- Bargaineering - http://www.bargaineering.com/articles -

RCK IT Adjustments and a Reminder to Check Your Statements

It’s been a long time since I found something funny on a statement, so long that sometimes I feel like even a quick scan of my statements is a waste of time. However, it just takes one strange charge to remind you how important it is to review your statements each month and to never waver. Banks do a great job of stopping fraud and so it’s very easy to become complacent. Thieves love complacency!

Just a few weeks ago, I was looking through my Bank of America statement when I saw this little gem:

The fact that it says RCK IT ADJUSTMENT made me think that it was some official bank business but nothing about it indicates that it was one. So naturally I assumed fraud. I called Bank of America and the CSR on the phone had no idea what it meant. She passed it onto “Research,” who called me back the next business day. It turns out it was an official adjustment by Bank of America and it was for a deposit I made a few weeks earlier. It turns out the check I deposited was already deposited. I tried depositing that check online, with both Ally Bank and ING Direct, but they both told me that the check had been voided already. Anyway, long story short, we now know it’s not fraud (good), my friend gave me a messed up check (inconvenient, no big deal), and I wasn’t charged any fees (good).

Looking back, there were a few questions…

First off, why can’t things be more descriptive? It’s like we built this awesome incredible service on a rotting core of a system so that we still have line items that are as useless as “RCK IT ADJUSTMENT.” All I know is that it’s an adjustment, I don’t know what RCK IT is but a brief search online yields nothing except this post about an RCK EE Adjustment [3] (what’s cool is he went to Carnegie Mellon too!) but no details other than he’d be getting a letter.

Second, even if there is no description on the line item itself, at least have something on the Bank of America homepage that tells me what these random line items mean. If it’s a bank initiated transaction, explain what it could possible be. Bank of America could, on the screen, provide more information since they are the ones who made the adjustment even if they didn’t want to publicly disclose every line item. Anything is better than what they had.

Fortunately, it wasn’t fraud. I didn’t have to cancel my card or change account numbers (and numerous bill pays) and all is well. Just a little reminder that doing these little checks and scans is worth it.