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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: ChanceIs who wrote (218799)9/3/2009 8:33:08 PM
From: Cal AmariRead Replies (5) of 306849
 
Another Bank of America love story...

Four years ago we sold our primary residence so we could buy a house closer to my office. We had proceeds from the sale of our first home that we wanted to have in hand to use to do some work on the 'new' house (painting, etc.) before we moved in.

I brought a check of a little under $10K my local BofA branch and deposited the funds. Silly me for not asking this question first, but I asked "How soon will the funds be available?"

I was told "Eleven days."

My incredulous reply: "You're joking, right? Why eleven days? I just deposited in-state check drawn on a trust account of an established law firm. How can this waiting period be shortened?"

The teller's response: "Let me get a manager."

The manager: "Sir, federal law permits us to hold your check for up to eleven days. That is our policy."

Me: "The fact that federal law permits you to hold a check for a week and a half does not mean you have to do so. I need the money sooner. There has to be something you can do to speed up the process."

The manager: "That is our policy. There is nothing I can do."

Me: "You will lose me as a customer forever if you can't find a way to clear the funds sooner."

The manager: "Why don't you try our 800 number?"

* * *

It turned our that my boss knew VP at Bank of America. With one phone call to that guy, the funds were available in my account within 48 hours.

Needless to say, I closed my account at Bank of America thereafter.

I now bank exclusively through credit unions. Fcuk BofA!
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