I read many posts, mostly con, about Bank Of America. My own experience is that they are a real life Jesse James. I had been a Fleet customer for years before the merger. Last July I transferred funds that had cleared from my regular checking account to my overdraft protection account in which I had $5,000 of coverage.
Before then, the transferring of funds between my accounts was instantaneous. Well, I paid my monthly bills and a few days later all of my checks are bouncing. I am hit with $30 fees on each bounced check. As for my credit, well...
I called to inquire how this could be when I had over $5,000 in my checking account to begin with. They explained that BOA had changed their policy and were now taking my money out of my checking account, continuing to charge me interest in my overdraft protection account, and were holding my funds for five business days. When I asked where my money had disappeared to, poosibly a black hole, no one could provide a straight answer.
That was only a warm up as the best was yet to come. I own a small business. I deposited 60K in Commerce Bank which cleared overnight in accordance with Check 21.
I then deposited 25K into Bank of America. At the drive in window they returned my deposit ticket with a notice that read my funds would be held for 8 business days. I asked about Check 21? I complained to the Branch Manager that this was unacceptable. She told me it was Bank Of America policy to do as they pleased.
I then went back to Commerce and had the check certified. BOA still said 8 days to clear and it was the same answer to a Cashier's check. I wrote to the State Attorney Generals office. He wrote back that the State had no jurisdiction and referred the matter to a Banking Commission. They wrote back BOA acknowledged their change in practices, and could do as they pleased.
In essence, BOA is stealing funds from their customers, floating it to the tune of billions for themselves, while hitting their customers with bounced check fees and still collecting interest on overdraft protection that has been paid.
Good Luck to anyone banking with Bank Of America.
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