Don't ever do business with Bank of America. I've got several horror stories with them - mostly lost deposits.
http://en.wikipedia.org/wiki/Bank_of_America#Excessive_overdraft_fees
One of many rip-off practices by this bank:
In February 2006 Bank of America 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 to help keep their account balance positive, and would seem to be done purely to incur additional overdraft charges.
Yep, I used to have a credit account with BoA and got screwed when they processed my payment at 12:30 p.m. rather than at 12:00 on the due date, even though my check had arrived the day before. I lost $29 in a late fee, but BoA lost a customer. Crooks!
HSBC does this as well.
How is that a ripoff? They are leaving the funds in the payer's account a few days longer, so the payer is getting a little more float. If it's a non-electronic payee, it will take several days for the BofA check to arrive, plus a day or two for it to be cashed and clear. Of course, we're not talking much money here, given the usuriously low rates they pay depositors, but that's a different ripoff.