I was given 2 checks written on Wells Fargo, deposited them, then later went to Bank of America to withdraw funds. I asked the teller if the funds had cleared as I was asking for nearly $3000 cash withdrawal. She assured me the funds were available.
2 weeks later online I learned one had been returned. I phoned the call center and had this confirmed. I asked about the second check and after some conversation and a couple times on hold because the somewhat vague answer caused me to insist the woman do more to assure me, I was assured the second one was okay, was cleared.
Next day I went in to get a cashier's check and found my other account overdrawn and learned funds were withdrawn to go the the account of the returned check. No prior notice. No mail. No opportunity to make anything right. They refused to release the check to let me try to get the money and said they would release only after I had paid the money.
5 days later I received notice the second check had been returned.
Long conversation with bank employee yielded nothing but going around in circles today. She insisted there was a misunderstanding, that the teller didn't realize what I was asking, and tried to justify it by telling me about how they make funds "available" so people can write checks on them before they actually clear. She reminded me checks can take time to clear through the system and that was in their legal agreement. Hello! That's why I asked if the money was there.
She made no comment about the rep telling me the second check was clear, though she didn't try to tell me that was a misunderstanding. She did tell me she would speak to that person so it wouldn't happen again.
I know Bank of American is collecting hundreds of thousands of dollars from this sneaky grey area of untruth, probably daily. They're unethical in their practices and answer in what looks to the consumer like the truth, but really is almost a kind of insider's code that only they understand.
Bottom line - I did not need the money, was in no hurry for it, and really did want to know if it had cleared before trying to draw on it - that the money really was there. It was money for something unrelated to me and the 3rd party had only requested the money be passed on after it had cleared. I asked for what I needed and was told something false.
Because of Bank of America's false report to me I am now out $3500, and they refuse to acknowledge any responsibility. It's a terribly huge financial burden for me. I will be contacting the media, and I'll try to get someone else at the bank tomorrow, plus, I will have to try to get them to give me a loan to cover the money.
Most people need monies like that for some personal reason. Mine was cut and dried, business deal, nothing for me. Had the bank told me the truth, no report like this would have ever been made. I would have waited for however long it took.
I'll also be trying to collect on the check - one has been returned to me now - but I'm betting that I got in the middle. That aspect is unrelated to the central issue, however.
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