Hi Pithiny,
I think in this case your friend did not understand the bank. Your friend normally had a balance at the end of the month and the bank knowing this, could allow the withdrawal of funds before the cheque was cleared as a courtesy to its' client because it knew that there was always going to be a positive balance.
The bank knew this because of the 'habit' of the movement of the account.
When your friend changed their habit and withdrew their normally comfortable balance from the bank, the bank could see this as as a possible financial threat and so withdrew the courtesy and started to 'play it by the book' because the bank doesn't know the reason why the monies were being withdrawn, but just knew that the balance was close to zero.
Less room for manouevre by the bank.
n the other hand, if your friend was flush in their wallet, I'm sure that a normal two day wait (in the UK it's three) wouldn't hurt too much.
As for the bank going under, I'm sure it's a possibility, but I'm not too sure that your friends case would be the catalyst.
Nor your friends case the red flag. When banks go under, they keep the doors closed. Period.
Best regards,
Steve
Quote:
Originally Posted by Pithiny
This is a first hand report by a long term Bank Of America customer.
So, I have been banking with BOA for over 6 years. Always deposit my paycheck with no problems. Yesterday I went through the drive-through and was informed that they were going to put a 2 day hold on my payroll check. Now, as I sat there, I got madder and madder. When the nice teller asked me if there was anything else she could help me with, I said HECK YES, I DO NOT WANT A 2 DAY HOLD ON MY PAYROLL.
She said it was per her "guidelines" and she would ask her supervisor. I told her I would meet her inside.
Once inside, they were expecting me, pointed me to the Merchant Teller off to the side where I was told that my average daily balance is not high enough to get access to my funds the same day. I told her a NEWS FLASH, that perhaps the REASON I was not leaving my money IN A BANK has to do with BANKS GOING BANKRUPT, not because I didn't have money. I emptied my wallet, showed her a several hundred dollars and remarked that I felt it was safer in my wallet then in their bank. I asked if BOA is going to be the NEXT bank to go bankrupt. Security rushed over, asked me to keep my voice down. I was pi$$ed as heck by this time and said "I BET YOU WANT ME TO BE QUIET." I was told if I wanted my money immediately, I could go across the street and cash the check on the bank it was drawn on. I explained I am a BOA customer, not a WaMu customer, and I don't want to pay the $5.00 non-customer fee to cash my check there. I also asked WHY NOW, if BOA is not "having problems" -- since I have been depositing my payroll for years without any hint of a 2 Day HOLD---explain to me why you need to HOLD ON TO MY MONEY FOR 2 DAYS, when the bank is right across the street for Gawds sake, VERIFY THE FUNDS if you want, but I am not leaving this bank with a 2 day hold on a check that is drawn on a bank ACROSS THE STREET. I offered my phone for them to verify funds, when they declined, I offered to walk over there and get a note from them on letterhead.
Security replied the Bank is having problems. THIS really set me off. I said SO BOA IS HAVING PROBELMS and NEEDS MY MEASLEY $2600.00 for 2 days--I change my mind, I want to close my account.
I was then shuffled around a corner and talked to really nice... Security "explained" they were having NSF problems and needed to hold the check, but since I was a long time customer, they would check my banking history and see if it really is a payroll check and confirm I deposit it every month, and remove the 2 day hold.
For now, I did not close my account. But mark my words, Bank Of America fought HARD to keep my money for 2 days. I think they are in deep DooDoo.
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