I had a problem with Bank of America which I posted seperately on this forum but I wanted to post here what I learned about the B of A procedures in opening accounts so readers would not have to wade through my own problems to find these 'tips' or warnings. You can find my post by putting into the search block on this site: 'Bank of America Georgia' and read the whole post, but here is what I learned.
1) B of A will open your account as you sit there in the office, they will accept and credit your deposit and you will leave thinking you now have an account with them. However, this opening is only tentative and is subject to 'verification' which they do after you have departed. They look at the Chekex system to find any bad checks, they do a background via the major credit bureau (s) and based on any negative or even questionable information, they will immediately close your account and a few days later a letter full of 5 paragraphs of boiler plate will show up. It will cite the document you signed when opening the account which says that they have the 'right' to close your account at any time for any reason.By then, now about a week after you thought you had opened an account, you may have written checks which will of course now bounce.
2) If you establish an account in an area outside where your credit reports show you as living this will cause their 'Risk Management' department to abruptly close your account and the letter mentioned above is sent to you. They do NOT bother to ask you if you have moved or have a condo in place A and a house in place B or ask for any explination as to why you are applying in NY but your credit report shows an address in Fla, they immediately jump to the conclusion that there is some ID Fraud, close your account and your checks bounce.
3) Bank of America will NOT send you any notification that they used one of the 3 major credit reporting agencies to obtain the negative information that they used in making their decision to close your account (ie: deny you credit). Federal regulations require that any firm who uses such credit reporting agency information in the course of making their decision to deny you credit that they must notify you of the name and address of the agency used in the form of a letter which you can then submit to said agency with your request to have them provide you a copy of the report that they had furnished to B of A.
You may find that you have a receipt for an opening deposit, checks show up in the mail, the debit card and pin number arrives but this account you thought you had was closed 2 days after you opened it. Just another example of B of A screwing with their customers for no valid reason.
You can find this info at my blog site: http://bankofamericageorgiasucks. Blogspot.com
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