Don't Deposit Checks If You're In A Hurry
FAIRLESS HILLS, PENNSYLVANIA -- First off, let me just tell you that I'm 18 years old and I am buying my first car. Being that I am young, with only one credit card that has a $300.00 limit, I could not get approved anywhere for a car loan, nor could my mother. So what I did was I had one of those checks that Chase gives out every so often, in my grandmothers name, that entitled her to a $12,500 limit and to use those checks however you see fit. We used this method to buy my older brother's car, which is actually good because the interest rate is lower, and you can pay it as fast or as slow as the minimum payments will allow. So anyway, I had my brother deposit that check for $12,000 to my Bank of America account, as well as a $1,000 personal check from my grandmother to cover the down payment on the car.
My brother calls me back saying that they said I would have to wait 7 days for $4,900 to be deposited, and then 9 days for $7,000 to be put back in (2 days apart, not 9 days after the $4,900). I had scheduled a car pickup for this Friday thinking that checks only take a few days to process and be put into an account. Knowing this, the car dealer wasn't too thrilled about it. And I don't want to go saying "Well if they don't hold the car, oh well, tough on them." No, because I REALLY want the car that I bought. I called Bank of America over the phone and she must have thought that I was some sort of idiot because she was explaining to me "We put holds on these for a reason." If the hold is simply to verify that the funds actually exist and can be taken from the one bank to another, no way in hell does that take 9 days.
They just want to sit on my $12,000. Now I'm in a bit of a situation. The personal check for $1,000 cleared up the next morning (today) so I have that, and I already had made the down payment so that's not an issue. I'm going to go to the Bank today and see what kind of response they give me and I know I will walk out having accomplished nothing. The only thing that I could really do is, if approved, my fathers account at a credit union has Convenience lines of credit for up to about 10,000. If that's approved, I can use those funds to get the car immediately and not lose the deal, and just pay that off when BofA decides to let me use my $12,000.
I just think it's ridiculous that they will still hold on to the money even if they called JPMorganChase and they confirmed that the funds are available and/or have been transferred to Bank of America, and they're just sitting on it, not letting me use it. I'll be damned if I lose out on the car. We all know that car buying isn't a pleasant experience, but I was hoping that buying my first car would be a happy occasion, but Bank of America is just making it a royal pain in the ass.