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Bank of America Freezes Gun Manufacturer's Money

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my wife runs the finances in the house and I am always on her to ditch BOA anybody with a business would be crazy to work with them there all POS. they hold my PAYROLL check for 3 days if I deposit it through their ATM if I go to a teller they will put it in for cash but they charge me a wait for it A TELLER FEE!!! I asked why my check doesn't get fulled deposited through the ATM her answer was because its more than $1,000. BS theres got to be tons of people making way more than me depositing their paychecks not having this problem. ARRRR I hate BOA
 
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my wife runs the finances in the house and I am always on her to ditch BOA anybody with a business would be crazy to work with them there all POS. they hold my PAYROLL check for 3 days if I deposit it through their ATM if I go to a teller they will put it in for cash but they charge me a wait for it A TELLER FEE!!! I asked why my check doesn't get fulled deposited through the ATM her answer was because its more than $1,000. BS theres got to be tons of people making way more than me depositing their paychecks not having this problem. ARRRR I hate BOA

That period is called the float. See my earlier post. Bofa takes the check and holds it and earns itself interest. Not much for a small paycheck, but millions of checks deposited worth billions and they make huge money stealing your money to earn interest during the float. They pull the same crap on inter bank transfers. That s why my company dumped them. They are thieves, pure and simple.
 
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BOA converted my savings acct to a checking acct 3 weeks ago because they did not like the way I transferred my own money in and out of my OWN acct. Nothing I can do. They just did it.
 
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I suspect that what happened is that a relatively small company is suddenly seeing a huge spike in $$ transactions. All banks are under increasing government scrutiny to look for money laundering to make sure that no money evades Uncle Sam's taxes. This spike probably triggered software that scrutinizes accounts for such activity.

I would be surprised if the manager's comments reflect actual bank policy. Even if it did, she's stupid for saying so. [laugh]

What I find troubling is that it seems to be taking so long to get resolved.

While I cannot speak specifically to this particular vendor/bank relationship, I have direct knowledge of cases in which the issue was indeed "we don't want a gun company as a credit card merchant" and nothing else.
 

xero2099

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I hate BOA, I have a credit card with them and they would always put the payment on a weekend and even though the payment wouldn't process until Monday I would schedule the payment for Monday and be tagged with a late fee, funny thing is I opened a checking out with them to pay the card with and I have not had issues with the due date since I am leaving as soon as it is paid off
 

center442

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While I cannot speak specifically to this particular vendor/bank relationship, I have direct knowledge of cases in which the issue was indeed "we don't want a gun company as a credit card merchant" and nothing else.

It wouldn't surprise me if that were true, Rob. What does surprise me is that a "manager" would have knowledge of such a policy and be dumb enough to spout it off to a customer. BoA is on the record publicly as stating that they do not discriminate against firearm businesses. Corporations don't usually react well when their employees embarrass them...even if what they say is true. [laugh]
 
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Another BOA hater here! We were unfortunate enough to have had our mortgage swallowed up by BOA when Countrywide went belly up. I am planning a refi just to get out of their clutches, even if it doesn't save a whole bunch on the rate (which it likely will).
 

WallHack

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BOA converted my savings acct to a checking acct 3 weeks ago because they did not like the way I transferred my own money in and out of my OWN acct. Nothing I can do. They just did it.

Not sure if I should laugh or apologize.... I'm imagining the phone conversation in my head:

"I have a SAVINGS account here, what's this checking BS?"
"Ahh, yes, about that...."
 

dcmdon

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I will never understand why anyone does business with those big national banks. The service, sucks, their fees are outrageous. I moved to MA 8 months ago and it only took me a week to find a fantastic mid sized LOCAL bank, where I can talk to a decision maker if I need to.

Don

p.s. I LOVE Cambridge Savings. Big enough to have all the good stuff. (Excellent web banking and a smartphone app) Small enough so you can get decisions made in a timely manner. When I set up my DBA account there for some small time gun stuff, I ended up talking to one of the bankers for 15 minutes about shooting. She's going to take a class with me soon with her boyfriend.
 

Shmittey

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Opened an account yesterday with a small local bank, just have to wait for direct deposit to switch over and thats the last of BOA... should have done it sooner.
 
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Just another reason not to do business with Bank of America and if you have an account with them take your money out and let them know why
 

Shmittey

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When I closed the savings account the woman asked me why I was leaving. I told her about the McMillan issue and how I don't feel its good for a bank to be a political arm for any agenda... that I just want a bank to be a bank and nothing more. She said "well don't you think its best (bank policy) given recent shootings?". This was the 146 Sutton branch if anyone is wondering.
 
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