Two weeks ago I laid down my motorcycle, a 2001 Triumph Trophy 900, while on an on-ramp, going about 25 mph. The bike slid about 10 feet, and caused damage to the front and right-side fairings, broke a foot peg, mirror, and damaged the windshield. I had the bike insured through Progressive Insurance, who was very helpful throughout the whole ordeal. The did, however, declare the motorcycle a "total loss", due to the extreme expense of obtaining parts for a British-made motorcycle. Though the bike was still structurally and mechanically sound, the cost to fix the bike was greater than 80% of it's total value. So they cut me a check last Tuesday for $4,700.20.
I took the insurance check to a Bank of America branch in St. Petersburg, and handed it to a teller with a deposit slip attached. I asked her (I can't recall her name) how long it would take for the check to clear my account, so I would know when it would be safe to purchase a new motorcycle. She said the check did not have a hold period, and that it would clear my bank account the following morning.
She took the check without my endorsement on the back; I thought nothing of it at the time, since I was only depositing funds and NOT withdrawing money against the check. The insurance check did in fact clear on Wednesday morning, as she had said.
The following day, I go to Barney's Motorcycle and Marine to purchase my new bike, a 2001 Yamaha FZ1-S. I write them a personal check for $4,650 to purchase the new motorcycle, Which posted to my account the next day, Thursday. However, on the following day, Bank of America BOUNCES THE INSURANCE CHECK out of my account, due to LACK OF ENDORSEMENT!!!
So now, they have charged me a $5 returned item fee for the insurance check, and I now face a $35 returned check fee from BOA, as well as a $35 returned check fee from Barney's on my personal check!!!
So all in all, this is going to end up costing me about $75 because I simply FORGOT TO SIGN A * CHECK!!! Nobody at Bank Of America seems all that concerned about this, or the fact that I can now technically be ARRESTED for passing what is now a $5,000 bad check!!! And all because of a missing signature!!!
I acknowledge my error in forgetting to sign the check, but for Christ sakes, a SEVENTY FIVE DOLLAR PENALTY?!?!?!
What about the teller who TOOK THE CHECK without the endorsement?!?!?! I wonder what her "penalty" will be? Why could NOBODY from BOA call me to alert me to this problem BEFORE BOUNCING the check out of my account?!?!?!?
Needless to say, when this is over, I will no longer be a BOA customer, and I will be sure to tell everybody I can about this absurdity.
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