February 01, 2008
I am very angry at Bank of America
Living in California, I had to open a new bank account. All of my previous banks were east coast only. I settled on Bank of America, because they have the most ATMs and bank branches in the area.
But there has been a problem. Every single time I make a deposit with them, they place a "hold" on the funds for at least 10 days. Sometimes more. At first I was told this was because I was a new customer and they had to see if they could trust my account. But now... they still continue doing it.
And the latest one really burns me up. I have a small business, called Artichoke Artisans, and I'll write checks to myself for jobs that ran through it as payment. This business has an account with Commerce Bank in Delaware. So I wrote a check from Commerce to myself, and deposited it on 1/25. In the branch, they said a hold would be placed on it. I said please no, I wanted to be able to use the money to pay rent and other 1st of the month bills. They said, ok, we'll remove the hold.
I get a letter yesterday saying there was a hold. Until 2/11. The reason? "Confidential information leads us to believe the check will not be paid."
WHAT!? I own both accounts. I know there was enough to cover it... Who is the source of this confidential information, and what is it exactly?
I call them, they say sorry, it's confidential, and they don't know it. Only people in risk know it. I ask to talk to the people in risk. They say no customers can talk to the people in risk. I ask them to talk to the people in risk, and then talk to me. They say they're not allowed to talk to the people in risk. What can I do? Verify that the money has cleared from your Commerce Account.
So I do this, and it cleared on 1/28. So that means Bank of America is holding onto my money for 14 days without letting me have access to it. I go into the branch to talk about it, showing them the proof that the money already cleared. They said they can't do anything about it, once Risk puts something on hold, it can't be changed. I ask them if this is a federal law. They say, no it's not. Just Bank of America. But no one can talk to Risk. They tell me Risk doesn't even have phones.
So now all I can do is wait. 10 more days. The money is gone from my Commerce account. Bank of America has it. They just won't let me use it.
How can this be legal?
Posted by jason on February 1, 2008 06:04 PM
It was me! Haha! What a funny prank!
P.S. That sucks, man.
Posted by: SnakeMan on February 2, 2008 01:50 AM
jason, i know why this is happening to you. we beat Bank of America 14-2, and joe said he wanted to physically and emotionally hurt one of their players.
two good movies i just watched: the woodsman, and sunshine.
Posted by: paul on February 2, 2008 03:00 AM
the woodsman was good, but sad and creepy too. But still very good.
Posted by: jason on February 2, 2008 03:04 AM
I hope there were people on their team who work for RISK.
Posted by: jason on February 2, 2008 03:09 AM
come to think of it, there was one guy who took great offense at us trying to score late in the game. he could of looked elany up online. found your name and saw that you just opened an account with bank of america. then marked you as high risk, and thus screwing you over.
Posted by: paul on February 2, 2008 03:18 AM
now you know why nathan and i cash checks the second we get them. seriously though bank of america is getting an AWFUL name for how it treats people. just stupidness.
Posted by: joshua Latshaw on February 3, 2008 12:27 AM
ugh--I feel for you, Jase! I feel like that is the stuff that only happens to me and Drew--I am not happy to hear that it happened to you, but it's good to know we aren't alone! It's so stupid how banks sometimes give you a bunch of jargon when you can tell that they really have NO IDEA what is going on...Keep fighting the system, though:)
Posted by: jessica on February 4, 2008 01:37 PM
Try Citibank, I write checks to myself from myself and they dont seem to mind. I haven't encountered any "holds" on checks and I make numberous deposits.
Posted by: stoop on February 4, 2008 09:02 PM