn, and then check my account online to find I am overdrawn;. Um... turns out, the payment for my medical discount card went through, a week early (which is a whole seperate gripe right there) and overdrew my account by $2 BEFORE I bought the yarn. And although I am overdrawn by under $20, my overdraft has not kicked in. Confused, and not wanting an overdraft fee, I call BoA.
A man answered the call, and I explained my situation. He looked at my account, and told me that my overdraft will not work, because I have less than $100 available in my credit account, and whenever you overdraw money is taken out of your account in incriments of $100, not $20, and it had always been like that.
I asked him if he was sure, and told him I had been told something different by someone else last night. He said he was sure. I hung up, very upset and confused.
After hanging up, I looked at my bank statement online. Sure enough, the last time I could find my use of overdraft was 3 months ago.. a withdrawl of about $40 to cover a $26 check. Which goes against what the man said about it always having been withdrawing $100 and always being like that.
I called back customer service, and spoke to a woman. This woman told me that the overdraft takes $100 out of your credit card for overdraft unless you have less than $100 in available credit (which would be me), in which case it would take out the amount overdrawn. She saw that I was overdrawn, and confirmed that yes, I did have overdraft protection, and that it should have kicked in. She informed me that it would go into effect sometime overnight. She even transferred me over to credit services, just to confirm with them that I was set up for overdraft.
As of when I last checked, I was still showing being overdrawn. Im hoping that the woman was right, and that it will be clear tomorrow.
I'm not arguing at all that I messed up. Im not arguing that my credit card is near the limit. Both of these make me sad, but they aren't the bank's fault. What's making me mad is that I was under the impression that I still had enough in my credit card account to use as overdraft protection, and that that overdraft protection would kick in when a bill I didn't expect came in. Not only did it not, but I was told 3 different policies on credit card overdraft by 3 different people. I would think this would be something the bank would know!