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Unethical and criminal business practices
Posted by Wick on 03/06/2006
RALEIGH, NORTH CAROLINA -- March 5, 2006

Dear Sir/Madam,

Bank of America has behaved in an unethical and criminal manner regarding two checking, two savings accounts and a VISA credit card. I have contacted several bank officials and they continue to lie about the situation without any reservation. Bank officials such as Michelle Hammer, Anna Reyes, Kimsey (last name unkown) and Kenneth Lewis behave as if they are completely above the law.

These problems began in early October, 2005. Many have not been resolved as of today. I have talked, written and faxed many letters to several “customer service” divisions of this bank and have got no response or resolution. The Executive Customer Relations of Bank of America has done absolutely nothing to resolve many problems discussed in this letter. What they have done is to work hard to hide and white-wash the problems, mislead the customers and continue their criminal behavior.

Bank of America created this mess because of its pure negligence. It grossly violated my privacy multiple times and put me through hell when I tried to resolve it. I had to make many many calls to Bank of America and have nasty conversations with rude, clueless and dishonest agents and officials of the bank to try to correct this mess. After all that, the accounts are still not setup correctly.

This is the log I made (just a brief summary)

August 11, 2005: I opened a new savings account ending with “xxxx”, with Bank of America.

I started receiving two statements: one for checking and one for savings

September 11, 2005: I called Bank of America to combine the two statements into one. I specifically asked the agent to send me a unified statement for accounts ending with “xxxx” and “yyyy”. Linking with account “zzzz” was never ever mentioned. There was no change of address of any kind for any account. In other words, the request was very simple: please send me one statement for both, my checking (“yyyy”) and savings (“xxxx”).

Early October, 2005: customer De Silva calls me and states that my savings account information is on her statement! This should have never happened. No one needs to see my savings account details.

Early October, 2005: I called Bank of America and explained to them clearly that my savings account information should not be printed on another customer’s statement. The agent promised to fix it. Since my current savings account “xxxx” was compromised, I decided to close it.

October 25, 2005: called Bank of America and opened new savings account “aaaa” and transferred the money from “xxxx” to this account. The agent was unable to close “xxxx” on that day and I was asked to call back again to close it.

October 29, 2005: called Bank of America and made them close account “xxxx”.
Why am I going through this? Because Bank of America messed it up.

Then I started receiving statements for three accounts and customer De Silva was not receiving any statements! At this point we have a bigger mess.

November 23, 2005: I called Bank of America and spoke to Chris of unit 1580 who assured me that this mess will be corrected. The statement for Prima Interest Checking “zzzz” should go to De Silva in California and that should have never changed. No accounts should be linked to this account. The statements for checking “yyyy” and savings “aaaa” need to be mailed to me in North Carolina.

December 10, 2005: customer De Silva calls me again and states that my checking “yyyy” and new savings “aaaa” account information is on her statement! I was not receiving any statements! At this point we have even a bigger mess. Customer De Silva is extremely worried and agitated that her account details can end up on another customer’s statement, just like it happened to me. This should have never happened. No one needs to see my checking and new savings account details. How badly can Bank of America mess this up? This is definitely not unintentional human error. It is gross negligence.

December 12, 2005: I was very upset and called Bank of America and spoke to Jake Richards – supervisor of customer service of unit 1580. I demanded to speak to a manager. Jake Richards of Bank of America rudely informed me that there were managers on site but will not speak to me. He coldly said I should write to this guy called “ken lewis”. I asked him why the bank has phones when it can do all its business over US mail. He said that’s how it worked and there’s nothing he can do about it. He never mentioned that I should contact Executive Customer Relations. I found that out later all by myself. There was no way to get this mess fixed. No one cared at Bank of America or would take personal responsibility of this and see it to the end.

December 12, 2005: I called Bank of America again and spoke to Maria who connected me with Angela – officer of Bank of America in the Escalation Dept. of Executive Customer Relations. Then I was transferred to Anna Reyes-Jordan (704-386-5687) who said was from the Office of the CEO.

I demanded to speak to the CEO. Anna Reyes rudely refused and went on and on like a broken record. Then I demanded to speak to the CEO’s secretary to make an appointment to speak to the CEO. Anna Reyes rudely refused again. So does that mean the CEO of Bank of America and his secretary is in hiding or unreachable? I explained to Anna Reyes the situation and demanded compensation. She rudely hung up the phone on me at 11:30 AM EST on December 12, 2005. Do all customers get treated this way by Bank of America’s Office of Executive Customer Relations?

December 12, 2005: I called Bank of America again in trying to resolve this matter diplomatically and spoke to Luisa Shute. She also informed me that there was no way to contact the CEO of Bank of America. At least she did not hang up the phone on me. Still there was no way to get the situation resolved. Now I have no intention of speaking to anyone in this office.

December 12, 2005: I called Bank of America again and spoke to Anthony Lamers who said that no one by the name Jake Richards exists in Bank of America! So was I given a bogus name previously by this supervisor of customer service of unit 1580? What a way to get treated by a bank.

December 12, 2005: I closed my savings account “aaaa” with Bank of America. It felt great!

December 12, 2005: I called Bank of America at 704-386-5687 again and spoke to Kimsey who did nothing to resolve the issue and transferred me to Anna Reyes’ voice mail. I left a message and have never heard back from her. Once again, there was no way to get this mess fixed. No one would take personal responsibility of this and see it to the end.

December 13, 2005: I called Bank of America again and spoke to Estrada of unit 1580. This agent informed me that my checking account “yyyy” was still linked to Prima Interest Checking “zzzz” that my mom used as her personal account! As you can see, after going through all that, we still have not fixed the problem. This agent also promised to fix this mess, just like many others have done previously. I asked for proof: screen-shots or images or other documentation of how my accounts were linked with other accounts. The agent said there was no way to provide any and I just need to take their word.

December 14, 2005: received a call from Michelle Hammer (714-792-5968). I demanded that Bank of America pay me damages. She was very polite and listened patiently. I wanted to give the bank an incentive to fix these problems.

December 15, 2005: I opened a savings account with the Credit Union at work and quickly removed the savings money from Bank of America. Wow, what a great day! The next step is to open a checking account with the Credit Union and get away from your bank. How nice would it be to share this with all of Bank of America’s customers?

December 24, 2005: I received a letter from Michelle Hammer that prompted this reply.

December 26, 2005: I still have not received bank statements for last couple of months. What the hell is going on with our accounts at Bank of America? Will closing ALL our accounts, including my brother’s, with Bank of America be the best solution to this? I called Michelle Hammer at 714-792-5968 and left message asking for her fax number to fax this letter.

December 26, 2005: I called Bank of America and spoke to Lawrence of unit 20161. The agent was professional and promised to mail me the statements for last two months. I explained to him briefly why I was asking for this and about this letter. I was never informed of any charges/fees for this.

December 27, 2005: Michelle Hammer returned my call and provided a fax number 714-792-6671.

December 28, 2005: Bank of America charged me $ 8.00 for the statements requested above! Why should I pay for statements when this mess was caused by your bank in the first place? The bank leaves no room for unintentional human errors. It just wants its fees. I called of America again and spoke to Richard Garth of unit 20161. After exchanging a few words, he promised to credit my account the $ 8.00. I faxed this letter to Michelle Hammer hoping for a resolution in a timely manner.

In the mean time, Bank of America has once again grossly violated my privacy!

January 2, 2006: Bank of America illegally charged me a service charge on my credit card ending with “bbbb”. They called it a “periodic finance charge”. I have paid the previous balance in full and on time and there was no reason for this charge.

January 5, 2006: I called the bank and talked to an agent named Rick Jones and to a supervisor named Lakaisw Worklaws about this. They both informed me that there was a computer error and the bank was going through accounts and correcting them immediately. I asked them for contact info to report this to Bank of America. I was given the fax number 602-597-3346. I faxed a letter requesting an investigation of this “computer error”. I have not heard back from anyone at the bank to this day regarding this matter.

January 10, 2006: customer De Silva calls me again and states that my checking “yyyy” account information is on her statement, again!

Here is the email she sent me:

From: "username@juno.com"
Sender: username @juno.com
Date: Wed, 11 Jan 2006 01:10:09 GMT
To: myusername@yahoo.com
X-Mailer: Webmail Version 4.0 …
Vic,
...
IDIOT Bank of A has AGAIN sent me particulars of another account of yrs " Access Checking"

I spoke to several PERFECT IDIOTS [ customer Service] . Cannot communicate- Utterly , Utterly STUPID.
Only thig to do is YOU take that money & redeposit in to another account .
Specifying yr address .
HOW ON EARTH DID ALL YOUR ACCOUNTS COME IN TO MY STATEMENT ???
Cannot understand .
I cannot handle problems now. Get stressed out.
...
…end email.

This should have never happened. No one needs to see my checking account details. Many many agents and officials of Bank of America have assured me that this problem was taken care of. But it is still there. How badly can Bank of America mess this up? It is criminal for the bank to do this. Is this white-collar crime?

The log continues …

January 10, 2006: I called Bank of America and spoke to Lauren Harlan of unit 1580 and we exchanged some nasty words – typical of a bad business. She claims that there is nothing wrong with the way the account are setup. This is what Chris of unit 1580 said on November 23, 2005! There was no way to get this mess fixed. No one cared at Bank of America or would take personal responsibility of this and see it to the end. Since I have been lied to before, I called again…

January 10, 2006: I called Bank of America and spoke to Chris who told me that he cannot do anything. I was informed that the bank did not keep any record of customer’s calls regarding problems with accounts. So I have to explain the story all over again. This is not the way to keep records for a professional business. Since I have been lied to before, I called again…

January 10, 2006: I called Bank of America and spoke to Chris who told me that he
cannot do anything about it. There was no way to get this mess fixed. No one cared at Bank of America or would take personal responsibility of this and see it to the end, so I called again…

January 10, 2006: I called Bank of America and spoke to Derik Kaltenbach of unit 20161 who told me that he cannot do anything. No one cared at Bank of America or would take personal responsibility of this and see it to the end, so I called again…

January 10, 2006: I called Bank of America and spoke to Adrian Ariano of unit 20161 who told me that he cannot do anything. No one cared at Bank of America or would take personal responsibility of this and see it to the end, so I called again…

January 10, 2006: I called Bank of America and spoke to Andre of unit 1580 who told me that he cannot do anything. No one cared at Bank of America or would take personal responsibility of this and see it to the end, so I called again…

January 10, 2006: I called Bank of America and spoke to Enrique Rodriguez and customer support manager Erik Burns. He refused to admit that rules should apply equally to everyone. But I insisted and made him reverse an illegal fee the bank charged me before.

A week went by and the illegal “periodic finance charge” was still on my credit card. So I called the bank again…

January 12, 2006: I called Bank of America and spoke to an agent and insisted that the illegal charge on my credit card be removed. The amount was finally credited.

Here is my concern: if the bank knew about this computer error and was correcting the problem, why did I have to call twice, over a 10 day period and speak to 3 bank employees, including a supervisor, to resolve the problem? What if I have not noticed this “periodic finance charge”? Many customers would have paid this illegal charge on their credit cards and the bank would have made millions by doing nothing about this “error” which was called “periodic finance charge”. Why would the bank ever bother to correct these errors on their own?

I was still not convinced that my checking account information is not on another customer’s statement.

January 12, 2006: I called Bank of America and spoke to Jonathan Stall of unit 1580. We had a heated conversation and he threatened to close my checking account. I dared him to go ahead. How much can this bank screw me up? I told him to tape this conversation and send it to Michelle Hammer, Assistant Vice President.

January 12, 2006: I called Bank of America and spoke to Karen Jones of unit 1580 who refused to transfer me to the survey, but transferred me to Vanessa Dibuduo. She too refused to transfer me to the survey and started to give me the run around.
I was still not convinced that my checking account information is not on another customer’s statement.

January 12, 2006: I called Bank of America and spoke to Stephan Payton who behaved very unprofessionally. I told him to tape this conversation and send it to
Michelle Hammer, Assistant Vice President. He rudely said he cannot. I did not want to continue the conversation with this guy. So I called back again…

January 12, 2006: I called Bank of America and spoke to Shawn Rollin. He said I should take my complaint to a banking center! Pass the buck? Why not? I got his fax number (559-451-8145) so I can fax all the details of this complaint, hoping someone will read it and do something about it. This fax number does not work!

January 12, 2006: I faxed this letter to and called Michelle Hammer at 714-792-5968 and asked her what she plans to do about this complaint.

January 21, 2006: I received a letter from Michelle Hammer saying that the matter is closed!!! Without resolving this continuing problem, Bank of America no longer wants to even discuss the mess they created. This is how banks treat their customers.

February 6, 2006: I received a reply from Attorney General's Office, Consumer Protection Division of North Carolina to contact the Comptroller of the Currency of the Department of the Treasury which is suppose to license and regulate national banks.

February 10, 2006: I received the statement for account “zzzz” and customer De Silva was not receiving any statements, again! This is happening after many agents and officials of Bank of America, including Michelle Hammer has assured me in letters that the problems above have been resolved.

The log continues and so does the dishonest dealings of Bank of America.

It seems like some phone reps are so corrupt that they don’t transfer you to the survey. How can the bank get honest feedback from your customers when the customer survey is doctored in this manner?

We really need strict laws to monitor the behavior of banks in this country. Banks should not be allowed to operate like criminal organizations and abuse customers under the protection of US law.

When banks operate with impunity

I am shocked to realize that there is very little or no regulation of banks such as Bank of America. These banks can do whatever they want to their customer’s accounts and their privacy and continue to operate with impunity. We should not sanction such criminal behavior. Where are the laws to protect consumers?

When customers over-draft a bit or go below the minimum balance on their checking accounts by unintentional human error, Bank of America jumps at the opportunity and ruthlessly charges them a ton of fees. It probably costs the bank about $ 5 but charges their customers $ 16 or more. This is because Bank of America understands only one language: money! All it cares is about charging us fees, fees and more fees. The bank leaves no room for unintentional human errors.

Bank of America abuses its customers and engages in dishonest business practices.

The bank has done irreparable damage to my privacy, seriously damaged the trust I had in the bank, causing a lot of aggravation and emotional distress to two customers.

The least Bank of America can do now is to pay me damages. The longer this bank takes to settle this issue, the more aggravation and emotional distress it causes me and I plan to seek even more damages.

I will not let Bank of America sweep this under the carpet.

I have written to Customer Assistance Group, Comptroller of the Currency, Department of the Treasury, 1301 McKinney Street, Suite 3710, Houstan, Texas 77010-9050 about this.

Sincerely,
Vic G.

     
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Posted by miketech on 2006-03-06:
Wow that sounds terrible. I'd certainly leave BOA if I were you. I think I would have left them months ago. In the future nothing beats a personal visit to a bank. Despite what they many lead you to believe branch managers have Godlike powers to make changes and credits to an account and they do care more when you are sitting close enough to smack them. Nothing is as persuasive as being in arms reach.
Posted by miketech on 2006-03-06:
Oh with that said if you did smack a branch manager or any bank employee you would probably get 20 years in a federal pen.
Posted by Hugh_Jorgen on 2006-03-06:
Why are you still banking with them? The world is full of smaller local banks that would love to have you as a customer.
Posted by Ponie on 2006-03-06:
I had the same (almost) thing happen to me. My statement and Mrs. X's were combined. Called my branch and explained what happened. Was asked to bring the statement into the bank. Branch Manager met with me and while there, she contacted Mrs. X, who said she received my information along with hers. Branch Manager said it was a computer glitch, said it would be straightened out, and apologized to both of us. Next month--same thing. Called to speak to Branch Manager, who apologized profusely and said she'd get right on it. Couple of days letter, received letter of apology from Branch Manager. From then on, no more problems. BUT--I didn't demand to speak to the CEO. What does some guy in Delaware know about what's going on at my branch? Vic, don't you have a job? On 12/12, you made six calls to BofA. On 1/12, you made 5 calls to BofA. If each call took a minimum of 15 minutes (although I'm sure with your agressive attitude, it was longer), that's more than 1-1/2 hours on two separate days you spent arguing with someone at the bank. If you DO have a job, does your employer know you're wasting his/her money by taking so much of THEIR time for personal business? That's also unethical, criminal--adjectives you atribute to the bank. I'm sure BofA is well rid of you. As one poster mentioned, your Branch Manager can do a heck of a lot more for you than the CEO. Start at the local level--or is such a simple solution to your problem beneath you?
Posted by Anonymous on 2006-03-06:
The BOA ceo Ken Lewis is a dark hearted creature of pure evil who would trick his own mother out for a buck.. GOD I ADMIRE THAT MAN.

Posted by cycolbur on 2006-03-06:
That is why there is lawyers. Just a thought, why don't you and the other person have a joint lawsuit against them for violating your privacy not to mention opening up for identity theft.
Posted by dsmith68 on 2006-03-07:
I admire your persistance.. but I would have closed the accounts back in early November and walked away from it all.
Posted by deggleston on 2008-01-03:
I too have filed a complaint with the Office of the Comptroller of the Currency. If other consumers do the same perhaps Bank of America will be forced to change their ways.
Posted by smuschie on 2008-03-07:
I don't know why you waited so long to close your accounts. I had a few minor problems with B of A and but mostly over small amounts of money so I took a wait-and-see approach to see if the small glitches would stop. They didn't. It ended up that they accidentally credited my account with $100 (money supposed to go into to account of the person on front of me), which stayed in my account for over a month even though I told them they had made a mistake and deposited someone else's money in my account. That scared me because this other woman, who I had no way of getting on touch with and only knew what she looked like but no name or any other info, had no access to her deposit money for over a month and B of A did nothing! After that I started looking into other banks. Eventually this other woman and I were able to talk to enough of the same people who then realized they needed to correct the mistake and she got her money but it took a long time! Later, some of my own money mysteriously disappeared from my account. Complaints led to some crap fees all of a sudden being posted on my account to explain the deficit yet no fees had been there before. Also, some transactions got shifted around as having gone through on different days, sometimes even on days before I had go to that store! Good thing I keep receipts! I never did get my money back but after 3 days of fighting I went to another bank. Good riddance!
Posted by donadame on 2008-11-01:
Asking to speak to the CEO??? That would NEVER happen. Follow the chain of command, remain calm and professional and approach in person - easy.
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Online Banking Fee Fraud
Posted by Dgoffig on 10/20/2004
BALTIMORE, MARYLAND --
Bank of America knows that customers use online banking so that we do not have to keep track of their paper receipts. I depend on the accuracy of the balance shown online, and check balances on days that I make transactions. Bank of America (MD) Online banking purposefully does not show the true daily available balance on users' online statement. A posted transaction will appear instantly then disappear for a few days, fooling the user that the available balance shown is up to the minute or even the day. Then Bank of America allows (instead of denying) transactions to post based on the erroneous balance and simply charge overdraft fees, although it was their mistake in reporting the wrong balance.

Huge overdraft fees racking up on Online Banking customers who depend on their online banking daily balance to be correct and accurate. Transactions that post on a certain day show up instantly, then the available balance listed is assumed to be just as instant. But, the following day, and days after, the transaction is no longer shown and the available balance has reverted, unaware to the client, who feels free to use their debit card, without having a register, to track spending otherwise.
     
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Posted by SonMD on 2004-10-20:
Must be nice to live in a world where you can spend, spend, spend without having to keep track of it. Learn how the system works and also how to beat it. Yes, they are out there to make money. Fees = jobs. Does it say "Not For Profit" under the "Higher Standards" BS? Keep records of what you spend, trust your own bookkeeping, and you will not go wrong. There are also tricks to use their own posting guidelines against them. Do some research.
Posted by CB Baby on 2004-11-30:
It is your responsibility to properly balance your checking account. Online Banking is to be used as a tool to help you manage your account and does not excuse you from properly reconciling your account. Take the time to read your service agreement with Online Banking and about pending transactions. regarding the transactions you see in the “Pending” section of your Online account. Those are payment authorizations that were requested by merchants with whom you have used your Check Card to make a payment. They may not actually post to your account or may post for a different amount. Purchases made with your Check Card are temporarily debited against your account immediately to allow the merchant to verify the availability of funds. Depending on the time of the day the purchase was made, the temporary debit will be released within 24 hours. The funds will be deducted from the account when the merchant presents the actual transaction to the bank. This usually can take from 1 to 3 business days before the transactions posts to your account.
Posted by VT on 2005-08-13:
I agree with the complaint. It is clear that BoA does it on purpose. Why take the 'pending transactions' away the next day? aren't they still 'Pending'? Isn't that what online banking is for? to keep track of up to the minute transactions? Slimy BoA
Posted by jimnteri on 2005-08-23:
You are totally right. I do balance my checkbook /accounts. I actually use quicken which goes to the BOA site and downloads my transactions. But for people who are not fortunate enough at this point not to live paycheck to paycheck or who have other problems BOA does not use its online banking and check card services to ethical standards. They see and balance your accounts every day; they easily learned your financial lifestyle. Also if your account has two people who use it, it can be a day or so with different busy work schedules before you can communicate transactions. That is why it is important for BOA to accurately keep your online balances. I used to use online banking at Chevy chase bank in Maryland for about 9 years. Yes I messed up balancing the checkbook and suffered fees, but this was always my fault. When I noticed a pattern at BOA that when my accounts were low, pending transactions would be taken away from view and held longer than normal, until the account is so out of whack, then they post them all at once from the highest to lowest to effectively pull in the most fees, no matter what order (by date) that the transactions were made, I started to do a little investigating. I two transactions at the same store, with the same merchandise, on the same date using a visa check card from BOA, and one from Chevy Chase bank. When the accounts were checked on their respective online banking sites, the pending amounts were post roughly the same time for the same amounts. The Chevy Chase transactions cleared the next morning, and never left from view to be viewed by both parties. BOA took their transaction and put the amount back into the account, and took any record of the transaction away from view. 2 days later reposted the transaction as cleared the account. Several days later this same procedure was done again. This time Chevy Chase did the same thing. This time BOA did almost the same thing except they held the transaction for 5 days (during this time there is no record of this transaction pending or other wise) waited till the account balance was negative $2.00 then posted this and another transaction causing insuff. Fees. The account was also negative two dollars for almost two days and they authorized other transactions on a negative account. I never had this problem with other banks and online banking from Chevy Chase. They never hid any transactions from view, and actually let you transfer them to a software program to keep the account balanced. And by the way a manual balancing of the account was the same with BOA and what I had actually spent then 1 o’clock in the morning it all changes to negative $180.00
Posted by customerXXX on 2007-07-11:
Don't trust BOA. It has happened to me too. The only reason the amount would disappear from view is to screw people over. It's one thing to survive on fees, but not on misleading people - they stoop to low levels to make their money. If we can't trust the people holding our money, who can we trust?
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Placed hold on my Deposit!
Posted by Justjill on 12/14/2006
PONCA CITY, OKLAHOMA -- About Nov. 20th, I attempted to deposit a check for 25 Grand. They would not let me. I was told since my husbands name was on the check, and he did not have access to my account, it was not allowed. I took the check to my husbands bank and deposited it without any hassle. Fast forward 11 days, the check has cleared , His bank. He then writes me a check for 10 grand. I deposit this into the BOA account on Fri. Dec 8. Monday I call to inquire about holds ect. I was told that 100. was available, and approx half would be available that night at midnight.
Tuesday , I call, Nope not available until 5 pm.
Thurday, today, I call, as I am now getting email that my payments have been returned, and incurring overdraft fees. I check online to see what is going on. They are showing I am in the Hole for 5500.oo and have now incurred 5 overdraft fees of 35.00 each. Now I am furious. For the 3rd time, I call the bank. They have put a total of 3 holds on my deposit, and it will now be Wednesday, December 20th before I will have access to my funds. They did remove the overdraft fees, however they are now showing the account overdrawn by 200.00.
Just as soon as those funds clear, I am closing that account, paying off in full a credit card that I have and cancelling my direct deposit of my paycheck...


Here is an update! December 18. Still no access to my money. I just got a letter from BOA stating the 15th they would release 4900.00. Went online and balance shows a negative 142.00.
     
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Posted by rhondam718732 on 2006-12-14:
I understand your frustration and you were entitled to those funds when they said you would be...but, lesson learned - never write checks against your account until you are 100% certain you can cover them. Stuff happens, banks screw up, things take longer than planned and you end up burned.
Posted by Cyane on 2006-12-14:
First, it is normal for a bank to reject a deposit of a check where the named payee is not listed on the deposit account, particularly for such a large check.

Holds can be confusing if you are not familiar with them. Did you deposit your check through the ATM? If not, when making your deposit inside the branch, they should have explained to you about the hold.
Posted by Anonymous on 2006-12-15:
No bank in the country would give you access to funds that quickly for a ten thousand dollar personal check on another bank. You can count on the fact that they will impose the maximum hold allowed under law, to protect themselves, and actually to protect you from having to make good on a deposited check that was returned.
Posted by justjill on 2006-12-15:
I called to ask about holds. I was told Monday at midnite, then Tuesday at 5pm, half the funds would be available. The check was from a Credit Union, and we checked, the funds were taken out of that account on Monday. Why do they think they need a hold for 2 weeks, when they had the money in 2 days?

Posted by yoke on 2006-12-18:
Had a similar thing happen with a check lat year. My father-in-law sent a check for $5,000. Our bank put a 5 working day hold on it (but since it was over a holiday weekend it ended up being a 10 day hold). I had no problem with the hold, since it was out of state, but I felt that once the funds cleared his account then they should stop the hold on the funds. Our credit union is really good about things like that and all they asked was for his bank to send a fax that the funds had cleared and they will release the funds. We deposited the check on a Wednesday and by Friday the funds were available.
Posted by justjill on 2006-12-18:
Lucky you Yoke. I still have no access to my money. And the Kicker is, I have bill pay online, and they keep sending the same 2 bills though, then rejecting them and re-charging the over draft. One of those is a credit card payment. There goes my intrest rate on that. God when is this going to be over!!! 10 days and counting.......
Posted by Caliluvjones on 2007-02-28:
I am currently expeiencing the same problem...it sucks! My mom(mith the same last name) wrote me check for 4500.00 from her credit union. I deposited into BofA on 2-18-07 yes granted there was a holiday and it was a large amount but its in state and my mother for god sake, The paper said the hold would be till the 23rd. I could deal with that, well its now almost the end of the 27th and the funds were cleared from my mother account on the 22nd and still no money. Now as you said things in auto pay etc are being paid and Im gettin the overdraft fees...I think any fees after the 23rd I should not have to pay, its not my fault they want a 2 week hold after they had told me it would be available on that date. Its an outrage, I dont even think I will have that money to pay my rent now and need I remind anyone I deposited the 18th! Yet some want to say its my fault and I should have expected that, no no and no...out of state or third party check maybe but credit union, from my mother on hold for more than 2 weeks is just insane. Worse bank in America, they couldn't pay me to stay!
Posted by Roady on 2008-03-25:
Just had the same thing all of the above are talking about happen to us today. Had a large CD check arrive in the mail today and hurried in to town to deposit it in our account. We have a CD picked out that is a darn good rate compared to what else is out there right now. Yep, you got it. After we got it deposited they handed us the deposit slip saying we could only have $4900 of it for the next 11 days.It made my husband so mad I thought we were going to end up divorced by noon, because he was just P.O.d We have been with BOA since the day they started banking. We have had over a million in there at times, well once! But the fact is they know us!!!! I think they arae just mad because we won't take one of their puny C.D.s out. Can anyone out there tell me if they can legally hold your funds for 11 days. Course the gal told my husband 5 working days. So that was from March 25 to April 4th. My husband said, "What? You only work 2 days a week?" Meantime we are losing interest on a CD all those days. Asked to speak to the manager, he wasn't in today. Asked to speak to asst. manager, he was at lunch. Heck, we'll probably be lucky to ever get our money out!!! I'm begging my husband to change banks but it is such a hassle to change SS deposits, and medical insurance auto pay plus a couple other things auto pay. AAARRRGGGHHH!!!!
Posted by astevens on 2012-09-07:
BOA put a 10 day hold on a paycheck from a huge company. The reason was due to overdrafts... k...I am in the wrong to overdraft on an account but what sense does it make to HOLD deposits???? Wouldn't deposits stop another one from occuring. The only reason to hold a deposit due to overdraft is because they are hoping another overdraft occurs as a result so they can collect more fees. I have closed my accounts with BOA.
Posted by perry on 2013-07-10:
bank of America puts a hold on my pay check every week seams like thay would get the point it,s good so I am going to another bank lets face it bofa sucks you cant get someone over the phone that speeks English and thay can never do any thing to help baof is about the money not the costumer
Posted by jDre on 2013-10-10:
Same thing happened to me. Deposited 2 checks for 2,000 a piece into the ATM. Was able to initially get the $200 that they release immediately.

They then put a hold on my checks, fine I can deal with that. But the problem is. They kept extending the holds. Even after the issuing bank actually Cleared the 1st of the 2 checks. I later received a message from them stating that my 1st check (cleared already) would be available that day at 5pm. I called to confirm this, with them because this money was being paid to me through a company to cover some developer costs. Once I got them on the phone, to kicked me to Fraud and Risk who then told me both checks would be held for another week. Now that means, that they are holding a cleared check for yet another week. The 2nd check which hadn't cleared already. I just cancelled.

But now here I sit. Waiting for 2g in from a check that cleared days ago, and yet they tell me they still need another week to do risk and research evaluation.

What is going on with this bank? Oh I know whats going on.. I'll bet you that they love engaging this hold tactic to not only get more over draft fees (from bill pays that should have been covered by the cleared money).. On top of that, you know they are taking this money and turning it over somewhere to make more profit on it. BofA is starting to make me nauseous at the mere thought of them. Basically it seems as though they find enjoyment through purposefully putting their customers through financial ruin. The minute I get these funds released, I am walking.. Walking straight to a credit union.
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unethical fee practices
Posted by Kennaron on 02/24/2005
NEW HAVEN, CONNECTICUT -- I have had the same terrible experience as others and want to decry B of A's practices of:

-placing unsubstantiated "holds" on deposited funds, even funds from other banks, for the purpose of delaying deposits and collecting "insufficient funds" fees

-not updating the online system, so that balances that show as positive are actually not positive and users overdraw accounts and incur fees

-Of most concern is a practice I cannot prove but suspect: holding deposits for a certain period of time, such as 12 hours or a day, waiting for withdrawals to come in, posting the withdrawals until the balance is below zero, posting their own overdraft fee, and then posting deposits. I have direct deposit and have seen withdrawals post on the same day as the deposit and still incur fees. I have incurred easily over $500 in fees in the past several years and just incurred a fee of $180. They should also charge per day fees rather than per transaction fees. B of A sucks, they care naught about people, the profit motive consumes their entire decrepit existences.

     
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Posted by lavonne74 on 2005-03-20:
I agree whole-heartedly.
Posted by Crystal Isenberg on 2005-03-22:
APPLAUSE, APPPLAUSE, APPLAUSE, I AGREE WITH YOU 110%, BOA SUCKS AND CARES NOT ONE BIT ABOUT THE CUSTOMER...THEY ONLY WANT YOU AS A CUSTOMER AND THEN TRY AND BLEED US ALL DRY. THEY MORAL ETHICS ARE PROBABLY THE WORST OF ANY BUSINESS I HAVE EVER DEALT WITH. I WORK IN A POSITION WHERE I HAVE TO USE CUSTOMER SERVICE SKILLS ALL THE TIME AND I COULD NEVER IMAGINE TREATING PEOPLE THE WAY THAT BOA DOES. I WOULDNT RECOMMEND BOA TO MY WORST ENEMY...ANYONE CONSIDERING OPENING ANY TYPE OF ACCOUNT BETTER THINK TWICE....YOU WILL BE SORRY AND YOU WILL BE BLED DRY.
Posted by vshah551122 on 2005-05-20:
I have been experiencing similar problem with BOA and I have decided to take it forward and complain to OCC, State of NJ, their CEO Ken Lewis and Better Business Bureau about their unethical practices. I am a financial services executive myself in the Retail Banking field working for Citigroup. BOA practices are unethical and unprofessional I am going after them. If anyone is interested in joining my lawsuit do email me at vishal_98@yahoo.com.

Regards
Posted by 504lowes40 on 2006-03-30:
maybe you should keep track of your funds yourself so you wont ever overdraft. good idea huh?
Posted by broke on 2006-05-25:
it doesn't matter -- they'll find some way to screw you!
Posted by J_D on 2008-01-14:
The point is that the balance you see when you check your account online or at an ATM is NEVER your true balance. How many people honestly keep a separate record of ALL their transactions. You need to know that what you see on your ATM receipt or online banking window is current and correct, but it never is.

I have seen transactions DISAPEAR from my account between the pending and posted category. In the mean time, the difference was added to my balance, when in reality it was not there. They want you to overdraft. Think of how much money they make from that $35 for each one. Downright robbery.

One critical point here is that when you do overdraft, all transactions for that day are posted with the highest deduction first. (the one which usually causes the overdraft) so that they can maximize the overdraft transactions. (since they charge PER transaction). You will notice that for the day which the overdraft occurred, you would not have had as many overdraft charges, if they had debited your account starting from the smallest transaction. I am sure this is quite deliberate. They are not stupid. Its built in to the program. Its in their control do post transactions in whatever order suits them best.

Do you really expect such a greedy corporation to actually care about you? They will suck your blood.
Posted by daybyday on 2009-09-23:
I am so willing to join any lawsuit agains Bank of America due to there overdraft fees. My story is the following. I try to always follow my account and keep all my ATM receipts to the point that its Pack Ratish. I then use my receipts to view my online account. So one weekend I used the ATM to withdraw money and used my card to get gas and such. Now I knew I had a check out there that may be deposited to my account which would have made it overdrawn but I needed food for my kids so I was willing to take the hit on the check. I thought the only overdraft fee would be the check becuase everthing else was obtained by use of an ATM. Well checking my account the Monday after the weekend and was horrified to see multiple overdraft fees for even the ATM withdrawl. HOW IN THE HELL DO YOU GET AN OVERDRAFT FEE USING THE ATM? I did. So of course freaking BOA paid the check and you all know the script when you call them. They had the nerve to tell me that I should thank them for paying the check written out for my rent. I had to hold back when I heard that comment from the employee. I told her that in actuality if they had processed my transactions according to when they happend I only should have been charged one overdraft fee not the 4 I was charged at $35.00 each. I was willing to pay the one overdraft fee but of course this is B of A were talking too. I was still not undersanding how in the hell they could process my ATM withdrawls for that weekend and freaking overdrafts. HELLO THE MACHINE GAVE ME THE MONEY! I thought it was a joke that they said they had to pay the check first it being the largest amount. WHAT ELSE WAS THERE TO PAY? All other transactions were ATM withdrawls. The ATM withdrawls should have been immediate and certainly should not have had anyting to do with my ONE check. THIS IS WRONG AND NEEDS TO BE STOPPED. I will be more then willing to join any lawsuit against Bank of America.
Posted by bgmedic on 2009-12-12:
I am in if you go forward with a suit. They have screwed me and my family out of $800 this month alone.
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Piss poor customer service
Posted by BoA Pissed Customer on 05/01/2006
SAVANNAH, GEORGIA -- When I opened my account initially with Bank of America, they really messed up with me, and I should have used that as a warning of what was to come. They made a typographical error and sent my checks and cards to the wrong address. After several days beyond their normal processing time, I called them wondering where the checks and cards were. They said they would be there in a few days. Didn't come in, so I called them again. They then verified that the address was wrong, so they corrected it. They said the new checks and card would be to me in 7-10 days. I waited. And waited, and waited some more. I called. They said the person that corrected the error had not sent the information, that the old checks had been returned by the invalid address. I asked them why they didn't catch the error, WHY, when they saw the checks had been returned to the bank, did they not realize or call the NEW customer? Finally, they closed the old account, and re-opened a new account since my privacy had been breached. THEN, of all things, the material for BOTH accounts come in at the same time! This took from November 2, 2004 to December 29 of 2004 to get this straight.

They still didn't get the credit card request processed in a timely manner. I got snotty customer service associates, etc. And, it continues to get WORSE rather than better!

I recently had a problem that was my employers error. They had written payroll checks on the wrong account and they were all returned. My employer made the checks good with checks from the correct account, but the bank treated me as if it were my fault! They even threatened to put holds on my checks in the future! (That is only making a long story short)

Recently, they sent me a letter saying I had referred someone to their bank (AS IF!!). They have a $25.00 incentive for referrals. When I got the letter, it had a code number on it. But, when I called the bank (the 800 number, the branch, etc) they couldn't tell me who was the referred individual! I would NEVER send anyone to this bank. It took me two hours to find out that it was because of the error a year ago, and that this letter was sent tracing me a long time ago? But why was it written and dated in April for an October referral? I still haven't gotten any answers that are valid.

I eventually sent a letter to the Charlotte offices (area code 704) and got a call from an 813 area code, and the girl, after initial introduction, tells me I wasn't going to speak to anyone else, that she was instructed to handle the call. She was quite snippy with me, and advised me to close my accounts. Since when does a business make it policy to advise someone to stop doing business with them, after I am attempting every possible angle to PREVENT me from the trouble of opening new accounts with another bank? When I told her I was going online to voice my opinion, I had no idea I was going to find the other complaints I have seen here. This is a statement of how the BoA cares about their customers (read "moneymakers")

As I said, this is the story in a nutshell. I could go on for days about this and the other episodes I have had with them, but I get tired of repeating myself, as I have had to repeat myself so many times with the representatives of bank of America.

I would never do business with them ever again, and am working to get this resolved as I write this. I would never refer any person to do business with this bank and want out ASAP.
     
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Posted by KenPC on 2006-05-02:
Well then, you want out, and they don't want you... seems like a mutually agreeable solution to me. What's the beef?
Posted by rhondam718732 on 2006-05-02:
KenPC you must work in customer service...ha. The PROBLEM is that most businesses shouldn't screw up and then offer shoddy service and "see ya" as their response.
Posted by tarter1974 on 2006-06-27:
the exact same thing happened to me! i applied for a BOA credit card and i was inforned first that i was NOT approved for the card, then i was told that the card was on the way in the mail; it never came. i waited 3 weeks. since i never got a leeter saying that i was denied or approved, i decided to call BOA. they said that the credit card (that i was APPROVED for) was returned to them. I NEVER RECEIVED IT> they had sent it to some wrong address somewhere, and to protect my identity, they would have to send me a whole new card. to make a long story short, i ended up waiting over 2 full months for a card that i needed because i was making home improvements.
Posted by tamitoon on 2007-06-08:
I absolutely think BOA has the worst customer service ever.
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Out of Control Overdraft Fees
Posted by BofAisEvil on 12/24/2007
NEW JERSEY -- Wow... What a relief! I just closed my BofA checking and savings account and I feel like a heavy burden lifted off my back. I don't have to worry about OVERDRAFT FEES from them anymore.

It's absolutely outrageous how they punish and rob honest, hard-working, and unsuspecting Americans by inflicting exorbatant fees for going even a few cents over your available balance.

I've paid over $700 in overdraft fees this year! It happens the same way every time... the bank ALLOWS you to go over your available balance (even if it's one penny), which starts a cascading wave of consecutive fees that pile up instantly overnight. One time I was hit with almost 300 in one shot. I pleaded with the customer service agent and told him that was almost my entire paycheck, but he stonewalled me.

This is practice is pure theft! I make about 30k a year and $700 in fees really hurt me. I felt so good walking into the local branch and tell them I was closing my account. I hope someone is able to bring them down. They are professional crooks. How do you justify a $35 fee for going over your account by a few cents?

     
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Posted by madconsumer on 2007-12-24:
regardless of the bank or credit union you use, you will encounter overdraft fees if your account is over drawn.

the only way to avoid these fees, is to keep better check of your available balance. i have used bank of america for years with zero issues.
Posted by Principissa on 2007-12-24:
Why did you get the overdraft fees in the first place? No matter where you go, if you can't keep good track of your account, you are going to pay overdraft fees.
Posted by old fart on 2007-12-24:
My credit union or my banks all have on line banking.. you can balance your checkbook almost hourly..Over draft fees are a form of robbery but you can totally avoid them by keeping track of your finances on-line..
It might be a good time to start...
Posted by tnchuck100 on 2007-12-24:
You did good dropping BofA. Even if you keep an accurate check register BofA will still nail you with deposit holds, re-arranged order of transactions, and various "creative accounting" methods. Thanks to our governmental banking regulators it's all legal. And you agree to it when you open an account. Find a credit union. They generally treat customers far better than banks do.
Posted by Anonymous on 2007-12-24:
You never did have to worry about overdraft fees, all you needed to do was manage your account. I agree with Chuck about going to a credit union, but you will still get nailed with OD fees if you aren't more responsible with your banking.
Posted by Anonymous on 2007-12-24:
I think banks should just have you payback the money that you were over. not some ridicules fee but that would to fair and the banks wouldn’t be able to make there huge profits.
Posted by Anonymous on 2007-12-24:
Keep your money in a coffee can. Get out what you need when you need it. If you don't drink coffee, you could use an empty cashew can.
Posted by MRM on 2007-12-25:
Sheriff, now that was hilarious.
Posted by Noneill on 2007-12-25:
Spend less then you make.
Posted by tander on 2007-12-25:
Usually if your overdrawn by less than a dollar they don't charge you overddraft fees but still keep better track of your checking account, use your register and record all checks, debit charges and withdrawals.
Posted by Anonymous on 2007-12-26:
Hilarious? I was being serious MRM.
Posted by scott3629 on 2007-12-26:
OMG,,, why in the world would you have so many overdraft fees. They should charge you for anything over the first three. If you can't keep the amount of money in your account that you have written checks for, maybe you should not have a checking account at all. $700.00 in one year,,, that is a problem. I agree with you that they should not charge for it but come on that many.... What the heck?
Posted by heaven17 on 2007-12-26:
"I don't have to worry about OVERDRAFT FEES from them anymore."

This is true.
Of course, your new bank...well, that's a different story.
Posted by Vex on 2007-12-28:
I think that guy was paying BofA electric bill with his ineptitude to manage his finances....hahahahaha! I don't feel sorry for him in any way, shape, or form. It's his own fault.
Posted by Dumb on 2007-12-30:
That is funny, however in this day and age credit is the same as cash but better. Its the same because you can lose or misplace cash same as with cards. Cash can be robbed or stolen same as with identity.

Good things about cash is just anybody, your relatives merchants strangers will take it as payment. Just try paying a stranger with a credit card. What else, Hmmmm... lets see, that's all I can come up with.

The best thing about credit is that you can go beyond your cash. From time to time things come up and you find yourself on the short end and the power company is threatening to turn your power off unless you pay in full the past due balance. You won't be able to comply if you are short of cash. But, you can pay with a check now using the overdraft feature of your checking account.

You will, of course, have to pay overdraft fee but that may be better in the long run than having the power cut and then having to pay the power re-connect later.

So, $700.00/yr in overdraft fee is not bad in my opinion.
Posted by cdahlkvist on 2008-01-03:
It's sad that so many of you are blaming this guy. The truth is that it may not be his fault.

Many people use online banking to check their balances.

The banks (not just BoA) are making their sites as obscure as possible.

As an example, they show items as pending. These may or may not be deducted from your balance. Sometimes they are, sometimes they are not (we need some uniformity).

You can check the right column and assume you have a specific amount in your account when, in fact, that may not be correct.

Here is one I have fallen victim to once (yes, the overdraft was due to my forgetfulness but you will see the real issue here):

I wrote a check to an individual for $350.

Due to a mistake on my part I forgot to add that check to my ledger (since I almost never write checks).

Now this specific account I use only for bills so I keep a set amount of funds in it each month. Well, I checked one day and there was $32.15 in the account and 5 items were in "pending" status (but had been deducted from my balance so I was in the clear).

The following day the check that I forgot about came in. Bank of America covered it for me. I thought that due to this oversight on my part and the courtesy to cover it on their part warranted an overdraft fee of $35.

Unfortunately, what BoA did was to take those other 5 pending items and process them AFTER the $350 check (covering the largest check - they claim they do this as a "courtesy" because the bigger amount may be important items like mortgage payments) then charged me $35 for each of the other 5 items.

The only one it is a courtesy for is the bank so they can collect more overdraft fees.

Yes, it was my fault that I overdrafted but it was the deceptive practices of the bank that turned 1 overdraft into 5.

They intentionally changed the order of processing to create additional overdrafts. They took 5 items that were pending one the first day and processed them AFTER the larger item that came in the next day.

Furthermore, I have a friend that works for a large bank. Most transactions are handled via computer and a human never touches them. The system automatically processes the charges and decides, based on your account history, whether to cover an item or not. It then charges you regardless.

This is not a $35 process or even a $5 process.

The fees are outrageous.
Posted by sadhappy on 2008-01-07:
I TOTALLY understand what you mean, but what gets me is a payment goes through on the online pay, then next day is GONE so my account goes up which has tricked me twice therefore i was over a freaking buck yes a buck or less and i had to pay in one session $280 in overdraft. Also, my friend made a deposit of $300 in my account in my acccount friday by monday it was gone and not by me, i asked them they had no idea what i was talking about they had to look on security cameras to find him doing the transaction...men lose reciepts. :) thanks for listening LOL
Posted by PolishGirl on 2008-01-17:
Overdraft fees are charged by any banking institution if you overdraw your account. If you would keep enough in your account for your transactions, your overdraft fees will never happen. It is your responsibility to manage your account. When you open an account, you should receive a DEPOSITORS AGREEMENT which outlines all of the banks policy on fees and such. Bank of America is not at fault, they hold your money, your responsibility is to manage it. Never let your balance go down to almost nothing before the next deposit. That is the mistake millions of people do. If you don't need it, don't spend your money that you don't have on it. Always make your deposits before the cut-off time at your local bank. Always have a check register and monitor your account using Online Banking frequently.
Posted by madtina on 2008-01-18:
I agree with both Sadhappy & Polishgirl, but the point is that something has to be done so Bank of America's overdraft fees be controlled. It's wrong and FRAUD that they put through the largest amount first through your account and charge you an overdraft fee for the next 10 small transactions. There is no control on the # of overdrafts. They still do it even after a class action lawsuit endured when they were known as Nations bank

Transaction history changes to the banks benefit; for example if you have a check pending it MAY NOT SHOW! BUT it will post at midnight and become the first transaction of the previous day! Making ALL those little transactions you made that day cost $35 a piece!
OPEN YOUR EYES! IT'S NOT ABOUT NOT BANKING THERE IT'S ABOUT CHANGING THEIR PROCESS AND POLICY. SAY SOMETHING AND STAND UP FOR YOUR MONEY, SUIT OR DO WHATEVER YOU HAVE TO DO TO STOP THEM.
Posted by hateboa25 on 2008-01-26:
BOA are a bunch of crooks. Don't listen to the ones who agree, they must work for BOA. I can't believe there isn't a law for what they do with overdraft fees, its stealing!
Posted by Weary Consumer on 2008-04-23:
You know, for instance polishgirl and Vex = I believe people are capable of handling their money. I was never overdrawn on my account in the first place for them to even charge me.. And yes, BOFA manipulates the system so that when you're low on cash; they will find a way to take more or all of it.

Why is it that, when things were pending; it dissappears making you assume that it's already been credited = 10 days later, it reappears.. when you assumed it was credited and BAM!! Overcharge.

I manage most my funds through online banking, assuming that it was correct = however, it never is.. I think we should all boycott BOFA.. With their trickery and all.

Sorry polishgirl and vex. People don't make as much money; and sometimes $5.00 is important to them, if they want to use $4.99 they have the right to, without having to worry that they are going to be charged.
These are hard times for america; and we should be more understanding.. Imagine that last $3.00 is their child's lunch. Banks shouldn't have the right to manipulate whatever charges to have your last pennies.. Those pennies are still yours.
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Holds on Cashiers Checks
Posted by Edsnopse on 10/09/2007
Bank of America places holds on local cashiers checks. Don't deposit a cashiers check at Bank of America thinking it's like cash to Bank of America. It's not even close.

     
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Posted by WhineX on 2007-10-09:
I'm not one to defend BOA, but a lot of folks aren't aware there's a large fraud problem with cashier's checks. Today's counterfeits are very high-quality.
Posted by Anonymous on 2007-10-09:
Cashier's Checks are not, nor have they ever been like cash. They are a check just like any other. Even a CC which is not fraudulent can still have a stop placed on it, or be dishonored for other reasons. If your banks gives you (or me) immediate credit on a CC, they are making a short-term interest free loan, until the check is actually collected.
Moreover, as WhineX notes, there is a huge problem right now with fraudulent bank checks. They are more likely to get a hold than a personal check is.
Posted by Cyane on 2007-10-09:
Cashier's checks are not the same as cash. If it's a large enough dollar amount, any bank is going to place a hold, regardless of whether the check is local or not.
Posted by Nohandle on 2007-10-09:
Well, I've learned something new today in reference to cashier's checks. I always thought the individual or business that purchased a cashier's check had satisfied the bank's requirements for issuing a check and in turn the bank guaranteed the check would be honored to the payee. Thanks edsnopse for bringing this to our attention.
Posted by Anonymous on 2007-10-09:
I agree with the rest and here is one example why and if you want more information please use the link at the bottom.

How to Spot Cashier's Check Fraud - Examples of Scams
Cashier’s check fraud is one of the most popular crimes in the internet age. Once thought to be safe, cashier’s checks now require extra attention from sellers. Make sure you know all the red flags of cashier’s check fraud so you can avoid expensive scams.

http://banking.about.com/od/securityandsafety/a/cashierscheckfd.htm
Posted by trumania on 2007-10-10:
The bank cannot place holds on Cashiers checks which is stated by the Federal Reserve by Regulation CC, unless they are over 5,000 dollars. The checks are considered "Guaranteed Funds".

The bank has an option to verify if the Cashier's Check is real, they can call IPS (Integrated Payment Systems)to verify the check.

The only other way a bank can legally place a hold on a cashier's check for under 5,000 is if it's deposited into an ATM. Then there is no way for the ATM to determine if it's a cashier's check or a personal check. But the OP is very vague and provides NO details so, there is strong possibility that the bank was well within it's rights.
Posted by Timboss on 2007-10-10:
Then, if the bank credit's the customer's account for the amount of the cashier's check, say $4,500 and the check turns out to be bogus, guess who gets to pay the bank back the $4,500. That is right, the customer. Plus NSF, etc. when the $4,500 is deducted from the customer's account.

Too many Nigerian, and other, scams work off counterfiet cashier's check that look 'good as gold' to the bank until they go through the entire processing and the end bank says, "This is not one of ours."

Posted by Anonymous on 2007-10-10:
How much was the cashiers check for ? Did you use the ATM to make the deposit ? Was your account in good standing ? Give more information.
Good luck.
<;O)
Posted by Anonymous on 2007-10-10:
If you want to complain about Bank of America, send a written letter via certified return receipt to: Office of the Comptroller of the Currency, Consumer Affairs Department, 1301 McKinney Street, Suite 3450, Houston, Texas, 77010-9050, Tel: 800-613-6743. Also, send a written complaint to your State Attorney Generals Office, Attn: Consumer Affairs.
Good luck.
<;O)
Posted by chow on 2007-11-04:
Putting a hold on the check is better than having fund transfer immediately, then declared it is counterfeit a month later, which one will you prefer?
Posted by Roofus on 2007-11-09:
Reg CC doesn't apply to commercial accounts, it only applies to consumer accounts.

Go to FDIC.gov and search for a long list of counterfeit cashier check alerts to see why BoA would place a hold on the item.
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Unethical use of NSF
Posted by Pookiegrover on 01/09/2008
I have many accounts at BOA, including several checking, credit cards, line of credit, home mortgage, etc. I have been a customer for many years.

My son authorized a debit card transaction of $150 on November 29, 2007. It showed up right away on online banking as pending. Then it disappeared from pending, and I assumed it had cleared. I depend on the online and do not keep a paper ledger of transactions.

On January 7, 2008, I checked my son's account, a college account, before the 10:45 ET cutoff to make sure that he had sufficient funds. He did not, and so I transferred enough money in to cover the pending charges and get him through the week.

The next day, I found that the debit from 11/29 had been deducted, which had not shown as pending the previous day. Due to BOA's policy of processing the largest debits first and the smallest last, I had incurred $175 in overdraft fees. My son had a paycheck that he had deposited days before (from a major retailer, not a likely source of bad checks) that was not credited. Between his check and my transfer, there should have been no overdraft. And even if they did not credit his check, if they had reversed the order in which they process debits, there would have been one overdraft fee.

The same thing happened approximately one week before, with the online banking showing the account in good standing at the cutoff time, and five overdraft fees the next day.

I have talked to local BOA representatives and to customer service at their 800 number. They gave me a small "courtesy" refund for a portion of the fees. But if they did business in good faith, there would have been no need and I would have had no complaint.

I understand that the largest to smallest processing is legal. I understand that the outrageous fees are legal. Legal does not necessarily equate with right. The banking industry must have a powerful lobby, because they are getting away with robbing their own customers to the tune of billions of dollars a year in overdraft situations that they create through policies intended solely to fatten their already bursting wallets.

I am uncomfortable with entrusting my money to an institution that is avidly intent on getting it away from me in any way they can legally get away with. I will be looking for financial alternatives. And if anyone out there knows of a bank or credit union with more reasonable business practices, I would like to know, since I intend to switch all of my business as soon as I can.

     
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Posted by msnanny on 2008-01-09:
When you switch all your business to another bank you need to begin keeping a check register. These overdrafts are YOUR fault not the banks.
Posted by Mario The Great on 2008-01-09:
Sorry, I agree that you are at fault for the overdrafts. It sucks that almost ALL banks do this. I recently closed my account from 1987 with Chase because of this. I didn't keep a register and have overdrafted well over 2,000 in the last few years with them. Sometimes they are nice, most of the times not. Doesn't matter. I took my business to a bank that charges $20 in overdraft fees, compared to $35 by Chase. Take that Chase.
Posted by Ponie on 2008-01-10:
'I...do not keep a paper ledger of transactions.' Here's your solution: keep a paper ledger! As far as finding 'financial alternatives,' I suggest you stuff it under your mattress. That way you'll pay the NSF fees to yourself and fatten *your* wallet.
Posted by FoggyOne on 2008-01-10:
Nasty old bank did what they said they would in the conditions and terms for the checking account.
Posted by Anonymous on 2008-01-10:
Banks are in business to make money and they don't care how they make it. They have been busted charging overdraft fee when there should not have been any in the first place. The only real way to not get ripped off is to have at least 6 months worth of what it cost you to live and then be careful and watch the bank. OR don't put money in the freaking bank if you are just living from pay check to pay check, it's just another added expense and doesn't save you anything.

Good luck
Posted by tnchuck100 on 2008-01-10:
Relying on your on-line balance is nothing but foolish. Some debit transactions may not appear for 2 or 3 days. How about a paper check that has not been presented yet? You must change your accounting methods or it is going prove to be expensive for you.
Posted by old fart on 2008-01-10:
Chuck... I never have any check noted as "pending". I balance my account daily with my online account at my credit union. It sometimes takes several days for a debit card transaction to show and likewise checks that haven't cleared but it's easy enough to reconcile the account by subtracting those from the available balance showing on line. How does the gentleman not recognize that..???

I abandoned banks in favor of credit unions and actually make substantially more money by having done that..
Posted by Anonymous on 2008-01-10:
Last time I checked, BoA drops a 'pending' transaction after 24 hours. This is the short end of the spectrum. My bank holds them for 5 days. (which is too long). In any case, you have no way of knowing the pending status of a debit transaction. So if you decide you are above keeping track of your own money, expect to pay these large fees. Banks love people like you.
Posted by PolishGirl on 2008-01-17:
Always keep a check register and deduct anything that you spend your money on. Debit card transactions, ACH electronic trasactions, do not necessarily post the same day that they are made. Always know how much money you have. Overdraft fees only result when an account holder doesn't know how to manage their account. Overdraft fees only result when an account holder spends more then they have.
Posted by BoAthievery on 2008-01-25:
Wow, and I thought I had problems. I cancelled my account with BoA in October of 07. So I thought. I kept my balance at zero "0" as they told me or they could not close my account. The internet response advised to wait 5 to 10 days to close the account. I checked my account every day to see when they closed it. I did this because they F'd me good a few months prior when they zapped me with 3 charges @ $35.00. ( funds were pending in my checking for 3 checks, I got Direct deposit so when the funds came in from DD, they took out the 3 charges, why? the checks were pending). In any event, on the 16th day a charge came in from an auto deduct from my debit card. I had alot of accounts auto debited, made things easier. I must have missed this one. So, I called the wonderful inexperienced non autonomous CS and asked why my account had not yet been closed 15 days ago, I was NOT paying the upcoming $35.00 charge and they were to reverse or refuse the charge. I was told by the rep that that the account should have been closed. I was assured the funds would not be honored and the charge would not be placed. Well, I get a letter in the mail for an overdraft charge. I called immediately to go over the headache again, I was told they did not show any charges, nor a letter sent and I have a zero (0) account balance. I was advised to not worry about it. Few weeks later, I receive another letter of $35.00 OD and the threat they would send me to Chequesystems. I called again and advised I was very close to filing lawsuit for deceptive practices etc to name a few. The CS rep didn't seem to care (probably getting these calls everday), I was advised she would remove that fee if she could but the account has a forced place closure. Ok, maybe I am not understanding, it is a closed account and she could not remove it without corporate reviewing the file and deciding to Reverse or keep the charge. Maybe I didn't understnad but if the account was closed why was I charged $35.00? I asked the rep to submit for review. She said it would be 7 days before the letter is received. Well as of yesterday, no letter and we are on 10 days, 11 counting today. I called last night to see when I am getting my letter, their records don't show any system updates of my conversation on 2 of the 4 times I called. There is no info that the review request was submitted. I went over all the coorespondences from day one of requesting my account closed and there are serious lacking matters that any bank could be closed for as improprietary. I too work for a financial institution and if we did this we would be screwed with FTC/OCC and any other number of regulation areas, not to mention probably punitive admin and other damages. I advised this person on the phone (reminding her I was not upset with her but the situation), She helped all she could and even gave me a bit more firepower to work with. They could have reversed my charge weeks ago but now they can't and now I have a $5.00 monthly service charge for a closed account? Am I the only one getting a serious problem with this bank?

If any attorney would like to take this on feel free to reply, if not I think it a fairly simple case to win. I'm done being nice.
Posted by Anonymous on 2008-08-07:
They did the same to me. They can manipulate the drafts to fall in an order that creates multiple overdrafts. I believe they are making a killing. I will make this known as much as possible.
Posted by sunnydays on 2008-08-13:
I agree with Lidman. I had to learn the hard way of paying hundreds of dollars in overdraft fees EVERY month that my account was open. I live paycheck to paycheck...and I think he is right from what I have endured and observed myself....don't open a checking if you live paycheck to paycheck. You need at least a few months worth of living expenses at your disposal in the bank because even if you are spending exactly what you have in the bank (like myself) and you are not overdrawing your account because you are spending what you don't have...you will STILL incur overdraft charged due to how and when items post.
Posted by cherpep on 2008-08-13:
Did someone say Lidman?
Posted by ejack053824 on 2008-08-13:
Did Bank of America have on their ski masks? LOL!
Posted by jktshff1 on 2008-08-13:
cherp, If you look, sunny is new here. Sunnydays...welcome, good points.
Posted by cherpep on 2008-08-13:
I was just surprised to see the name pop up on the Review side. Welcome sunnydays!!
Posted by DebtorBasher on 2008-08-13:
That's enough to make anyone's heart skip a beat or two.
Posted by RightToRob on 2008-12-02:
Banks are motivated by two things: FEAR and GREED. The exorbitant NSF fees they charge are a legal form of robbery. Be on the lookout for a website that I am developing: RightToRob.org
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B of A Ripoffs
Posted by Rancar on 10/24/2007
PHOENIX, ARIZONA -- In these days, loyalty to a business means nothing. You are simply a disposable number. As of today, BofA will be disposable to me.
I will be looking for a new bank.

We have been with the bank for over 15 years. Last night I saw a charge go through my account that should have hit the following night. It was a bill where the rep told me would hit after midnight - well it didn't. But neither here nor there.

So, as I noticed my balance was low, I transferred money from my savings acct. to checking, and raced out to the ATM to make a cash deposit. At that point, there was more than enough to cover all charges. At the ATM, a sign says IMMEDIATE credit for your cash deposit. Both were done just before 10pm.

Today, I see they overdrew 5 charges (one was for $1!) The deposits I made didn't get credited on the date I made them, but on the next day. I spoke with a rep who had no explanation, so I asked for a supervisor. This supervisor (and I use the term loosely, Jeff, out of W.VA, gets on the phone. First, he informs me that the online transfer I made wasn't done in time. Keep in mind I transfer often, and only once was it not done correctly. They agreed and corrected it. This time, he informed me that the cutoff for transfers is 10:45PM EASTERN time. I'm on mountain time. That does me no good. He wouldn't budge.

Then, he told me the ATM cutoff is 6pm. I asked him to check his records, as it is later at many ATMs, including the one I use. He double checks. Whoops, I'm right. It's actually 8pm. UMMMM..The ATM states IMMEDIATE credit for cash deposits. He says, yes, Immediate meaning the next business day if after close of business. I asked him what Immediate meant to him. If he asks an employee or a child to do something immediately, does he mean the next business day? At that point he gets belligerent. He won't answer my question and starts spewing policy. I asked my question again. He repeats policy again, like a computer. I asked if I was speaking with a live person, as he is cutting in and out and sounds electronic. He tells me I insulted him. I asked him how and he hung up on me.

I have had it with this bank. They don't allow their employees, including managers, to use discretion and their own brains. I am switching to a bank on my time zone.

By the way, my ATM deposit? Their records show I made it at 1:05am. The receipt shows 10:05pm. My clock, synchronized to radio, read 9:54PM.
     
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Posted by steve101 on 2007-10-24:
Any deposit made after banking hours is not credited until the next business day. Many banks have a cutoff of 2PM.
You can change all the banks you want, not one will credit a deposit after business hours.
Posted by Principissa on 2007-10-24:
I agree with Steve. My banks cut off for deposits is 2:30 P.M. and on weekends if you make a deposit on Saturday it won't be credited until Monday on Sunday it won't be credited until Tuesday. You should always ask the bank upon opening a new account what the deposit rules are for that particular bank. As Steve said, you can switch banks all you want but rules are rules. Besides, depending on the amount of money you deposit, you may not see it for 1-7 business days anyway.
Posted by Anonymous on 2007-10-24:
"banks all you want but rules are rules" -- The point is these rules stink and are not in the best interest of the public who by the way via the congressional mandated Federal Reserve Bank enable these banks to exist in the first place. We the people have the right to ensure banks who get fat eating out the public trough don't bite the hand that feeds.
Posted by Principissa on 2007-10-24:
I agree Stew, but until we do something to change it, we have to deal with 2:30 cut off times even though the bank closes at 5:00. It makes no sense to me.
Posted by Anonymous on 2007-10-24:
It appears that your deposits were made after the cut off time for that days processing.
Check your accounts online each morning and you might avoid this in the future.
If your balance is low in the morning you can make it to the bank to put money in your account.
Don't write checks or schedule payments without money in the bank.
Good luck.
<;O)
Posted by Anonymous on 2007-10-24:
I agree with Principissa and Stew but NOT JayD.

JayD as usual you are out of line, stop it!
Posted by Anonymous on 2007-10-24:
Immediate credit for cash means that no hold is placed against the deposit. Immediate does not mean instant. By the time you saw your payment clear the account, you were already overdrawn and couldn't have done anything to prevent the overdrafts at that point.
Posted by trumania on 2007-10-24:
Banks have cutoff times for same day deposits through the ATM's usually around 2-3pm no later then 4pm. I've never once, in my time in the banking industry, seen a bank with a cutoff time as late as 10pm.

You made your deposit at 9pm, by that time it was way too late. If anything you should dispute the charge for coming in early. Dispute it with that company and then have them pay your overdraft fees.

Also if you insist that you are in the right, talk to a manager at that specific branch that you made the deposit at and show them the sign. Is it possible that it said first $100 dollars available immediately? The rest is usually placed on a 2 business day hold to allow the bank to verify the funds.

If you change banks you'll have the same problem and actually your real problem is the merchant processed a payment early so it's really their fault you should write a complaint against them for processing a payment before your agreed upon date, unless you were trying to float a check that is...
Posted by Super CCS on 2008-01-01:
Most banks will give you "instant credit" on ATM depos however, you need to read the fine print, "apoun verification" You make the depo through the ATM, yes it is credit to your account do to the large ampunt of fraud committed through ATMs the deposit envelope needs to be physically checked to insure the either cash or a check is in the envelope. This process depending if there is a holiday could take up to 4 business days. Once again the minority(CRIMALS) ruin it for the majority(honest consumers). I work for a bank and can tell you that I only will make deposits with a teller.
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NSF Fees/Not Posting Deposits Timely
Posted by Amberlyk on 09/19/2007
HOUSTON -- I HATE this bank!! They consistently hold my paychecks and when I cash my check, and then deposit cash into my account, they won't show my deposit for several days!!! Some of bills are set up to automatically draft out of my account and they are constantly being returned for NSF, days after I've made a deposit to more than cover the bills payments. I'm so sick of it. I would never, never recommend this bank to anyone!!! Anytime I call, they tell me I should have my check direct deposited. When I explain that the option isn't available through my employer, they tell me to cash my check and deposit the cash. I explained that I've done that and they still don't post my deposits in a timely fashion! Really...they suck.

They just want to make money off of overdraft fees...
     
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Posted by Anonymous on 2007-09-19:
If you want to complain about Bank of America, send a written letter via certified return receipt to: Office of the Comptroller of the Currency, Consumer Affairs Department, 1301 McKinney Street, Suite 3450, Houston, Texas, 77010-9050, Tel: 800-613-6743. Also, send a written complaint to your State Attorney Generals Office, Attn: Consumer Affairs.
Posted by Anonymous on 2007-09-19:
I just downloaded the BoA 'Deposit Agreement and Disclosures'. ! Holy smokes its 21 pages... Anyway here is the BoA policy.

"Our policy is to make funds from electronic direct deposits made through the automated clearing house (ACH) and incoming wire transfers available to you on the day we receive the deposit. Our general policy is to make funds from your cash and check deposits available to you no later than the first business day after the day we receive your deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.
For determining the availability of your deposits, every day
is a business day, except Saturdays, Sundays, and federal
holidays. If you make a deposit at a banking center before 2:00 p.m. local time, or such later time as may be posted at that banking center, on a business day that we are open, we consider that day to be the day of your deposit. However, if you make a deposit in a banking center after such time, or on a day when we are not open, we consider that the deposit was made on the next business day we are open."
Posted by Anonymous on 2007-09-19:
There was a time when a fool and his money were soon parted, but now it happens to everybody.
-Adlai E. Stevenson, The Stevenson Wit
Posted by Anonymous on 2007-09-19:
Cash is never held, by law. When you see a posting like this, what it really means is "I made a cash deposit at 6:55 on Friday night, and it didn't update my account until Monday night." The reality is, Monday is the next business day. It was never a hold, and it was never several days.
Posted by grandma005 on 2007-09-19:
I once deposited cash into my Bank of America account and they did put a one day hold on it. The teller said it was to make sure the money was real. I made my deposit at 9:00 a.m.
Posted by alexma on 2007-09-28:
I had to wait at times up to a week for my paycheck to clear, now they are history, bye bye BOA
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