Warning to all Bank Of America Customers

Damn! that report is one hell of a read.
 
I am sure there are many more. Their practices are very shifty. I am tired of them stealing from me. 3rd largest bank in the country and they steal from the "little guy".
 
Hell I got a insurance check last week, so I go and deposit it but wanted a small bit of it at the time of the deposit (was at the bank in person), I wanted t pay off some bills. The f**kers put a full 7 day hold on the damn thing. And they wouldn't give me any of it before hand. I can't touch it til the 3rd of May! I had received one from the same insurance co. in Jan and they let me get a taste then, even though they put the damn hold on it then also. Sucks the way they do business.
 
here is a trick i do all the time. you get a check and you need that money on your card that day. Go and cash the check and tell them to give you the money then hand it back to them and say please deposit this in my bankaccount. Cash goes in the moment the enter it. Great way around the system.
 
VenomXt said:
here is a trick i do all the time. you get a check and you need that money on your card that day. Go and cash the check and tell them to give you the money then hand it back to them and say please deposit this in my bankaccount. Cash goes in the moment the enter it. Great way around the system.


They won't cash it. They will say that they have to hold it, especially if it's an out of town company. Sometimes they might and I said might (if the manager of the bank feels like it) let you have a taste but they are not in any way obliged to cash it or give you any of it until it clears. And their time frame for a check to clear is 7 days. They don't care if the company was Microsoft (they have billions), they will frickin put a hold on the damn thing.
 
Man, my bank Chevy Chase is a hundred times better than this..
 
They won't cash it. They will say that they have to hold it, especially if it's an out of town company. Sometimes they might and I said might (if the manager of the bank feels like it) let you have a taste but they are not in any way obliged to cash it or give you any of it until it clears. And their time frame for a check to clear is 7 days. They don't care if the company was Microsoft (they have billions), they will frickin put a hold on the damn thing.

I was under the impression that they can now clear a check instantly like a credit card.. MAybe banks just do this.
 
VenomXt said:
I was under the impression that they can now clear a check instantly like a credit card.. MAybe banks just do this.

If you have the funds in yer account to cover the check, then they will cash it. Cause if it bounces they will charge yer account. If the check is from a company that uses the same bank as your's then they will also cash it, since they can see the funds rite then and there. Most banks have always been jerks when it comes to insurance checks, I don't know why. It's the way they do business.

I could have gone to a check cashing place but the percentage fee is a bit much on large amounts. That's the way that they make their money and stay in business.
 
VenomXt said:
I was under the impression that they can now clear a check instantly like a credit card.. MAybe banks just do this.
Yep, that's the way it works now
 
xsivforce said:
*bump*

They are pulling their **** with me again. I am going to the Florida State Banking Authorities this time. We are not alone BTW, 255 entries of ripoffs by BOA : http://www.ripoffreport.com/results...mit2=Search!&q4=&q6=&q3=&q2=&q7=&searchtype=0

Rip Off Report is a load. That site allows anyone to rant on it without proof to validate their story. They post their stories without giving a company a chance to respond. The owner of the site lives outside of the United States so he is secure from legal action from anyone here. A onesided report by one of our clients includes libel and they refuse to remove it. Take into concideration that Bank of America is the largest bank in the United States. You have to assume they would have more complaints than anyone else. I still think that most people's problems with them come from the inability to handle their own finances. I love Bank of America. I have never been so happy with a bank. I switched nearly 8 months ago.
 
Un4gIvEn1 said:
They post their stories without giving a company a chance to respond.
Guess you are not paying attention. Rebuttal from company or devotee is in black and white. 8 months? You've barely been there. Give them a chance and you will be back in this thread with a new tune.
 
VenomXt said:
here is a trick i do all the time. you get a check and you need that money on your card that day. Go and cash the check and tell them to give you the money then hand it back to them and say please deposit this in my bankaccount. Cash goes in the moment the enter it. Great way around the system.

You can only pull that stunt on checks drawn off of the same bank you're depositing to. And, yes, I do it all the time.

Melon
 
gonaads said:
Hell I got a insurance check last week, so I go and deposit it but wanted a small bit of it at the time of the deposit (was at the bank in person), I wanted t pay off some bills. The f**kers put a full 7 day hold on the damn thing. And they wouldn't give me any of it before hand. I can't touch it til the 3rd of May! I had received one from the same insurance co. in Jan and they let me get a taste then, even though they put the damn hold on it then also. Sucks the way they do business.

Insurance checks are subject to a lot of fraud. And did you have enough in your account to cover the check if it bounced? Hence, the five business day (7 calendar day) hold. You should have access to the first $100 the next business day after deposit; it's the law.

Melon
 
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gonaads said:
They won't cash it. They will say that they have to hold it, especially if it's an out of town company. Sometimes they might and I said might (if the manager of the bank feels like it) let you have a taste but they are not in any way obliged to cash it or give you any of it until it clears. And their time frame for a check to clear is 7 days. They don't care if the company was Microsoft (they have billions), they will frickin put a hold on the damn thing.

Well, BoA probably does automatic holds.

Local, non-BoA check (depends on the routing number, not the location): 3 business days

Non-local, non-BoA check: 5 business days

These rules are uniform across the nation and most banks do this. But, once in a while, you find one that doesn't (usually a smaller bank or credit union), and they get the **** kicked out of them by people who bounce checks left and right and their collections people end up working overtime.

Hence, automatic holds for the rest of them.

Melon
 
BTW, I worked in banking for six years, first with a small bank and then with Fleet (now Bank of America) in New England, so I'm very much aware of the banking laws and BoA's policies.

I now work in television. :p

Melon
 
VenomXt said:
I was under the impression that they can now clear a check instantly like a credit card.. MAybe banks just do this.

No, it's not "instantly." A law recently went into effect where banks must accept electronic copies of checks for reconciliation purposes. In the past, checks had to be physically shipped for reconciliation. So if you deposited a check drawn off of a bank in California into a bank in Maine, that check would have to be physically sent to California before it could be cleared and the money would officially be yours in your account. Hence, the "hold" rules of 5 business days for non-local checks, because it would often really take 5 business days to get there.

The rules have changed in that a bank must accept an electronically processed check. That is, now that bank in Maine can scan the check and send them a copy of it and the bank in California must accept that copy as if it were the original. The downside is for those people who like getting their cancelled check returned to them in their statement, because the original is then destroyed by that bank in Maine.

However, notice the way the law is written: banks must accept electronic copies, but there's no requirement that all checks must be sent electronically, so a lot of banks that haven't upgraded their equipment to scan checks are still sending them the old fashioned way. They're just prepared to receive electronic checks from other banks, which is what the law requires.

In short, nothing changes at the branch level. Your checks are not instantaneously cleared. Things change at the "proof" level in the bank's back-end.

Melon
 
xsivforce said:
Guess you are not paying attention. Rebuttal from company or devotee is in black and white. 8 months? You've barely been there. Give them a chance and you will be back in this thread with a new tune.

Lets say that the person's post is completely wrong... You can post a rebuttal but when your potential clients see this they automatically assume it's right no matter what the rebuttal is. That's why the Better Business Bureau does not post "in progress" disputes, only the outcome, and that's the way it should be!
 
How many of you complaining about Bank of America have ever had an account with another bank? Is this your first account with a bank? If it is you are in for a rude awakening... All banks have policies that eventually you will not like. They do it because they deal with a LOT of money and a lot of people who can't handle their finances.
 

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