Personal Banking Surpises

[Wise]

Hi Folks,

I went to the bank to make some changes to my accounts and was shocked at what I was told. I wanted to take a joint signers name off an account. Not allowed. I was told it WAS allowed when I set up the account but they said they had received new rules from the government. I asked to take my name off instead. Not allowed. I asked to close the account, not allowed. I asked to withdrawn the funds, not allowed. I asked to withdraw just $10,000 of the funds in cash, not allowed. I was told I could only take out $300 per day unless I gave them a reason I needed the cash and a reason why the transaction could not be done by transfer or check.

I left feeling like the bank was now completely in control of my money and not me. This is Bank Of America. Anybody else seeing these kinds of issues? Maybe I just got an over zealous and under trained employee.

 

[Acala]

Hey

Hi Folks,

I went to the bank to make some changes to my accounts and was shocked at what I was told. I wanted to take a joint signers name off an account. Not allowed. I was told it WAS allowed when I set up the account but they said they had received new rules from the government. I asked to take my name off instead. Not allowed. I asked to close the account, not allowed. I asked to withdrawn the funds, not allowed. I asked to withdraw just $10,000 of the funds in cash, not allowed. I was told I could only take out $300 per day unless I gave them a reason I needed the cash and a reason why the transaction could not be done by transfer or check.

I left feeling like the bank was now completely in control of my money and not me. This is Bank Of America. Anybody else seeing these kinds of issues? Maybe I just got an over zealous and under trained employee.

Don't say you weren't warned about a thousand times. If you still have money in a bank, the stock market, or bonds, and are not a nimble and seasoned day trader, you are not paying attention.

 

[TonySutton]

Ask a lawyer to help you recover your property from the bank.

 

[Cowlesy]

Get a camera and document it. That sounds pretty far-fetched, but given the current circumstances in retail banking, not out of the question.

 

[ArchPaul]

It's because they don't have the money. And it's not your money unless it's in your possession. Even then it's still a "promise to pay". Welcome to the world of fiat.

 

[LibertyEagle]

Well, I just called my bank and they said there were no restrictions on how much of your own money you could get out of the bank at any one time. That is unless you try to do it with an ATM and that is only because of potential fraud.

 

[acptulsa]

I was told I could only take out $300 per day unless I gave them a reason I needed the cash and a reason why the transaction could not be done by transfer or check.

'The reason I need my money out of this bank is because you're controlling and presumptuous, and the reason it cannot be done by transfer or check is because I wish to exercise my God-given freedom to avoid assisting you in your data mining. In short, you have no need nor right to know what bank I'm transferring to.

'Now, am I to receive my property or are you to receive correspondence from my attorney? I leave that to you.'

 

[georgiaboy]

Woah, another BoA story. I just heard one where someone went to a local BoA branch to cash a small check written on a BoA account, but the customer was not a BoA account holder. The customer was told that there would be a huge fee to cash the check, all the while being hard-sold to open an account there and given quite a run-around.

as if.

 

[georgiaboy]

'The reason I need my money out of this bank is because you're controlling and presumptuous, and the reason it cannot be done by transfer or check is because I wish to exercise my God-given freedom to avoid assisting you in your data mining. In short, you have no need nor right to know what bank I'm transferring to.

'Now, am I to receive my property or are you to receive correspondence from my attorney? I leave that to you.'

ooh, try again, please, try again, Wise.

 

[acptulsa]

Woah, another BoA story. I just heard one where someone went to a local BoA branch to cash a small check written on a BoA account, but the customer was not a BoA account holder. The customer was told that there would be a huge fee to cash the check, all the while being hard-sold to open an account there and given quite a run-around.

as if.

There are some states where you can't cash a check if you have no account, even if it's drawn on that bank. Illinois comes to mind; the check cashing loan shark lobby is really, really strong there. I sincerely doubt, however, that there's any state that neither allows it nor prohibits it, but merely fines you for it. Pure b.s.

A guy I work with, who is a fine, fine man but not the sharpest tool in the shed, recently opened an account there. He was just hit with five overdraft charges in a single day. Gee, guys, I wonder why you're hard up for customers? Your word-of-mouth is just so positive...

 

[Original_Intent]

I'm not at BoA but have done a couple of large transaction in the past week and had zero problems.

 

[NewEnd]

Gee, guys, I wonder why you're hard up for customers? Your word-of-mouth is just so positive...

And this is something else with the mega corporations that pisses me off. they have become such money grubbing crooks! It seems like every bill I get has some fee they try to sneak in there. the amount of "mistakes" is becoming way too many to be coincidence. I know they are doing it on purpose. If a customer does not notice, they consider it permission for the charge. If a customer does notice, they get put on hold, and then apologized too for the "mistake". They are little $3 - $20 fees, or charges, or rate raises. They obviously have someone somewhere, determining what level they can charge with the least amount of resistance.

And yah, My ex opened a CC with BoA 6 years ago. Long story short, she closed it 3 months later. They tried to steal her money, plain and simple.

 

[georgiaboy]

We do use BoA for certain business, and for a while we were getting multiple unsolicited solicitation phone calls daily to try and get us to do more business with them. I finally had to forcefully instruct the caller never to call me again, that I was the customer, if I wanted add'l services I knew how to find out about them, and if they wanted me to continue to be a customer they should not ever again call me unsolicited.

Haven't had a call since then, thus far.

 

[MoneyWhereMyMouthIs2]

And this is something else with the mega corporations that pisses me off. they have become such money grubbing crooks! It seems like every bill I get has some fee they try to sneak in there. the amount of "mistakes" is becoming way too many to be coincidence. I know they are doing it on purpose. If a customer does not notice, they consider it permission for the charge. If a customer does notice, they get put on hold, and then apologized too for the "mistake". They are little $3 - $20 fees, or charges, or rate raises. They obviously have someone somewhere, determining what level they can charge with the least amount of resistance.

Computers can keep track of and crunch data for things like that easily.


I've also had personal experience with BoA and personally dislike them.

 

[NewEnd]

Computers can keep track of and crunch data for things like that easily.

I know, I figure, first, they only say make the mistake on account numbers ending in 0, or 01. Then every month, they switch up the numbers. They also make it so that the charge is so small, only say 25% will notice, and only 3% will actually take the time to complian. That basically means only .3 to .03% of customers will call. If it's a $10 charge, viola, you just got 9.97% of your customers to give you an extra $10 at the cost of about 20, 30 man hours of telephone support. Not bad.

Finding the magic numbers is key. This can bring in millions.

 

[tmosley]

I went to the bank last month and withdrew $5000 in cash, no questions asked, no problems.

But then, I bank with a local bank, not a national chain.

 

[echebota]

I wanted to take a joint signers name off an account. Not allowed. ....

Well, there are some restrictions on the joint accounts on account changes and cash withdrawals. For example to modify the list of account owners you need to come to the bank with the account coowners or I guess it can be done with notarized agreements from them. The same applies to over $x cash withdrawals.

Nothing surprising here to me. I also guess the policy varies a little from State to State and from Bank to Bank, but in bulk it's present everywhere and to me IT MAKES SENSE. I had accounts in many countries in Eastern, Western Europe, and US, and it always has been that way and it always made sense to me.

Am I missing something? What all this fuzz is about?