Bank Of America Online Central Florida
The Bank of America online Central Florida has implemented a relatively new policy regarding the sending of automated bill payments without available funds and the related charging of fees. For example, if previous customers had an automated bill payment set up but either scheduled the payment for the wrong day or else did not deposit necessary funds in time, the Bank of America online Central Florida would attempt to make the payments for three days until the money was available, before cancelling the payment attempt. This way, no money would be transferred unless funding was available and no fees were charged.
Bank of America online Central Florida, however, has changed their policy to send the payments even with a zero balance, even electronic payments where it is clear the funds do not exist. The Bank then charge customers up to $35 per scheduled payment. The payments are not cancelled, but the bank continues to re-attempt the payments one more time. This simply means that if customers do not deposit funds immediately into their account, they can be charged up to $35 per mistakenly scheduled payment, for up to two mistaken payments, or $35 per incident, in case their previous banks would have charged nothing.
This Feburary, the Bank of America online Central Florida also changed their online bill pay policy to send customers' automated bill payments without debiting the payments from their account until the day after they are processed by the payees' bank. This differs from most online banking customers' previous experience with having the funds immediately debited from their account, making online bill pay more inline with mailing out a paper check.