28Feb
BoA just placed a 7 day hold on my deposit. I deposited a cashier’s check – it is safer to receive because money are being debited irreversibly from the payer’s account. Funniest part is after 7 days BoA will only make 85% of the deposit available. #BoA #day #hold #deposit #deposited #cashiers #check #safer #receive #money #debited #irreversibly #payers #account #Funniest #part #days #BoA #deposit
BoA just put a 7 working day hold on my deposit. I deposited a cashier’s examine – it is safer to receive for the reason that funds are staying debited irreversibly from the payer’s account. Funniest section is after 7 days BoA will only make 85% of the deposit obtainable.
Comments (19)
When I was in banking, it was not unusual to get a counterfeit cashiers check. Plus they get to use the money for 7 days and screw you out of the use of it.
Next time, do a wire transfer.
You do know that even cashier’s check is not guaranteed funds right? 7 day hold means you dont have a good enough relationship with your bank that they have the comfortability to release the hold.
OP, anyone can make a cashiers check with a printer, if your balance isn’t more than the check you will almost always have a hold for a check and cashiers check.
I worked for a bank for 20 years, the amount of fraud I saw with cashiers checks was pretty large as its easy to trick people that think the check is real and then it ends up being fake and all the funds are taken out of the customers account and the people who gave the check are long gone.
Also of the “rent” scams are done with fake cashiers checks to make the person think there is no way they can be scammed.
For anyone else who thinks a cashiers check makes it official and can’t be fraud
https://wallethub.com/edu/cashiers-check-scams/16192
look at all the scams people do with fake cashiers checks
edit: a cashiers check is not safer to receive btw
a wire is the safest way to receive fiat and it won’t have a hold. The amount of fraud I saw from cashiers checks and people getting scammed was high. Saw alot of people lose a lot of cash due to no hold, they spend the money and then learn 7-10 days later it was a fake check and the bank comes after you for all the cash back.
I don’t bank with BOFA or Wells Fargo. Shit banks. I deal with small banks and never looked back.
Bitcoin
Fixes
This
.
Seems like banks face too many issues don’t they?
Banks don’t trust each other, I noticed this in 2008 and ir scared the heck out of me.
When banks receive cash deposits of more than $10,000, they’re required to report it by electronically filing a Currency Transaction Report (CTR). This federal requirement is outlined in the Bank Secrecy Act (BSA).
Cashier’s checks are usually treated like cash.
You’ll get the full amount but will have to wait a bit longer.
Next time do a wire transfer to your bitcoin wallet on Coinbase, if u do it in the morning you could have the money the same day
I stopped using banks in a long time , what the government don’t know won’t hurt them
They have laws to report large transactions. It’s not up to them
If you use BofA, you get what you deserve.
For a second there, I thought you were talking about the k pop star.
Use Bitcoin. That’s all.
This should be illegal. That is YOUR property that they have sanctioned from you, without any evidence of wrongdoing.
Who tf uses cheques still?
BAC-34.21 USD/SO 8 Billion/Dividend 0.88/Total DEBT (mrq) 562.15$ Billion
E&OE/CYA
How long would it take to deposit money to exchange, buy bitcoin and relock it to recipient’s address who then has to sell it, and then withdraw money to their bank?
They are out of cash… Again.
That’s the trap of “uncontrolled growth” and “unlimited debt” economy. Nature hates it. If you can’t go bust because you can always borrow more any growth you make is pointless.
Yes – it DOES allow for a faster growth. But when you make a debt on a bet on a debt on a bet… It’s goes all Greece.