Bank of America Complaint - Bank of America just forced me to give them an interest-free loan
AUSTIN, TEXAS -- I recently moved to Texas, and since my trusted bank (where I keep my REAL money) doesn't operate here, I decided to open up a Bank of America checking account for petty cash - even though I had heard horror stories about them - because their ATMs were so ubiquitous. I figured I would try them for a few months and see how it went. During the "interview" they asked me about my income and where I worked - I asked why, and they said it was for direct deposit purposes. I told them I didn't want to do direct deposit yet, and they said that was OK. Things went fine for about 2 months - I deposited some personal checks and took out small amounts of cash, but never even came close to overdrawing the account. Then I decided to deposit a government-issued (state) payroll check I had received for consulting work - $950. It went through fine. Then, the next day, BOA suddenly withdraws $850 from my account because "The deposit is higher than your usual deposit." I couldn't believe what I was reading - since when is it a BAD thing to deposit TOO MUCH money?!?! They held it for 6 whole days - essentially forcing me to give them an interest-free loan....something they'd never do for me, of course. :) I'm pulling my money out tomorrow so they can't take any more of it.
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