We opened a MM checking account w/BoA last July at a local branch. We were building a house and stored the proceeds from sale of previous house in MM Account. Deposited and additional BANK CHECK for 25k 30 days prior to close on house. Bank check cleared within 3 days.
The day before the close, we went into the branch to get a bank check for +140k for a down payment on house closing the next day. this would have left 10k in the account. The check was issued and we left.
Later that afternoon, I checked the account on-line to see if they had taken it out and I saw a overdraft of -15k. I was livid. I called BoA branch and spoke w/manager. She said the bank that issued the bank check (30 days earlier) returned it unpaid. I called the issueing bank and they said it cleared on their end and was paid. I called BoA, in a panic now, due to the house close on the following day and the 140k check in hand.
BoA said they'd honor the 140k because it was in the account when we had the check cut that a.m. and "investigate" the on-line hold. No call back. Closing went through next day and the money was replaced in the account the next day. No fees were issued, no explanation given (even after several more phone calls). We will be changing banks ASAP. How can they just put a hold on a deposit from 30 days earlier? They almost cost us the house.
Dionne
Bradenton, Florida
U.S.A.