If you bank at Bank of America, never make an ATM deposit there, especially if the money’s coming from another bank. Here’s why…
For the last week, Bank of America has held a $2, 080 deposit of mine — written by my business partner off her account with another bank — as “delayed.” For a
. For seven days, Bank of America customer service agents either wouldn’t or couldn’t explain why I could not access money that was properly deposited and is MY money.
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After I raised a stink on social media (which is a #WiseStrategy you should read about here), a very professional BofA social media agent reached out. She explained to me that because I deposited the check via an ATM
And because the check was an unusual amount ($2, 080? Not exactly a fortune) written from another bank’s account, it triggered a 7-day delay in making the funds available.
Well, that triggered me — not only because my own bank was holding my money hostage, but also because my bank may have violated federal law.
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According to BankRate.com, federal regulations require that local funds deposited via an ATM must be made available no later than the second business day after the deposit, as long as the check was deposited on a banking day (mine was a non-holiday Monday), and the check was deposited in an ATM owned by the depositor’s bank (it was). Non-local checks can be held for five business days, but not a day longer.
As if she were doing me a favor, the BofA social media agent proudly announced she would release my funds to me, even though BofA sent me a notice that it intended to delay the deposit as long as
Of course, I have neither the time nor the money to sue Bank of America. But I do have my blog and the bully pulpit of Wise Choices…and I will soon be taking my banking elsewhere.
A Receipt Showing An Electronic Copy Of A Deposit Is Shown By Donna Hummel, A Customer Service Representative At Bank One In Indianapolis, As She Demonstrates An Advance Automated Teller Machine At
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Learn about the Bank of America policy that bans cash deposits into a Bank of America account of which you are not a customer. Find out what other options you have available if you are trying to deposit cash into another customer's Bank of America account.
That’s why Bank of America customers are not too happy about the recent policy change, banning third-party individuals from making cash deposits into someone else’s account.
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Long gone are the days where grandma could walk into her local bank to deposit $25 into your account as a birthday surprise.
Here we explain the reasons why Bank of America made this change, and explore alternatives to making cash deposits into someone else’s account.
Following on the heels of other national banks, Bank of America no longer accepts cash deposits into an account that’s not yours.
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Although banning your grandmother from depositing cash into your account might seem extreme, by making this change across all personal accounts, Bank of America is taking one more step to ensuring they have the best policies in place to prevent illegal activity.
Two or more people can “own” an account. This means that they have full access to all the account details, including the ability to deposit or withdrawal money in the account.
If you already have an account with Bank of America, you can add a person to the account, making it a joint account.
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If you don’t have an account already opened, opening a joint account is the same process as an individual account. Both individuals will need to provide information and identification in order to open the joint account.
For example, if a college student is studying abroad, opening a joint bank account with a parent might be an ideal option in case they need money deposited into their account from time to time.
You might be surprised to learn that many people still write checks. And, it’s not just the retiree holding up the under-10-items-or-less line at the grocery store.
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Writing checks is one of the cheapest ways to exchange money. Aside from the cost of checks, writing, depositing or cashing a check is free. Some checking accounts even give you your first set of checks for free.
The downside of writing a check is that the money won’t always be immediately available. It can take usually anywhere from 2 to 5 days for the check to clear, depending on the amount of the check and how much money you have in your account.
It can take up to 10 days for a large check over $1, 500 to clear, making a wire transfer a better option if you need access to a large sum of money as soon as possible.
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Because almost all banks and credit unions offer mobile deposit, you won’t need to visit a bank to cash a check anymore. You can simply deposit the check by taking a picture of the check and following the instructions on the app.
So, don’t throw away your checkbook just yet. Giving or paying someone a check is still a secure and convenient way to transfer money.
You’ve seen the yellow and black Western Union signs advertising money order services, but did you know it’s just as easy to send a money order through the post office, grocery store and Wal-Mart, to name a few?
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Money orders work by prepaying a specific amount of money, in turn for a piece of paper that is similar to a check. The money order will include name of the person who is going to cash or deposit the money order, and the bank or business that issued the money order.
Since you’re handing over cash in order to receive this piece of paper, money orders are considered a guaranteed form of payment.
The fees are minimal compared to other alternatives. Individuals who do not have a bank account often rely on money orders to send or receive payments, such as rent or utilities.
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If you do receive a money order, you will have immediate access to the cash, similar to a cash deposit in a bank account.
You can send, receive or request money to almost anyone with an email address or mobile phone number, and eligible bank account in the U.S.
Backed by more than 30 banks, Zelle is giving its biggest competitors, Venmo, Popmoney, and PayPal, a run for their money. But, unlike many of its competitors, Zelle is free.
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Since Zelle is set up through your bank, you can quickly and securely send money, without entering your bank account information. The only information you need to enter is an email address or mobile phone number, and the amount of money you want to send.
Major credit card companies like Visa, MasterCard, and American Express offer prepaid cards that you can use anywhere that type of card is accepted.
You’ll be able to deposit cash onto the card at select ATMs, bank branches or retailers. You can even download the app and deposit checks, or arrange for direct deposit from your employer.
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A prepaid card comes in handy since you can request a second card to give to a friend or family member. That person can load cash onto the card that you will be able to use immediately.
A prepaid credit or debit card is ideal for someone who receives regular money deposits into their account, such as a teen or young adult.
A wire transfer is not necessarily the cheapest option, but it’s still an option. A wire transfer is a service to send or receive electronic payment by wire.
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You can send or receive money to your own accounts at other financial institutions, send or receive money to someone else, or to a business.
Specific wire transfer instructions can be found on Bank of America’s website once you sign in to your account, under the “Information & Services” tab.
Wire transfer fees are dependent upon the amount of money that is sent. You should expect to pay anywhere from
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