Bank of America - Third Party Checks (account, business, BOA)
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We have what we call law. All these experts including purported bank managers, are clueless. Easiest way to understand is to imagine what a business does that cashes checks for a fee. What do they do with the stacks of third party checks at end of day. According to the posts and experts they cannot deposit these checks. We can see how smart they are when they refuse to deposit a third party check that I'm in possession of and I go to my office, whip out a summons and complaint, file with court clerk, and serve defendant lawfully. I wait 21 days for response and then make my move. A bank employee executing their limited understanding can conceivably cost the bank thousands in legal fees.
We have what we call law. All these experts including purported bank managers, are clueless. Easiest way to understand is to imagine what a business does that cashes checks for a fee. What do they do with the stacks of third party checks at end of day. According to the posts and experts they cannot deposit these checks. We can see how smart they are when they refuse to deposit a third party check that I'm in possession of and I go to my office, whip out a summons and complaint, file with court clerk, and serve defendant lawfully. I wait 21 days for response and then make my move. A bank employee executing their limited understanding can conceivably cost the bank thousands in legal fees.
I'm so glad you bumped a necrothread to share this with us.
The answer was early on the first page. If you have a longstanding relationship with the bank, they'll happily let you deposit 3rd party checks. If you have a fairly recent bank account that is usually bumping along with a balance near zero; or you have the usual deadbeat problems with bounce checks and disputes over fees, they're going to turn you away.
Tell the bank you will report the bank to the state banking commission for violating UCC code. There are endorsement laws for a reason, and the bank is breaking them by not accepting your properly endorsed check for deposit.
That will wake them up. Of course you probably have to get a manager as I am sure the average teller doesn't even know what UCC stands for.
I believe it is the Dept. of Banking and Insurance u report the banks to
I'm so glad you bumped a necrothread to share this with us.
The answer was early on the first page. If you have a longstanding relationship with the bank, they'll happily let you deposit 3rd party checks. If you have a fairly recent bank account that is usually bumping along with a balance near zero; or you have the usual deadbeat problems with bounce checks and disputes over fees, they're going to turn you away.
Not always true. My business has been with Wells Fargo for decades, and every teller in my local branch knows me very well, we have plenty of money on account with them, and have never bounced a check, but they still don't allow third party checks.
Bank of America just has terrible policies in general though. On occasion, I have to take a personal check made out to my company and convert it to certified funds. So all I want to do is take the check, verify funds, and use the check to buy a cashier's check for the same amount made out to the same party. I'm not cashing anything, just converting to certified funds. I work in real estate, and sometimes have to have verified funds for quick transactions. Bank of America was the only bank that made me jump through hoops for this. I had to take the check to Wells Fargo, have them stamp the back and sign off, certifying that I was a signer on the account the check was made payable to. Only then would they do it. I wasn't even trying to cash it, so I found that ridiculous. No other bank, before or since, has been so bad. And on top of that, they charged $15 to do it, more than double what any other bank charges. I'm really glad BofA doesn't exist in my area anymore.
I went to Bank of America to deposit third party check that belongs to my husband. Teller told me to deposit it in the ATM, I did that. It did not clear. I went to the bank with a rep on the phone, telling me what I needed to do. The rep told me to sign a third party authorization form get it approved and I will be fine. Well that day we booked all day pass to Disney. I lost 2100.00 from not being able to use Disney's pass that day. They are mailing the checks I deposited back to me, takes 5-7 business days. I am sueing them. Teller gave me wrong info. Supervisor has been notified. Ruined my whole week. Money lost, plans ruined, disappointed 7 grands. BOA Bunnell, Fl on 100. They will be sued.
I went to Bank of America to deposit third party check that belongs to my husband. Teller told me to deposit it in the ATM, I did that. It did not clear. I went to the bank with a rep on the phone, telling me what I needed to do. The rep told me to sign a third party authorization form get it approved and I will be fine. Well that day we booked all day pass to Disney. I lost 2100.00 from not being able to use Disney's pass that day. They are mailing the checks I deposited back to me, takes 5-7 business days. I am sueing them. Teller gave me wrong info. Supervisor has been notified. Ruined my whole week. Money lost, plans ruined, disappointed 7 grands. BOA Bunnell, Fl on 100. They will be sued.
Fake post. There is no connection between a check deposit and a separate unrelated purchase.
Has anyone every had a problem with Bank of America depositing a third party check? Recently, a friend who owes me money signed over a check made payable to him over to me. He endorsed it properly ("Pay to the order of John Doe, signed Jack Doe). I figured we were good to go, but when I got to Bank of America, they refused to deposit the check, saying that they had to way of knowing if the original check payee really wants me to deposit the check or not. The check was only for $382, and this whole situation has left a bad taste in my mouth.
1) First, haven't third party checks been around since the dawn of banking? While I have never dealt with one before, I remember my parents depositing third party checks quite often and never having any sort of problems. Have laws changed?
2) If the bank is worried about the check being good, why can't they just put a hold on the check balance till it clears? That way the bank does not bear any risk.
3) Every time I go to BofA, the teller tries to push me into opening a credit card that I have supposedly been pre-approved for (I always turn them down because I don't need more credit). However, I think it's comical that BofA will trust me with a $6000 credit card balance, but doesn't see fit that my banking relationship yields me trustworthy of depositing a $382 check from a third party. Surely a 20 year, totally-unblemished banking relationship should mean some level of trust? If BofA wants me to trust them with my money, surely I deserve some reciprocal trust and respect.
Has anyone else had this problem? Is this scenario common in today's banking world. Just for kicks, I called two local community banks in my area and they said that such a transaction was not a problem.
From my experience most American banks will only alowl third party checks if that party has a bank account with them so they can verify the signature.
How about this, My son gets a check from his Health Insurance Company, he does not have a checking account yet but is an adult .He comes with me to my Bank (Valley National Bank in NJ) where I have significant funds in checking account and 2 C.D.s with also significant. I tell the teller my son will show his ID and sign the check and I would like to deposit it.
Teller tells me no way that is 2 signatures, I say yeah so what I worked in a bank as a Teller about 20 yrs ago, it was never a problem to have the 2 signatures then and my son is here signing the check in front of you I am not asking you to cash it? She goes over to a very young and new Supervisor who tells me it is impossible to deposit the Blue Cross/Blue Shield check form my son. Now I am pissed, I go to Bank of America where I only have a checking account which gets used for auto deposits from my job and there is never much in there @ end of month, maybe $100, they say sure no problem :0 so now I am so mad @ Valley Bank I close all but 1 CD account (cause it is not mature yet) the following week
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