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A lot of CCs will unless you call and have them place a hard stop on your limit.
So it seems that BofA is using Capitol Ones fees, fees, a nd more fees model. OT some debit cards and bans will also allow you to exceed your checking account balance via a overdraft. I used to bank at SSFCU and you had to ask them not to do this. Should be the default to deny the charge. IMHO I would have expected that to be in the credit card reform act.
If you know you are over the limit, why would you still be using the card?
Could this be a signature card?
If its a BOA Visa Sig, then anything over your Pre-Set spending is ran like an Amex Charge. I think they said they soft you for every transaction that is over the limit. I wouldn't mind tho, it does not report a limit so your high balance is what's going to be used.
@marty56 wrote:So it seems that BofA is using Capitol Ones fees, fees, a nd more fees model. OT some debit cards and bans will also allow you to exceed your checking account balance via a overdraft. I used to bank at SSFCU and you had to ask them not to do this. Should be the default to deny the charge. IMHO I would have expected that to be in the credit card reform act.
Bank of America did away with over the limit fees after the card act. I am not sure about Capital One; Chase also does not charge a fee. All debit cards are now defaulted to not allowing it. Now you have to opt-in.
@Anonymous wrote:If you know you are over the limit, why would you still be using the card?
I wondered the same thing, but it could be a Visa Signature or a World Mastercard where they allow you to go over the limit. Still, I would have paid some of it down as soon as it went over the limit unless I knew there would be no penalty.
I remember we had an issue with this when we had a small business.. The rep told us to use the Force Feature anytime we ran a transaction on the terminal, he said so we would have higher approval rates.. It turns out later that it literally forces the transaction approve unless the card is closed or we were offline. I had $20 available on one card and tried for $2000, it was approved and showed up as a pending transaction online. I ended up voiding the transaction and stopped using it that way. I didn't feel right knowing that I may have, unintentionally adding over the limit fees and extra interest to innocent people.
Sounds like you need to make that payment and then call into the backdoor number and have a chat with a credit person about some CL's that work better!
or a switch to Amex.