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  #1  
Old 09-29-2009, 08:06 PM
Farmer17 Farmer17 is offline
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Default Beware of Bank of America

I received a check early last week for a draw on a construction project that I did for a large corporate client. The clients bank was Bank of America and I deposited their check in the bank the day I received it. Almost a week later my bank calls me and said their check still has not cleared, and my bank said they called Bank of America to see if there were sufficient funds in the account but BOA doesn't release that information. I said "are you kidding me?, I thought every bank would tell you if there was sufficient funds in an account you were trying to cash a check on? My banker said Bank of America(and a few other banks) will not verify funds so you just have to wait a while till the check clears. It has been over a week and it still has not cleared, and BOA won't say if there are insufficient funds, ....they just haven't processed it yet. I called my client and they gave me the name of their bank officer but he still would not comment on their account. So a couple of checks I wrote are not going through and those checks are being returned for insufficient funds, and I have had my own construction business for 17 years and nothing like this has ever happened. What's up with Bank of America? If I ever get one of their checks again I will take it to a BOA and cash it or get a cashiers check, and I would warn anyone to be careful about doing business with them right now.
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Old 09-29-2009, 08:11 PM
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Didn't they bankroll ACORN?
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Old 09-29-2009, 08:17 PM
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Demand they return the check. Take it to the company that issued it and demand cash on the spot. Also check into how to file a mechanics lein on the property, and get the necessary paperwork ready.

You are fixing to be had.
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Old 09-29-2009, 08:22 PM
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Angry

A few years back I had a client pay me for some extensive/expensive boat work. The check was written on his BoA account. I went to BoA and they would not cash it because I didn't have an account with them. I went back to my client, got cash from him and he closed his account and told them why. IMHO: BoA has always been a bunch of Bozo's.
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Old 09-29-2009, 08:24 PM
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It often takes more than a week for a check to clear any bank. I think its a good policy for a bank not to devulge account status to non constomers. Just because you expect a check to clear in less than a week does not make it a warning that BOA is doing something wrong and folks should avoid it. You said it yourself, if you need the funds, take the check to a local Branch and cash it.
And yes, I have been a BOA customer for well over 30 years, house, cars, boats, savings, checking, credit etc. They also handle my parents estate. So I disagree on the "beware".
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Old 09-29-2009, 08:24 PM
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Nothing but headaches here.I think the problem is they got to big.One dosen't know what the other is doing.I'm a pretty liad back kinda guy,but after 8 years with them as my mortage lender I had enough of their "love letters"that were clearly the problem of their own lack of comunication.I secured a better deal with a smaller bank.Now I get a problem and stop by and it's resolved on the spot.I'm old school that way.
D.G.

P.S. Make sure the bank you deal with is strong,Some are smart-Some not so smart.Do your homework and ask the right questions.Check their track record.
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Old 09-29-2009, 08:30 PM
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My local hardware store has a big sign on the cash register stating that they will no longer accept checks drawn on BOA accounts.

I asked why and was informed that BOA will not confirm or deny that the account has enough funds to cover the check.
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Old 09-29-2009, 08:39 PM
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Default BofA.

Farmer; I've had nothing but trouble with B of A. This goes back to 1952. A more useless bank I've never delt with. They always have answers but only to clear their skirts, it always comes back to haunt you. I refuse to do any business with them, ever !!! And guess what, the lender on my rental house was Countrywide. They went under & B of A. bought them. When I bought the property & had my money in a savings organation. I needed 30 grand to close the deal. Guess what they sent their check with a B of A. check. It took a week to cash here. B of A branch wouldn't even cash their own check. Damn near cost me the deal. Bank of America; Phooey.
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  #9  
Old 09-29-2009, 09:11 PM
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Quote:
Originally Posted by Capt Steve View Post
A few years back I had a client pay me for some extensive/expensive boat work. The check was written on his BoA account. I went to BoA and they would not cash it because I didn't have an account with them. I went back to my client, got cash from him and he closed his account and told them why. IMHO: BoA has always been a bunch of Bozo's.
The Comptroller of the Currency, who regulates national banks, requires that any bank cash any check drawn on it when presented. It matters not at all whether you are a customer. I would raise hell about this, with letters to the branch manager, the president of BoA, and the United States Comptroller of the Currency, giving details (check number, account holder, amount, date of check, date you tried to cash it at the BoA branch, names of the officer/employee who told you that you couldn't cash it because you were not a customer, etc.

Tell your story briefly and factually and close by demanding to know what corrective action all involved plan to take to curb this abuse.

I gave up dealing with BoA 20 years ago. I deal now with only small local/in-state regional banks.


Bullseye
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Old 09-29-2009, 09:29 PM
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What would be the problem asking if someone has sufficient funds to cover a check they have written. If they don't then they have broken the law and BOA should be prosecuted for impeding justice.

If you are going to cash the check on the bank it was drawn add $5.00 to your charge and let your client know that it is to cover the bank charges that you will be charged
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  #11  
Old 09-29-2009, 09:35 PM
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I used to hold an account with a large Regional bank in the Midwest that, if you were not one of their customers, would require that you provide a finger print to cash a check drawn from their bank. Being their customer, I was never in a position to have to do this, but I cannot imagine people putting up with this... These banks are something else.

I try to do business with a good credit union. I like their operating principles much better than these large commercial banks. I believe more people should check into them; they might be pleasantly surprised by how much easier they are to do business with...
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Old 09-29-2009, 09:52 PM
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Most people have the funds in the account to cover the check. Making you wait just lets the bank use those funds for free for a while.


Okie John
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Old 09-29-2009, 10:16 PM
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"You said it yourself, if you need the funds, take the check to a local Branch and cash it."

OCD1, Good luck with that, read my previous post. As far as checks taking a week to clear, give me a break. They take no more than a day or two, most clear in minutes if not seconds. It's all done by computers. What is happening is the banks are sucking up the interest while they claim the check has not cleared. It may only be pennies on any given check but multiply that times the millions (billions???), of checks they handle and you are talking serious money.

A recent case in point: i tried to deposit a check written on my Money market account (on a New York bank), for $7K into my Chase checking account. I told them I wanted to withdraw cash in 3 business days to buy a camp trailer. Chase refused saying it would take 5 business days and that even then they would put a hold on $3,000 until they could confirm the funds. I told them to shove and went to my local bank. Their only questions was "Do you want hundreds or fifties. The money cleared my Money Market account in just a few hours. Any bank that says it takes a week to clear your check is lying and does NOT deserve your business!

Bullseye, I am sure you are correct and it was a few years ago, but I did raise a serious fuss when it happened. It didn't help but I felt better as opposed to just taking their nonsense. (o;
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Old 09-29-2009, 10:32 PM
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I've read other instances of this happening with larger checks....

BofA is using a rule in the Expedited Funds Availability Act to make more interest at the expense of the payee. Normally, $5000 of a large check can go in as soon as the next day, with the remainder taking up to seven days. If the depository bank doesn't think the funds are there (in this case the issuing bank won't verify the funds) it can take up to seven days to clear.

Your billions of tax dollars at work...

Last edited by Jerry in SC; 09-30-2009 at 12:08 AM.
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  #15  
Old 09-29-2009, 11:13 PM
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My employer uses boa. I never have nor will deposit one of his cks. I cash it ONLY. Too many TRUE horror stories about boa.
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Old 09-29-2009, 11:15 PM
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BofA is the worst! I gave up on them this year. Never looked back. Just plain jerks and horrible customer service.

Sorry about your troubles.

Bob
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Old 09-29-2009, 11:21 PM
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wow, just had this conversation with a guy at work. he owns a residential investment property for some side income and won't accept rent checks from his tenants from BofA. any check over $1k has an automatic 10 BUSINESS day hold. well, that really screws up all of his payments he has on the property. no other bank does this.

I too had terrible experiences with them and finally closed my accounts about 3 years ago. went with Citibank. they are a heartless corporation, sure, but they don't jerk me around or nickel and dime me.
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Old 09-29-2009, 11:37 PM
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My friends all closed their BoA accounts after they would "re-order" their check withdrawals and hold deposits for up to 3 days. Terrible bank.
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Old 09-30-2009, 12:06 AM
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My (former) employer reimbursed me with a check written on a BofA account. When I presented the check to BofA to cash, they refused it. I made a stink (it was a crowded branch at lunch time) and demanded to know why they would not honor their own check. This got quite a bit of attention from customers and the bank manager.

The bottom line was, Since I did not have an account with BofA, they would not cash the check, unless I opened an account with them or paid a bank service charge to BofA to cash their own check!

I took the check to my credit union and deposited it.

I will never do business with BofA!

Max
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Old 09-30-2009, 01:36 AM
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BOA recently shafted several clients of mine by cutting off their financing with very little notice and then making the transition to the new financing source extremely difficult. These businesses were not in any kind of financial distress and had been BOA customers for years. The reasons given were ultra-weak and I think BOA has just decided that there are certain industries they don't want to finance anymore. I don't have any problem with them making a business decision like that, but the manner in which they handled the transition almost put the businesses under. I wouldn't let them walk my dog.

Brian~
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Old 09-30-2009, 02:05 AM
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let me preface by saying i work for a company that was aquired by a company that was acquired ( some say under duress) by BofA last fall. you can do the math. anyway, Ken Lewis has stated publicy that they are shopping my company and let me tell you there is not one employee that wants any part of BofA, we hope they will spin us off ASAP

Now, i have been putting $500 in my mom's Bofa checking account for more than several years every 1st of the month. they are across the street and over 1 block. so i go into the same branch. every 1st. same last names on my check (drawn on Wells Fargo, where i used to work and account is 15 years old) and her last name on the deposit account. not asking for cash back. not asking for even her balance just deposit only. $500, every month like clockwork for going on 5+ years. last 1st they asked me to show id. i was liek are you serious ? so i slapped down my employee badge of my company and said im a colleague of yours. just relax.

with "Check 21", the FED clears checks nationwide in a day or so. anything else is so they can rid ethe float and tell you we think it might not clear. no i personally wouldnt give you funds either if you have 10$ in a account and are depositing $10,000... but thats just me. but if you have a large average balance and deposit a check thats less than half of that and they put a hold on it ? find a new bank. most small local banks have full time tellers and pay them benefits so they can hire people with more than a few brains. the big majors hire part time drones that only do what the computer tells them (hold / no hold) so they dont have to put any thought into it.
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Old 09-30-2009, 09:41 AM
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I guess I got out of there in time.
D.G.

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Old 09-30-2009, 10:16 AM
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Quote:
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The check was written on his BoA account. I went to BoA and they would not cash it because I didn't have an account with them.
I think I would ask them to put that in writing, please.
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Old 09-30-2009, 10:36 AM
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I think I would ask them to put that in writing, please.
Absatively. Positutely. When you receive that, in writing, copy it, print out and complete this form, http://www.helpwithmybank.gov/complaints/complaint.pdf, and either mail it or fax the package to the Comptroller of the Currency at the address/fax indicated at the top of the form.

They take this seriously and will take action.


Bullseye


P.S.: Remember, this is for national banks, only. The Comptroller of the Currency does not regulate the operations of state-chartered banks.
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Old 09-30-2009, 10:39 AM
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I have had various banks try to charge a fee when I cashed a check drawn on THEIR bank because I did not have an account with them.

Is that legal? Again, the check is on THEIR bank.
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Old 09-30-2009, 10:45 AM
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I have had various banks try to charge a fee when I cashed a check drawn on THEIR bank because I did not have an account with them.

Is that legal? Again, the check is on THEIR bank.
It is legal, Lee. They are required to cash the check on demand (that is why checking accounts and passbook savings accounts are called "demand deposits"), but there is no restriction on their charging fees, or not, to do so.

Every time I have to go into Wachovia to cash someone else's check they tell me that I can avoid the $5.00 fee by opening a checking account with them. I just tell them that I prefer to keep my checking account with a local-owned and operated bank that never charges my friends when they stop in to cash one of my checks. It doesn't change a thing, but sure makes me feel better.


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Old 09-30-2009, 10:46 AM
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Lee, unfortunately it's legal, due to law enacted in 2001.
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Old 09-30-2009, 10:59 AM
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Thanks, guys.

Wachovia- yep, that was the last one that tried.

Around here, we call them:

Walk-all-ova-ya
Please spread that around- maybe they'll get the idea.

As I declined, politely, to give them part of my money that they were holding, the branch manager suggested I open an account with them.
I replied, politely, "Why would I open an account at a bank that made my checks worth less than written value to my business contacts, family, or friends?"
She could not answer that........
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Old 09-30-2009, 11:14 AM
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Farmer, BOK and CitiBank pulled that **** on me a few years ago. I had a certified check from Citi. I put it in my BOK account. Two days later, I found the car I wanted to buy (the reason I transferred the money). BOK said I didn't have the money in my account. Citi said I no longer had the money in their account, either. My money was somewhere in limbo. For two weeks. Fortunately, the dealer was understanding, and allowed us to write him a post-dated check. We had been looking for a particular car for almost a year, and I really didn't want to lose it because the banks were being jerks.

The best thing I've figured out to combat this kind of situation is electronic transfer. Yeah, it costs $20, but you get your money immediately.
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Old 10-01-2009, 09:28 AM
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Thumbs down CitiBank

I stopped at a local CitiBank branch to buy a roll of presidential coins. I laid $25 cash on the counter. The teller asked me my account number. I told her I didn't have an account there; I just wanted to buy buy the roll of coins. She replied that she couldn't sell it to me because it is CitiBank's policy not to do "coinage transactions" with non-clients. I put my cash back in my pocket and started to walk out. Then her supervisor gave her the "OK" for the sale. I got my coins, but CitiBank is a bank I'll never even think about having an account with.
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Old 10-01-2009, 10:12 AM
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I guess I'm on the other side of the coin. I've had accounts with BOA for years without a problem. Most everything is electronic transfer ect.

Their CD's however, are some of the worst around. I don't get CD's from BOA.

Right now, CD's are not paying anything from anyone..
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Old 10-01-2009, 12:08 PM
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I hate dealing with Banks, especially the big name ones. I have, or have had accounts with a number of them and have slowly been trying to consolidate and move to the credit union which we use. The credit union seems to have a lot less drama and frustration than BOA, Chase, or Wells Fargo. The local 'Frontier Bank' is pretty good as well.

I have an appointment today with the local branch manager of Chase to find out what happened to the other 4 of the 5 CD's I've had with Wamu for the last umpteen years. They sent me notice that my IRA/CD was maturing in a couple days and they wanted me to 'do something' with the account. I inquired as to when the other 4 were maturing and they replied that I only had one CD/IRA with them.

Their computer shows only one account. So now I've got to get all the paperwork together on the account, last years taxes etc and bring that in to show them that there are indeed 4 other accounts.

Meanwhile Chase has .20% rates on CD's going forward.
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Old 10-01-2009, 01:55 PM
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Denver Dick Denver Dick is offline
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Over the years I've had accounts at Security Pacific, Wells Fargo, California Federal, Southern California Savings, Peoples Bank of California, Chase and Bank of America. They've all made minor mistakes that caused me some inconvience. I currently bank at B of A and have for the past 9 years. Their overall service has been very good. In fact, their online banking has been excellent.

It seems that many of the postings here are from folks who were not customers of the bank. In my dealings with all the banks listed above you get much better service if you're a customer.

Like I said, I can only speak from my personal experience with B of A, and that his been very good. I must admit, my dealings with Chase prior to B of A were been pretty good, too. On the other hand, my dealings with Cal Fed were bad and resulted in my moving all my accounts to another bank (that was 20+ years ago).
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Old 10-02-2009, 12:39 AM
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I had been a BofA customer for two years, House Mortgage, car, checking and savings in Georgia when we sold our house and took the check to our bank for deposit. I asked for the check to be deposited to my account (which had a balance of several thousand in it and an automatic deposit of my pay check)with $3,000 in cash returned to me.
The teller, and then the bank branch manager, refused to do so claiming they could give me no money from check until it cleared, probably 10 days. I asked the bank manager to look out the window in her office, could she see the building across the street. Yes, she said she could. I told her that was the bank which my check had been drawn on, why would it take 10 days to go across the street.
She insisted she could not do anything for me despite me informing her that I would not be coming back to her bank and I would be closing my accounts.
I walked (walked) across the street to the local Southern Georgia Bank and asked if I could cash my check. "Why certainly sir, step this way, how would you like that". "Sir, this check is for over $200,000; will you be needing that all in cash or would a cashiers check serve for some of it?"
I wound up opening a short term account with them, walked back across the street and closed all my accounts. BofA cited a clause that required notice before I could withdraw large amounts from them and it took several weeks but I ultimately got all my money away from them.
A couple of years ago I deposited two BofA checks in my Wells Fargo account and after 6 months BofA refused to pay one of them. They had mixed the numbers and credited a $5 Check (Childs birthday gift) against an account that had written a $400 check (Returned loan from oldest son) and had charged the other acount $400 instead of the $5 that had been written. While they refused to pay the $400 on the $5 check, they had only paid $5 on the $400 and would not pay it either. Since the checks were both written by personal friends and family we were able to track both ends of the story. Wells Fargo was finally able to get them to straighten it out but what a nightmare.

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  #35  
Old 10-02-2009, 01:18 AM
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Windjammer; I wish you luck with BoA. I'm with a small town bank now & satisfied. My Credit Union handles the rental accounts very well.
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Old 10-02-2009, 08:41 AM
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I WAS a customer of BofA for over 7 years (until this summer). I did not have all the problems others have noted but I will tell you, the customer service they provide these days is pitiful. I am glad to be in a small-town bank again and have no interest in going back. They are also eating out of the public trough and that is another reason why I would not return...of course we are buying a pickup truck for our business and we are not considering Govt. Motors or Chrysler....same reason...I'm not interested in dealing with welfare companies.

Bob
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Old 10-02-2009, 08:53 AM
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My wife is one of the top sellers for BofA in her market and they handle all of our finances. Even the mortgage that is in process with them. Very efficient bank. Not a "beware" feeling ever from me.
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Old 10-02-2009, 09:15 AM
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Well it seems the OP sure got a lot of folks in a fuss over BOA. I am sure many have had the problems they stated but what was never said in the original post was how much was the clients check for?? Not our business I know, but perhaps, maybe just maybe could it be a problem with the clients account??? But no, gotta be the banks fault. Gee, did it ever clear??

I am not totally defending any banks, ya most are just big business, but maybe we do not have the whole story??

Around here which used to be the top construction area in the country there was always problems with construction draws.
So many here today gone tomorrow contractors or ones that over extended themselves.

Now the construction and local economy has dried up.

As I stated earlier, we (and my parents) have been BOA customers for a loong time and never had a problem. We also belong to the Credit Union which has more favorable rates on loans and credit cards. In fact, I had a card from BOA that had higher interest, I told them my credit union was lower and I was going to cancel my BOA card unless they matched it. They did.
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