I received a check for the sale of some merchandise. The check was drawn on Bank of America. I went to a branch office to cash the check. They said it would cost me $6.00 to get the money. It was a check drawn on one of their accounts. I can’t believe anyone takes check written from a B of A account. I certainly will not.
A contractor working for me was telling me BoA would only let him access a little more than half of the proceeds of a progress payment check I had written. He wanted to be sure there was no problem on my banks end, before he went to them. BoA had hit my bank immediately, the day I had written the check and he had deposited it, for the full amount (of course). We were having this conversation three business days later.
I got into my account online and gave him an image of the processed check to use to help him beat up BoA. He’s switching banks.
For many years I had a B of A credit card that I used occasionally and always paid off the same month any charges were accrued. I paid by way of an electronic transfer from my account with Union Bank of California with payment to arrive at B of A at least two days before payment was due. Late charges and interest charges started showing up on the statement even though I had proof of the funds arriving at B of A two days prior to the due date. Their explanation was that they don’t post payments for at least three to five days after arrival of the funds at their bank, and for their processing delay I was being charged.
After my complaint,they eventually cancelled the charges, after which I cancelled the card, and paid off a small current balance plus $10 for any incidental charges, leaving a $10 credit balance on a cancelled account. Then, for a couple of months, I received a statement, with a nasty note telling me to settle the credit balance. I finally told them to send me the $10, plus interest, which they did, thus ending my 50 year relationship with B of A.
I’m curious how much B of A makes from self imposed processing delays, especially from people who pay by check with no proof of when the payment actually arrived. So far as I’m concerned, they’re a bunch of crooks and I want nothing to do with them, and I’m offended that the government sends the crooks taxpayer bailout money.