I have only been a BOA customer for 6 months. I have been a HAPPY customer of a BETTER bank for 11 years and remain so. I was, however, asked to have a BOA account by a new client whom prefers to make "online direct transfers" or deposits to my account from his business's account. All sounds innocent so far... Right?
Really, I did not notice this right off as I really did not use the account for anything but receiving these deposits. I would be notified from the client that an invoice was paid (remember, using the www.bankofamerica.com site to transfer the funds directly from his account directly to my own). Sometime following the notification I would simply send a check from my BOA account to my regular account.
Unfortunately a pattern began to emerge. BOA would bounce my check written to move the money! I was livid the first time it happened thinking the client wrote me a hot check and BOA never notified me. A little more digging revealed that this, by no means, was the case at all.
What happens is when my client orders the funds to be transferred ("Online Direct Deposit" is the program name), the money is IMMEDIATELY removed from his BOA account but are not visible in ANY way (not as pending... Nothing) in my account for 3 business days!
I consider this a REAL ripoff and unfair banking practice. When I finally figured out what the problem was I assumed they would transmit information to my good bank telling of their error and of course, covering all fees. They would have no such settlement. I personally am driven crazy by the idea that they can remove the money from my client's account (BOA) and do with it as they please for 3 business days, then finally give it to me a half week later (in my BOA account).
Is this normal banking practice?
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