bank of america

Bank of America’s Overdraft Policy Optimized for Maximum Penalty?

Reader Steve J writes:

A long time BofA account holder who enjoys living dangerously with his balance, I’ve had my pocket picked to the tune of $300-400 with this artful setup. It’s rather simple. If you have multiple transactions in a same day they process the largest dollar amount first. This means that if you overdraw your account on a day where you have a particularly large transactions, you end up paying the maximum overdraft fee allowed by math. A numerical example to illustrate: