Even though going after credit card rewards is my proverbial bread and butter, I do occasionally dabble in pursuing new bank account bonuses. The latter is definitely more of a nuisance, at least to me. But hey, money is money, right? Well, my latest experience with opening a new Bank of America checking account was/is the mother of all nuisances.
I won’t bore you with all the details of the bonus (hat tip to DOC blog), plus, the deal is now dead anyway. Basically, I had to deposit $15k in order to (hopefully) earn $500 a few months later. I fulfilled all the requirements, and was making all kinds of plans for my new windfall. Travel, naturally. Well. Yesterday, I got an email telling me that that my account balance has dropped to zero. Say what?
I logged on and saw this:
That’s not right. I figured it was some kind of a glitch or possibly fraud, so called Bank of America right away. Turns out, they have decided to close my account. When I asked why, the reason was not given. Apparently, the law doesn’t require banks to notify you before closure and they can do so for any reason whatsoever.
What triggered it? Beats me. I’m not a money launderer, that’s for sure. I made several transfers from my Discover savings account in order to reach the required $15k balance, and also made a $1 mobile check deposit. That’s it. The lady I spoke with was pleasant, and I actually told her to stop apologizing, as it’s not her fault. She was simply doing her job. She has assured me that the funds would be released the next day and they would mail me a check. Fair enough.
My credit cards with BoA are not closed yet, but I’m sure they are next.
No soup (money) for you!
Today I tried to log into my account only to find that all trace of it has vanished. I’m glad I took a screenshot of my last statement, plus the recent debit. I’ve decided to call BoA, except they were trying to direct me to their credit card department. Eventually, I got someone to transfer me, and a lady on the other end cheerfully notified me that there is now an investigation in connection with my cursed checking account. Excuse me? I asked her how long it would take and she couldn’t come up with a timeline. Could be months… Terrific.
I asked to speak to a supervisor who was more sympathetic to my plight. However, he said that he didn’t have any power to affect the outcome, but would send an email inquiry just to be nice. Folks, this is my entire emergency fund right there. It seems crazy that they can just keep my money indefinitely and not provide any reason whatsoever. Not to mention, not give me a specific timeline of when I can expect some sort of resolution. If they need proof of my identity, why not ask me to send it?!
Naturally, I filed a CFPB complaint right away. I’m not sitting and waiting for BoA to do the right thing. I’ll update this post with the outcome. I should get the money back eventually and won’t be losing any sleep in the meantime. But man, this is nuts. I’ll think twice before I ever open another checking or savings account again. And you better believe I won’t be tying up my entire emergency fund.
I had to laugh at the absurdity of the whole thing. It also made me think about a friend of ours, who thinks that the government and banks are out to get him. In fact, I once had an argument trying to convince him that he needs to at least contribute enough to 401(k) in order to get the company match. Of course, it would require setting up a dedicated account. His response to me was: “What if they just take my money?”
When I tell him about what happened, I’m pretty sure his reaction will be similar to Captain Holt on Brooklyn 99 show where he yells “Vindication!”:
Author: Leana
Leana is the founder of Miles For Family. She enjoys beach vacations and visiting her family in Europe. Originally from Belarus, Leana resides in central Florida with her husband and two children.
Ugh, this does sound aggravating! I hope the investigation is closed soon. What a pain!
@GUWonder That’s good to know. Though I sure hope it’s less than 90 days.
@Russ You better believe I’ll never open another BoA account again. Though I’m pretty sure the feeling is mutual!
@Sebas You nailed it.
@AJ That’s a fair question. Perhaps I should have added it in the post, but during my first phone call the lady told me that the check is scheduled to be mailed out the next day and that I could call them for tracking number. Which is what I did.
So imagine my surprise when I was told not only will they not be mailing the check, but now there is an investigation with an indefinite timeline. Even if they are allowed to get away with it by law, it’s still super shady.
It’s true, I don’t need the money right now, but I might in two weeks. You never know.
As long as they have your correct mailing address on file, then within 90 days or way less you should receive a banker’s check with the funds from the shut down account. Then you can cash the check at a BOA branch in the US.
Cheapblackdad sighting in the wild! I knew that stock photo would lure you in. 😉
Love the Lord of the Rings reference, my friend.
This is the first time this happened to me, and you better believe I’ll be more selective about opening new accounts going forward.
Because if there is an emergency, she could have transfer them back to her account to use it.
As of now, the money is held by the bank and won’t be returned until the investigation is over.
Bank of America and Wells Fargo–strictly no-fly zone. I would never trust either one, just too much fraud in their past.
Why not give them a few days to sort it out? You were perfectly happy leaving it there for months to get the 500 bonus and now suddenly it’s your emergency fund and you need it asap?
I really want to get into the bank bonus game! But something about it feels so risky to me. I think it’s the idea of putting my actual dollars on the line, as this situation indicates.
If something goes wrong with the issuer on credit card bonuses I don’t lose any savings or funds, just the potential to get more bonuses, which is the gravy on my mashed potatoes. Bank account bonuses play with my mashed potatoes. Like a hobbit, I need them taters. Gravy is optional.
Regardless, this stiiiiiiiinnnkksss. They better do right by you.
@Boonie As of now, yes. I was told they have to complete the investigation first. And they have no idea how long it may take.
So they are holding your 15k and not mailing you check like the lady indicated?