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Bank of America Complaint - Cashier's Check Hold - Cashiers Check Hold Policy
Cashiers Check Hold Policy - Complaint
LANCASTER, CALIFORNIA -- After being a loyal customer with Bank of America through good times and bad for DECADES, I have finally decided that I no longer will tolerate being treated like a criminal.
I brought in a $5500 commission check from my employer (a long respected local major Real Estate firm) to the local BofA branch I always use on Wednesday 7/16/08 and attempted to deposit it into my account. I requested that it be posted immediately as I had a business trip scheduled for the next day. I was told no, they had to hold the check. I very politely requested access to $1000 as needed about that much for my trip. I was told that a two day hold was required and was referred to "supervisors" who turned out to be the greeters at the front of the bank. After telling my story, one of the greeters took my check and said he would ask the manager.
After a few moments, the greeter came back, looking rather abashed and said it was not possible. I took the check and went to the bank it was drawn on, a local bank a few miles away. That bank took it and cashed it with no problem. The cashier patiently listened to my story. I was so pleased that I immediately opened a savings account. The teller hesitated when she opened the drawer and suggested that I carry a cashier's check back to BofA instead of all that cash, since they "wouldn't put a hold on that".
I agreed, but then asked for $1000 cash, and the rest made into a cashier's check, just to make sure.
I went back to BofA and deposited the check (there was a whole new crew - all very young). After the deposit was made and AS I WAS TURNING AROUND TO WALK OUT, the teller said there would be a two day hold on the check.
I turned around and very loudly said, "You're putting a two day hold on a CASHIER'S CHECK???" Everyone in the bank heard me, and one older woman in line made a wry comment how our money isn't ours anymore. I ranted (no swearing!) about how my husband and I had been BofA customers for decades and I just couldn't see the logic in holding a CASHIER'S CHECK drawn on a local bank when in real estate we regularly transfer hundreds of thousands of dollars instantaneously, why ON EARTH would it take 2 full days to verify the validity of a cashiers check drawn on a local bank that's just a phone call away?
The cashier then rather sheepishly said I had immediate access to $100. I stared at him disbelievingly for a second, stormed out and swore I would close my account and never do business with them again.
After coming back from my business trip the next day, I found 3 NSF charges on my account. I called customer service (what a joke of a name) to request that they be removed due to the circumstances. I was told no. I asked to speak with a supervisor, who also said no, I had been informed of the hold, therefore they were not liable and I had to pay the charges.
I was very upset and told her I couldn't understand their logic, especially with a long time customer. She was very snooty with me and told me she did not have to listen to such language - I had to think about what I had said, it was "damn". I was absolutely speechless. Not only was I being treated like a criminal by my own bank, but I was being lectured on using an extremely mild expletive by some kid??? Then I told her that after over 25 years with BofA with service getting worse every year, I was closing my account and hung up. I think I used the word "hell" in that rant. Bad me.
(On a side note, my husband called them about 1/2 hour later and demanded that the charges be removed and THEY REMOVED THE CHARGES. Does this smack of sex discrimination - they refused to do it for me but did it for him - or just that my hubby is more forceful and browbeat them into it? Who knows.)
I have already been burned by the "biggest first" NSF scam a few years ago. Due to a bookkeeping error that I readily admit, five items came through at the same time, but instead of paying them in the order they were received, the largest one was paid first, which left me with FOUR NSF charges, instead of the one I should have had.
I have found with very little research that NationsBank (one of BofA's predecessor organizations) was involved in a class action lawsuit in 1999 that was settled for $9 million dollars, for this very practice. So they paid a chunk of cash to make the suit "go away", but continue to "help" their customers by deciding FOR us which checks/payments should be posted and which should be NSF'd... Wait a minute... Since they were all paid against the account with their "overdraft protection", why would it matter which order the checks were posted EXCEPT to garner all those unnecessary NSF fees and therefore boost their revenue???
But I digress...
After waiting a few days to make sure everything has cleared, I am closing my accounts with BofA forever. My husband and I will be banking with a local company that actually cares about people and the value of loyal customers.
I am DONE with Bank of America.
I brought in a $5500 commission check from my employer (a long respected local major Real Estate firm) to the local BofA branch I always use on Wednesday 7/16/08 and attempted to deposit it into my account. I requested that it be posted immediately as I had a business trip scheduled for the next day. I was told no, they had to hold the check. I very politely requested access to $1000 as needed about that much for my trip. I was told that a two day hold was required and was referred to "supervisors" who turned out to be the greeters at the front of the bank. After telling my story, one of the greeters took my check and said he would ask the manager.
After a few moments, the greeter came back, looking rather abashed and said it was not possible. I took the check and went to the bank it was drawn on, a local bank a few miles away. That bank took it and cashed it with no problem. The cashier patiently listened to my story. I was so pleased that I immediately opened a savings account. The teller hesitated when she opened the drawer and suggested that I carry a cashier's check back to BofA instead of all that cash, since they "wouldn't put a hold on that".
I agreed, but then asked for $1000 cash, and the rest made into a cashier's check, just to make sure.
I went back to BofA and deposited the check (there was a whole new crew - all very young). After the deposit was made and AS I WAS TURNING AROUND TO WALK OUT, the teller said there would be a two day hold on the check.
I turned around and very loudly said, "You're putting a two day hold on a CASHIER'S CHECK???" Everyone in the bank heard me, and one older woman in line made a wry comment how our money isn't ours anymore. I ranted (no swearing!) about how my husband and I had been BofA customers for decades and I just couldn't see the logic in holding a CASHIER'S CHECK drawn on a local bank when in real estate we regularly transfer hundreds of thousands of dollars instantaneously, why ON EARTH would it take 2 full days to verify the validity of a cashiers check drawn on a local bank that's just a phone call away?
The cashier then rather sheepishly said I had immediate access to $100. I stared at him disbelievingly for a second, stormed out and swore I would close my account and never do business with them again.
After coming back from my business trip the next day, I found 3 NSF charges on my account. I called customer service (what a joke of a name) to request that they be removed due to the circumstances. I was told no. I asked to speak with a supervisor, who also said no, I had been informed of the hold, therefore they were not liable and I had to pay the charges.
I was very upset and told her I couldn't understand their logic, especially with a long time customer. She was very snooty with me and told me she did not have to listen to such language - I had to think about what I had said, it was "damn". I was absolutely speechless. Not only was I being treated like a criminal by my own bank, but I was being lectured on using an extremely mild expletive by some kid??? Then I told her that after over 25 years with BofA with service getting worse every year, I was closing my account and hung up. I think I used the word "hell" in that rant. Bad me.
(On a side note, my husband called them about 1/2 hour later and demanded that the charges be removed and THEY REMOVED THE CHARGES. Does this smack of sex discrimination - they refused to do it for me but did it for him - or just that my hubby is more forceful and browbeat them into it? Who knows.)
I have already been burned by the "biggest first" NSF scam a few years ago. Due to a bookkeeping error that I readily admit, five items came through at the same time, but instead of paying them in the order they were received, the largest one was paid first, which left me with FOUR NSF charges, instead of the one I should have had.
I have found with very little research that NationsBank (one of BofA's predecessor organizations) was involved in a class action lawsuit in 1999 that was settled for $9 million dollars, for this very practice. So they paid a chunk of cash to make the suit "go away", but continue to "help" their customers by deciding FOR us which checks/payments should be posted and which should be NSF'd... Wait a minute... Since they were all paid against the account with their "overdraft protection", why would it matter which order the checks were posted EXCEPT to garner all those unnecessary NSF fees and therefore boost their revenue???
But I digress...
After waiting a few days to make sure everything has cleared, I am closing my accounts with BofA forever. My husband and I will be banking with a local company that actually cares about people and the value of loyal customers.
I am DONE with Bank of America.
Comments:
Posted by yoke on 2008-07-29:
It is common to have cashiers checks held. Even my credit union does it. It is very easy to get a fake cashier check.
Why the NSF's? Those items had to have been written before you deposited the cashier check for the NSF's to be there the next day.
Why the NSF's? Those items had to have been written before you deposited the cashier check for the NSF's to be there the next day.
Posted by Hugh_Jorgen on 2008-07-29:
I believe most banks are holding all checks these days - there is a huge amount of forged and fake checks floating around the banking world right now - they might look OK to your teller, but once they get to the issuing bank they discover the check is no good.
Posted by LoisMustDie on 2008-07-29:
So why do some people's deposits get held and others don't? When I banked at Arvest I made several fairly large deposits and never had a hold. After less than two months with my new bank (FNB MWC) I made a 30+K deposit into my account and the funds were immediately available -- I asked. Is there some magic formula or database somewhere that tells them this Joe is okay but slap a hold on this customers deposit? It be interesting to hear from somebody in the Biz on this one.
Posted by sherdy on 2008-07-29:
My credit union holds checks, too. I think it's kinda standard now.
Posted by SoCalSteve on 2008-07-29:
The credit union I belong to doesn't hold checks.
Posted by chris513 on 2008-07-29:
Thanks for rubbing it in, steve.
Posted by SoCalSteve on 2008-07-29:
your welcome.
Ive been with them for a long time,I cant remember if they ever held my checks.
Ive been with them for a long time,I cant remember if they ever held my checks.
Posted by yoke on 2008-07-29:
My CU will put a hold on a cashiers check for 1 day. I think it is to verify it is not a fake. Personal checks usually there is no hold, unless it is an out of state check. Depending on the amount it can be from 1-5 days. My fatherinlaw likes to send suprise checks from CA and they usually take about 5 days to clear, due to the large amount. I never have a problem with the holds since I know it is protecting the members from fraud.
Posted by BobJohn on 2008-07-29:
"(On a side note, my husband called them about 1/2 hour later and demanded that the charges be removed and THEY REMOVED THE CHARGES. Does this smack of sex discrimination - they refused to do it for me but did it for him - or just that my hubby is more forceful and browbeat them into it? Who knows.)" Hmm, wonder if he 'demanded' nicely instead of getting into a hissy fit?
Posted by Principissa on 2008-07-29:
yoke our credit union is the same way. One business day for cashier's check and five business days for a check of 2500.00 or larger. Everything else is available that same day if deposited before 2:30 P.M.
Posted by Ghost of Doc J on 2008-07-29:
My friendly banker suggested that my large deposits be made via electronic funds transfers. They charge a fee for the EFT, but the funds are available immediately if the transfer is from a domestic institution.
Posted by CrazyRedHead on 2008-07-29:
My BOA will put a hold on all checks over $5,000.00 and all cashiers checks of any amount. After the hysterical hissy fit that she pulled it's no wonder that the bank wouldn't lift the hold. If you read the booklet that explains credits and deposits and there schedules it explains all this in writing. If you have adequate funds in your account then it shouldn't matter in which order they come in, and why is it a scam when you can't manage your own account?
Posted by calliope on 2008-07-30:
Customer service representatives get yelled and screamed at on a regular basis by adults. The woman had every right to be upset with your cursing. As a customer service representative I know that part of my job is not being verbally abused. If you are that upset, then you did not have enough composure to listen to what the representative had to say, which renders the phonecall pointless.
Posted by jimbo9 on 2008-09-18:
Can't stand BofA, just read some of the posted comments! All are legitament complaints about this Bank or so called bank. I can't stand 'em. but still use 'em for the low "promotional' gimmicks. And this why... I made a payment on the 5th of Sept. (in person and made sure to get a receipt)the bill is due the 7th on a Sunday. Seems flawless right. Well, I look online to view my account (giving BofA the benefit of the doubt) And saw a $39 late fee? Why???, did it not get updated in the network(computers) to reflect this payment was made? I have a BofA printed receipt in my hands! Boy am I furious and did email 'em today. This is why I became a my3cents member. To add to our love for BofA, I've always used this card with discretion-(very little) ever since I've been a slave and have had a higher % rate. In fact when I first joined I made a couple of simple charges, never received a first statment until well after the due date and then was assessed a late fee? WTF! So from then on I knew I had to watch BofA practices... I could say so much more... And yes, I can pay my bills. and so what if I can't pay the balance every month that's why I have a credit card- And yes there are fees that incur... duh!
So along with most of you, I dislike BofA just as much. We in middle MI have just recently seen these branches pop up. That is when I made a payment in an actual branch and this crap happens... So please try to avoid using this Bank it's only money they care about not practices. besides who's going to scrutinize these guys, they just took on more debt for the Govn't.
It's been a pleasure to vent out loud. Hopefully I'll be in touch soon.
Jim
So along with most of you, I dislike BofA just as much. We in middle MI have just recently seen these branches pop up. That is when I made a payment in an actual branch and this crap happens... So please try to avoid using this Bank it's only money they care about not practices. besides who's going to scrutinize these guys, they just took on more debt for the Govn't.
It's been a pleasure to vent out loud. Hopefully I'll be in touch soon.
Jim
Posted by LadyScot on 2009-06-18:
I love bank of america. However, I do not spend money I do not have, I keep track of my spending, and if I do make a mistake, I do not blame the bank. I blame myself.
It is so easy to fake a check that I don't blame them for holding them. When I accept a check for my online business I hold it too. I don't want to lose out on my money or my items. I bet you dollars to donuts that if you brought a BOA cashier's check to the nice bank who cashed thier own check they would hold it too.
It is so easy to fake a check that I don't blame them for holding them. When I accept a check for my online business I hold it too. I don't want to lose out on my money or my items. I bet you dollars to donuts that if you brought a BOA cashier's check to the nice bank who cashed thier own check they would hold it too.
Posted by stan_cooksj on 2010-01-13:
I understand the importance of holding checks. Security and fraud is rampant in this country so it's only necessary. But 2-5 business days is TOO long in our day and age. Bank coporations (ESPECIALLY BoA!!) have the technological ability to check if funds are available almost instantaneously and most banks utilize electronic funds transfers (if non-local), so I know it's not as complicated as they're making it. There honestly should be a mandatory network that ALL US Banks and Credit Unions must be connected to so it makes this hold situation moot and pointless, but banks must be willing to cooperate. It's really just the bureacracy and competition that's in the way. Honestly if a mother needed to cash a check to feed her children she'd have to wait 5 DAYS to feed them!!! Just doesn't seem right.
Posted by LadyScot on 2010-01-13:
"Honestly if a mother needed to cash a check to feed her children she'd have to wait 5 DAYS to feed them!!! Just doesn't seem right."
But it seems right that same mother can be running a scam with those 5 kinds and when the bank cashes the check, by the time they realize the check is forged mother and 5 kids are long gone.
But it seems right that same mother can be running a scam with those 5 kinds and when the bank cashes the check, by the time they realize the check is forged mother and 5 kids are long gone.
Posted by zzrokk on 2010-01-13:
Can we keep a mother and her starving kids running a scam out of the equation and say what it is, BANK POLICY to prevent fraud?!
Stop resurrecting threads!
Stop resurrecting threads!
Posted by bearkatkitten on 2010-01-13:
" Bank corporations (ESPECIALLY BoA!!) have the technological ability to check if funds are available almost instantaneously and most banks utilize electronic funds transfers (if non-local), so I know it's not as complicated as they're making it."
When checks are put on hold for any specified time... if a customer wants the hold taken off; it's the tellers (not technology) that make the calls to the other bank to see if the funds have been collected. Now, whether or not the other bank is going to release that kind of information is up to that branch. There's no way to verify if the person on the other line is who they say they are. Again, fraud rearing it's ugly head. Most banks don't disclose any sort of information like that... because of fraud.
There's always the option; if someone needs the money bad enough and the bank wants to put a 5-7 day hold on the check... to go to the bank it was drawn off of and cash the check. Sure, there might be a $5-10 dollar check cashing fee... but it's better than waiting for the hold to drop off or finding out later that the check was bad.
When checks are put on hold for any specified time... if a customer wants the hold taken off; it's the tellers (not technology) that make the calls to the other bank to see if the funds have been collected. Now, whether or not the other bank is going to release that kind of information is up to that branch. There's no way to verify if the person on the other line is who they say they are. Again, fraud rearing it's ugly head. Most banks don't disclose any sort of information like that... because of fraud.
There's always the option; if someone needs the money bad enough and the bank wants to put a 5-7 day hold on the check... to go to the bank it was drawn off of and cash the check. Sure, there might be a $5-10 dollar check cashing fee... but it's better than waiting for the hold to drop off or finding out later that the check was bad.
Posted by stan_cooksj on 2010-01-18:
Out of spite somewhat for zzrock (Thank you) I'm going to make another reply. Some of you have no empathy for actual HONEST people who I've come to know and it breaks my heart when these fat cat corps care more about themselves and less about their hard-working and sometimes unfortunate customers that really deserve the break. Yes fraud happens, but that doesn't mean others should be punished for others' dubious behavior. I still think a better option should be in place and technology is the way.
Also, cashing a check in its home institution is difficult if that bank doesn't serve your region.
Also, cashing a check in its home institution is difficult if that bank doesn't serve your region.
Posted by Ytropious on 2010-01-18:
"Yes fraud happens, but that doesn't mean others should be punished for others' dubious behavior."....I don't see it as punishment, I'm glad fraud prevention measures are in place. It SAVES you and me, not hurts us. It only hurts impatient people.
Posted by TheNewSheriff on 2010-01-19:
The OP says she has banked with this bank for decades. She tries to get them to release a hold on a check from a respected, local real estate firm. They say "no". The OP goes to the bank the check was drawn on and gets a cashier's check, takes it back and they still want to put a hold on that. They couldn't at least take the time to call the other bank?
My opinion is that this long-time customer was treated like doody. What I don't understand is why the op didn't just use the $1,000 cash that she withdrew on her trip. Why, after hearing "no" for the cashier's check, did she even try to use the BOA account?
My opinion is that this long-time customer was treated like doody. What I don't understand is why the op didn't just use the $1,000 cash that she withdrew on her trip. Why, after hearing "no" for the cashier's check, did she even try to use the BOA account?
Posted by KenPopcorn on 2010-01-19:
By law, cashier's checks don't get held. That assumes that they are readily identifiable as such. Fraud is rampant with these checks, and many banks are choosing to take the slap on the wrist, rather than thebig loss on the check.
Posted by PepperElf on 2010-01-19:
well it's been a year and a half now... i think the OP's checks have cleared by now... ? =)
Posted by LadyScot on 2010-01-19:
Stan, I am an honest hard working folk too. I don't spend more than what is in my account and if a clients check bounces I do not blame the bank for it.
Posted by rayg528 on 2010-03-03:
Those are SUPERVISORS! Not just greeters they are the managers and assistant managers! They sit up front and greet people to make sure the customer is being taken care of. Next time if you don't know the policy don't throw a hissy fit about it. Good thing for you there was a supervisor/manager up front because my bank there is never a manager up front to assist customers.
Posted by zzrokk on 2010-03-03:
The thread has been dormant for over a month. Note the dates, Rayg.
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