Vision Credit Education, Inc.

I reviewed my accounts with Bank of America using their online access. I have come to expect transactions to be posted right away on the site, yet I noticed that something did not add up. A quick chat with a Bank of America text chat specialist revealed the problem.

What Was Amiss?

Specifically, I noticed that my credit card balance had increased from a $-17.53 to $46.47. Curiously, I wondered what was that $64 charge?

As a matter of habit, I routinely review all of my transactions to ensure that no fraudulent activity has occurred. A review of the account activity as well as the actual statements showed no transactions, yet the balance mysteriously showed that something had been charged.

The Culprit

My interaction with a Bank of America text chat specialist revealed the answer. This was her response:

please do not check the online banking balance as it is in correct.

The online banking is under maintenance and hence your are not able to see correct information.

Due to new card act that has been introduced, there will be a user friendly site for the customers to use it more efficiently due to that online banking is changing and there are lot of changes made I request you to do check it after 24 hours as we updating it as per the new card act from the federal government.

What she was referring to is the Credit CARD Act of 2009 that places new restrictions on financial institutions. It is expected to make usage of credit cards a bit less of a debt trap.

I was able to view the charge a few hours later. I will be sure to sign into my online account in a couple of days to see how they have changed the online experience. Hopefully it will make things even better.