BofA puts 7-day hold on California IOUs

SFBizjournal ^ | 6/6/09

[anniegetyourgun]

Bank of America will accept California IOUs, but it won’t credit depositor accounts for at least a week.

The fine print was included in an interview in Monday’s American Banker with a BofA spokeswoman.

[randita]

If you like Lootie, have you seen the pictures at this site?

http://academic.udayton.edu/race/01race/racism09.htm

[dearolddad]

Was Maria Schiver ever attractive?

NO!

[TexasFreeper2009]

since when are potential BILLIONS in losses incidental?

[Wolfie]

It’s brilliant, really. They know we’ll bend over for bank bailouts. We’re easy that way.

[Wolfie]

Since last year. It’s who we are.

[Kickass Conservative]

Worked at the B of A Data Center in Los Angeles for years. I was the guy that hired the Vendors transporting Checks by Air and Ground between Bank Branches, Large Deposit Retailers, Proof and ATM Processing Centers, The L.A. Data Center and Los Angeles Federal Reserve Bank every day.

Hold Policies were always disclosed. There was no plot to hold checks so the Bank could collect overdraft fees. Checks from other Banks were traded overnight, and we had to make sure we met strict Fed Guidelines or we would lose float for up to three days depending on the day of the week.

Millions of dollars were at risk if there were any delays in getting the checks proofed and sorted. You have no idea what devious methods the Bank's Demand Deposit Account holders would use to maximize float (theft) on funds they did not have on deposit. I've seen it all.

With recent advances in Image Processing, the payment cycle has been reduced drastically. The times, they are a changin.

[Kickass Conservative]

B of A, like other large Banks, offers free checking / savings accounts if they have an automatic monthly deposit, I.E. Social Security Payments or Payroll Deposits.

[RSmithOpt]

Ever noticed how CA's sinking budget, self induced fiscal crisis, death roll, flat spin situation never seems to be of much focus on the alphabet networks and CNN?

I wonder why?

Still, CA has not gutted their social handout BS programs, nor relaxed its somewhat insane environmental & anti-business regulations????