Bank Of America
Payroll Check Refused Over Employer Bankruptcy and Negative Balance Policy
- 03-11-2005
- 12
My husband went to Bank of America to cash his payroll check from Decision One Corp and was refused the payroll amount, instead was handed $100 cash. We have belonged to this bank for 1.5 years.
Bank of America now claims that Decision One has an "unreliable" history of honoring checks due to its bankruptcy status. The company has been in bankruptcy for 4 years and most of the D1 employees bank with BOA. The company's status is nothing new to BOA.
My husband was told there is a "new policy" as of March 1 that won't release funds to customers who have carried a negative bank balance for x-amount of months. We suffer negative balances frequently, but nothing over $150.
90% of our overages are due to Bank of America's shading check-honoring practices. Funds that are held as "PENDING TRANSACTIONS" for anywhere from 24-48 hours, then posted.
The "PENDING" time varies, has no regulated policies and routinely screws up our bank balances, resulting in exorbitant overdraft fees. Sometimes checks/charges are honored, another time they are not and it seems to be regardless of account balance.
We have paid over $1k (conservative estimate) in OD fees to Bank of America. They have turned a hefty profit off our account and now, won't release our payroll check.
Consumers beware!
Company: Bank Of America
Country: USA
State: Oklahoma
City: Broken Arrow
Address: 1800 South Elm Place
Phone: 9182581480