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February 06, 2008

One more reason to hate Bank of America

I think that Bank of America is seriously close to evil.

Look what I just found out. I use their billpay service online, where you send a check to someone through their website. I also do this with PNC Bank, and the way it works is like with any other check. The money comes out of your account once that person deposits the check.

Not with Bank of America. They take the money out of your account once they figure the check gets to the person or company you're paying. Where do they put it, you ask? They keep it in one of their accounts. How did I find this out? Because someone had asked me where their check was, and I looked it up and saw it the money had been taken out of my account. So I said, "You deposited it." And they freaked out saying "I think someone stole the check, because I never got it."

So I had to call Bank of America, and find out that they take the money for safekeeping even before the check is deposited. Well, what happens if the person never cashes it?

Good question. And actually one that made a difference with me. I had set up an automatic payment for our health insurance plan, and then realized I'd save money if I paid all the months up front. So I did. But I forgot to cancel the automatic payment plan. The insurance company just returned the checks to me, and I thought, "Oh no big deal, they never deposited them so what's the difference?"

Turns out the difference was Bank of America was taking that money, to the tune of $2000+!

I had to go through and cancel these transactions. I'm telling you. Bank of America is evil.

Posted by jason on February 6, 2008 01:53 AM



Posted by: Anonymous on February 6, 2008 01:25 PM

so what are you going to do? are you going to switch banks? are you going to fire bomb the bank of america HQ?

Posted by: paul on February 6, 2008 02:45 PM

Bank of America is ALSO on "my list"!

Posted by: jaysonjaz on February 6, 2008 06:48 PM

let's do something about this bank... let's place a formal complaint with the FDIC and other regulatory groups

Posted by: Tired of big biz on February 7, 2008 01:53 PM

let's do something about this bank... let's place a formal complaint with the FDIC and other regulatory groups

Posted by: Tired of big biz on February 7, 2008 01:58 PM

So let me get this right, you paid someone using online banking and you are pissed because the person you sent the check to might not cash the check but the money will still be taken out of your account? Well then why don't you write a check the old way... with your own hand. You are just pathetic.

Posted by: Darren on February 16, 2008 11:41 PM

When you write as many checks as I do a month, it makes sense to save on the postage and have all the records of payments in one place. How is using online billpay pathetic?

Attack of the Luddites.

Posted by: jason on February 16, 2008 11:51 PM

huh, this actually strikes me as the way it *should* work. I want to make sure that my current balance reflects my outstanding checks -- this way I don't accidentally bounce one.

of course, in theory, bofa gets to make some money on 'the float', but then again, they're handling postage, printing, etc for me, so i'm more than happy for them to make 10 days of interest or whatever.

Posted by: rajbot on May 20, 2008 01:11 PM

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