Does Bank of America have the right held my available fund?

[rgmaol]

I went to Bank of America to purchase cashier checks. After the teller checked and determined that I had enough available fund in my accounts, he withdrew the fund from my accounts and wrote me the cashier checks, then, he called the branch manager for his signature. His manager asked him to tell me that all managers were in a meeting, either I wait 30 minutes before they would help, or I should go to another branch for the checks. I requested talked to the manager directly. The branch manger came out and told me that he would help me. However, after about 20 minutes, the manager informed me that BOA approval team disapproved issuing me the cashier checks, with a totally unacceptable reason---- the available fund that I used to pay for the cashier check was in the bank account for only 4 days, although the fund is the available fund (no holding on it), the fund shall stay in my account for 5 days before I the right to use. Does Bank of America have the right held my available fund?

 

[Antigone*]

I went to Bank of America to purchase cashier checks. After the teller checked and determined that I had enough available fund in my accounts, he withdrew the fund from my accounts and wrote me the cashier checks, then, he called the branch manager for his signature. His manager asked him to tell me that all managers were in a meeting, either I wait 30 minutes before they would help, or I should go to another branch for the checks. I requested talked to the manager directly. The branch manger came out and told me that he would help me. However, after about 20 minutes, the manager informed me that BOA approval team disapproved issuing me the cashier checks, with a totally unacceptable reason---- the available fund that I used to pay for the cashier check was in the bank account for only 4 days, although the fund is the available fund (no holding on it), the fund shall stay in my account for 5 days before I the right to use. Does Bank of America have the right held my available fund?

Yes they do. Your rights and responsilities are spelled out in your depository agreement. You should be able view it online.

 

[swalsh411]

That is a very reasonable policy.

 

[sandyclaus]

I went to Bank of America to purchase cashier checks. After the teller checked and determined that I had enough available fund in my accounts, he withdrew the fund from my accounts and wrote me the cashier checks, then, he called the branch manager for his signature. His manager asked him to tell me that all managers were in a meeting, either I wait 30 minutes before they would help, or I should go to another branch for the checks. I requested talked to the manager directly. The branch manger came out and told me that he would help me. However, after about 20 minutes, the manager informed me that BOA approval team disapproved issuing me the cashier checks, with a totally unacceptable reason---- the available fund that I used to pay for the cashier check was in the bank account for only 4 days, although the fund is the available fund (no holding on it), the fund shall stay in my account for 5 days before I the right to use. Does Bank of America have the right held my available fund?

Absolutely they do.

Are you not aware of the rampant fraud out there with people depositing fraudulent cashier's checks into their bank accounts, and days (or weeks later, if an out-of-state check), finding that the check was stolen or bogus?

We live now in an age where just because it is a cashier's check is no longer a guarantee that the funds are good. While the bank will temporarily debit your account showing the funds, they will often restrict access to those funds (up to two weeks, depending on the bank) in order to ensure that there are no issues with the check being returned from the issuing bank.

You may have triggered a red flag by requesting a large portion or all of your recent deposit to fund the account in the form of yet another cashier's check. In order for the bank to issue your cashier's check, it only makes sense they would need to verify that your own cashier's check deposit wasn't going to be reversed.

 

[swalsh411]

Are you sending a cashiers check to somebody after receiving another cashiers check from somebody else? Was this in response to some sort of "business opportunity" you found out about on the Internet? If so, you are being scammed and the bank's policies just prevented it.