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Overlimit and BOA still approving charges ??

Established Contributor

Overlimit and BOA still approving charges ??

I don't understand Boa they are crzy. I have 3 cc with them and currently on my highest credit limit with them I am over the limit and they keep approving charges still. I use my cards heavily, I mean max out every month and PIF before the statement cuts so balance never gets reported. Current I brought my bill upto 7493 on my 7500 limit. Then a company I had previous given my cc number to that I buy goods from ran a $935 charge and a $90 charge on it. And for some odd reason it got approved, I don't understand how. But anyway that brought me to about 1,000 over the limit, this was 2 weeks ago since then have made no payment to the account. My statement cuts on thursday so will make a payment on Wed in the amount of 8700.

Funny thing is they approved another charge today in the amount of $134.99 from the same company, I don't understand what is going on. Am I going to get hit with an overlimit fee, why the hell are they still approved charges when I'm over the limit....

I'm not worried, I dont think I will get AA since I paid off one of my other accounts with them last week also got to 4982 on a 5k limit, and PIF before statement cut.
22 REPLIES
Established Contributor

Re: Overlimit and BOA still approving charges ??

A lot of CCs will unless you call and have them place a hard stop on your limit.

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Super Contributor

Re: Overlimit and BOA still approving charges ??

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.

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Contributor

Re: Overlimit and BOA still approving charges ??

If you know you are over the limit, why would you still be using the card?

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Frequent Contributor

Re: Overlimit and BOA still approving charges ??

Could this be a signature card?

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Regular Contributor

Re: Overlimit and BOA still approving charges ??

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. 

Valued Contributor

Re: Overlimit and BOA still approving charges ??


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.

 

 


jetsfan2012 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.

Established Contributor

Re: Overlimit and BOA still approving charges ??

This isn't a signature card... It's a secured bank of america that went unsecured last year and current limit is $7500. I didn't use the card on purpose, I gave my cc number to this vendor 4 months ago and they charge and me now. I didn't do a swipe charge they ran it through manually... I obviously don't want to purposely go over limit...
Regular Contributor

Re: Overlimit and BOA still approving charges ??

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. 

Epic Contributor

Re: Overlimit and BOA still approving charges ??

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.