Heads Up! - Bank Of America next Bank to Fall ?!?!

[ralok_j]

What happens to my box if my bank fails?

When an insured bank or thrift closes, the FDIC usually arranges for another institution to take it over, including branches where you might have a safe deposit box. In those situations, you should be able to conduct business as usual. If the FDIC cannot find a buyer for your bank, it arranges for you to remove the contents of your box so you can obtain a box at another institution, if you wish. This is done within a few days after the bank fails.

http://www.fdic.gov/CONSUMERS/consum.../sfdpstbx.html

[Pithiny]

Check holds are normal.

I have no idea where you are from, but HOLDS on local checks are NOT normal. I am 51 years old and live in Washington State. I have NEVER had a local check held for ANY number of days, PERIOD. Even the Bank acknowledged it was "new" guidelines. I should be able to walk into my bank and CASH a local check, if you don't see the problem here, then I don't know what to tell you. This is NOT NORMAL banking procedure.

[ralok_j]

Originally Posted by Pithiny

I have no idea where you are from, but HOLDS on local checks are NOT normal.

I worked in banking for a number of years and yes, holds on local checks was the norm. You realize a check is just a piece of paper. It's not cash nor is a check as good as cash.

[mbowie361]

Originally Posted by ralok_j

What happens to my box if my bank fails?

When an insured bank or thrift closes, the FDIC usually arranges for another institution to take it over, including branches where you might have a safe deposit box. In those situations, you should be able to conduct business as usual. If the FDIC cannot find a buyer for your bank, it arranges for you to remove the contents of your box so you can obtain a box at another institution, if you wish. This is done within a few days after the bank fails.

http://www.fdic.gov/CONSUMERS/consum.../sfdpstbx.html

Thank you very much...it's good to know.

[ralok_j]

Originally Posted by mbowie361

Thank you very much...it's good to know.

I just saw that your in S Korea. I'm not sure how they operate.

[Pithiny]

ralok_j,

Where are you from? I mean, when you worked in banking?

[sebring1963]

suggestion:

Open an account at Wamu they won't be able to place a hold on checks that are drawn on their corporate accounts

[ralok_j]

Originally Posted by Pithiny

ralok_j,

Where are you from? I mean, when you worked in banking?

My location? Southeast Michigan.

[Pithiny]

ralok_j,

Since you have info!! I wonder why BOA has not held checks before? Specifically a payroll check that I deposit like clockwork.

This is a new guideline, I think having to do with the fact that for the last 3-4 months, I have deposited my checks and immediately withdrawn it, all of it, leaving a very low balance. I do this twice a month. Sure---this affected my "average daily balance" but they have never held a local check before this.

Also, I could tell that I was not the only problem they had in the bank yesterday, there were 3 visible security guards, one of them on me like white on rice.

I think something is going on, although it might be branch specific. I'll go to another branch tomorrow and see what's up across town.

Also, I do realize that checks are not money. I also know you can write a check on a napkin and cash it. You can write the elements from a check on ANYTHING and take it to a bank to be cashed. I also realize that actual MONEY is not worth the paper it is printed on and is not backed by anything of value, and beyond that, it is really a "DEBT" that someone owes that I am simply passing to someone else. "Legal Tender" only becomes valuable when you redeem it for something of value, food, gasoline, gold, silver, whatever.

I also know how to cash unsigned checks, in fact when I owned a business and people forget to sign the payment/check, I have never sent it back to them to be signed.

[NancyV]

They probably have security guards there to deal with rude people like you who seem to be determined to make a scene and mistreat the people who just work in the bank. It's normal to hold checks if you don't have enough funds in your bank to cover a withdrawal of the amount of the check. I also live in Washington State and bank at both WAMU and B of A. I don't make a scene if they say they are going to hold a check. If I don't like it I take it to another bank without mistreating the people who work in the bank following their rules. Do you really think that people will admire you for telling a story about your abuse of other people just doing their job?

[Myra]

Originally Posted by NancyV

They probably have security guards there to deal with rude people like you who seem to be determined to make a scene and mistreat the people who just work in the bank. It's normal to hold checks if you don't have enough funds in your bank to cover a withdrawal of the amount of the check. I also live in Washington State and bank at both WAMU and B of A. I don't make a scene if they say they are going to hold a check. If I don't like it I take it to another bank without mistreating the people who work in the bank following their rules. Do you really think that people will admire you for telling a story about your abuse of other people just doing their job?

No it's not normal to hold a check. They have ways of determining if a check is good or not.
I cash checks at WAMU all the time without a hold and with basically no funds in my account.

You apparently don't know what it's like to live check to check.

[ralok_j]

Originally Posted by Pithiny

ralok_j,

Since you have info!! I wonder why BOA has not held checks before? Specifically a payroll check that I deposit like clockwork.

They may be experiencing a lot of NSF checks at that particular branch. It can happen that one office will suddenly experience numerous deposited items being returned.

Another red flag is that an individual will maintain an average relationship balance of $7,000, which would cover a returned check of $2,400. Suddenly, the average drops to $500 and now if that deposited item is returned there is a potential for loss. This is the most common scenario and the staff is likely trained to use their best judgment.

Originally Posted by Pithiny

I also know how to cash unsigned checks, in fact when I owned a business and people forget to sign the payment/check, I have never sent it back to them to be signed.

Sure. Read the terms and conditions that you receive when you open an account ( I know, most people pitch em). It states in there that the bank is not liable for any check that clears through the ACH system. I laugh when people tell me they are going to post date the check they send to the phone company. You try to talk them out of it, but they "KNOW" it can't be cashed because the girl that sat next them at the doctor's office has a cousin who was dating an attorney and he said they can't.

[Knightbk]

This is stupid fear mongering based on ignorance.

BoA isn't going to fail. Period.

[mbowie361]

Originally Posted by ralok_j

I just saw that your in S Korea. I'm not sure how they operate.

I don't either, my account is with Bank of America...thanks for the concern anyway...