I must preface this report by noting that after several years of doing busines with this company, this is the first time I have been disappointed, but I think it is an issue that could have a simple enough solution that everyone should know about it.
The ATM machine does not advise that it puts a hold on large checks deposited until after it has accepted the deposit, does not allow an option to cancel the deposit, and the branch manager claims that an external contractor manages the ATM, so he can do nothing about it.
We had a check for about $4,000 we could have simply cashed at the local branch of the bank upon which it was drawn. Finding a long line in the bank where we wished to deposit it, my wife decided to use the ATM. Only after making the deposit did it inform us that a hold was on the check, and it gave us no option to cancel.
We immediately spoke with the branch manager, and he stated that he could do nothing about it. He stated that it was supposed to offer an option to cancel the transaction if a hold was not desired. He just gave us this helpless "sorry" look and kept our money. Said he could do nothing about it. After two days he could get the hold off the check, and he suggested that we might get it done by calling customer service, the outcome of which has yet to be determined. He explained that an outside comapny services the ATM, and they have nothing to do with it.
Personally, outsourced or not, I think the Bank of America has responsibility to the consumer for the failure of their service to perform, even if a third party is responsible to them for it. Bank of America is the one dealing with the consumer, and making promises to the consumer.By not informing us that a hold would be placed on the check before accepting it in deposit, Bank of America kept us from cashing it at the Bank on which it was drawn, and secured interest on the full amount of funds during the float time until we could actually draw on the funds — so Bank of America does gain something from this failure by an alleged third party.
Meanwhile, consumers should know not to deposit large checks in that particular ATM if they want to be certain of immediate access to the funds. You will not be able to get your money, plain and simple, until they let it go, and they will keep making money off it anyway.
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