I don’t want to start a bank run, but this is worth sharing. Normally when I deposit a check in my BofA account, it is funded immediately. But apparently nothing is normal in banking anymore. On December 8, I made a deposit. A few days later, a portion of it showed up in my account. The rest was being “held.” I called to find out why. Mumble, mumble, and finally this: “It’s being held.” Thanks. I knew that. Then yesterday I received a written notice of the hold, giving this reason for it not being credited:
Confidential information indicates that the deposited checks may not be paid.
The check was a tax refund. It was from the U.S. Treasury.
22 comments
That seems odd. It’s been a long time since I’ve been in banking but I don’t recall ever putting a hold on UST check unless we had reason to think it was stolen or counterfeit. Maybe someone with more recent bank experience can shed some light on this.
Maybe BofA is lobbying for a tax increase on journalists to pay for the bailout.
banks will do this is your account has been:
overdrawn in the past recent months
or
you dont have enough in you account prior to depositing the check to cover the check if it bounces or is a fraud
or
you previous account history shows that your account will not be likely to be funded enough to cover the check if it bounces
…maybe the government should do the same thing to banks before the government hands over another $350 BILLION to them….especially since the banks refuse to tell the gov. or people what they did with the first $350 billion!
BILLION…somehow that amount has been decenitized like violent murders on TV…
BILLIONS, not millions, but BILLIONS!
The banks are robing the entire country and running off laughing with MILLIONS in thousands of seperate accounts to fund themselves and familys for GENERATIONS…as the public is kicked out their homes, lose thier jobs and lose their retirement.
all the while they are maintaining a WEALTHY MILLIONAIRE LIFESTYLE for GENERATIONS TO COME….
geez,sorry for the countless TyPo’S on my last post.
Looks like it’s riotin’ time.
Granted, Dallas doesn’t really have riots, they’re usually peaceful.
Ok, let’s all mob up on Bank Of America building (big green-lit sucker) and do a withdrawl.
I found B of A to be lacking on service and heavy on BS, as evidenced in this post.
That stinks: I’m glad I don’t have an account there.
My suggestion: tear your banker a new one, or get a new banker at a new bank like I did.
A long time ago, I used to bank at BofA. I thought that as a big, national bank, they would be interested in taking care of small business customers. Ha!
After they kept taking out debits prior to adding credits to my account (thus causing numerous false overdrafts), then refusing to credit me the overdraft charges, I pulled my accounts. I’ve been banking with smaller, local banks ever since and have never looked back.
Compass Bank held my stimulus check 2 weeks – “out of town check”
Wick’s getting audited, Wick’s getting audited! That Obama endorsement is finally catching up to you.
BofA is horrible. I used them years ago for a second bank option besides my credit union..
well, bank of america charged me for everything i did with that account…
they charge you for calling , charge you for checking the account at a branch office…al kinds of BS charges…i finally took my money out before it was eroded by their bs charges.
I went in to close the account and they still wanted to charge more fee’s…i wa slike KISS MY A$$ …keep the change and lose my number!
Wick,
This is probably a good time to give us an update on your mother’s CD that purchased from Countrywide, a subsidiary of Bank of America.
I had a similar problem with a deposit of a $10k cashiers check from another local bank into my capital one account.
They held $5k of it for over 2 weeks saying they were verifying the funds even though it really cleared in 1 day.
I can’t imagine the money they make each year on interest from all these on hold funds as it seems they receive a 2 week interest free loan from quite a few people this way.
@ Wes- They were sued for that a while back (lost!) and now add in your funds first.
I’ve never known BoA to have above average customer service, but it took the cake last week when they wouldn’t let me make a small CASH deposit in my brother’s account.
I hope this does not bleed over into Merrill Lynch.
After ten years with BoA I can honestly say I am completely satisfied and totally surprised by these negative experiences. Even when I’ve had fraudulent activity from retailers BoA immediately credits the amount while they investigate or have been the ones to notify me when something looks sketchy. I have no fees when I go in the bank or call…do any banks really get away with that? Customer service is quick, courteous and thorough. They do charge a fee if I use another bank’s ATM but I rarely need too seeing there’s a BoA on every corner these days including DFW airport. Physically deposited checks take about 48 hours to verify and post. I’m totally at a loss, especially since I’m the one usually frustrated with incompetent customer service…maybe it’s the type of account that makes the difference.
Hmmm. Surprised:
* Your comment is almost perfect in syntax and punctuation.
* You are “completely satisfied and totally surprised by these negative experiences.”
* You’re totally at a loss…
I surmise that
(1) You’re in the PR department at BoA.
(2) You’ve never actually done business with another bank to see how bad BoA is. (For the record, I love my Credit Union, and I’ve had negative experiences with them from time-to-time. They’re human. Mistakes happen, and the customer isn’t always treated properly).
(3) You’re rich beyond belief. In which case I’ll admit to being jealous.
(4) You still believe Sadaam had WMDs, al-qaeda was in Iraq and a fat man in a red suit will come down your chimney Wednesday night.
Any which case, it must be nice to live in la-la land.
I’ve had no problems with B of A. Even with large deposits my funds are there immediately. I moved to them a few years back after Chase took over Bank One (not a smooth transition, I was very unhappy!!)
The only thing I despise is that they take 3 dollars a month out of my savings account as a fee. Maybe I’ll email them about that right now…..
I never received my $600 economic stimulus check. After I inquired last month, I received a note from the IRS saying it was being applied to my 2008 estimated tax. I think our gov is out of dough for us little folk.
Are you saying that someone posting a reply on a blog can not use proper grammar? if i dont types like dis then i is a fake???
Maybe the difference is between personal banking and business banking… I’ve had a few snafus with my personal account (like them freezing my cards if I didn’t tell them I was traveling), but usually those were cleared up pretty quickly. There’s good and bad parts to banking with big corporations; I like the easy online banking, being able to look at e-statements for a year back, and tons of ATMs (at least in Dallas). But if great customer service is more your gig, maybe it’s not for you.
Youtube interview
Below is a clip from an interview with Georges Marciano on identity theft, Bank of America and the ongoing struggle to get justice.
http://www.youtube.com/user/o8justiceforall