Banking… how things have changed

[ultrarunner]

The pandemic certainly curtailed banking with many local branches closed over a year and by appointment when reopened until fairly recently.

Banks are again open but making cash and/or “Large” deposit is not business as usual and now cause for extra scrutiny and holds up to 15 days… crazy when computers are able speed operations in the blink of an eye.

I still run my small property management company of 40 years and rent is typically paid by check or electronic transfer… or cash if rent in arrears or past check with issues

By law up to 3 years unpaid pandemic rent cannot be reason for eviction.

I have been doing business for over 50 years with Bank of America and US Bank… never a bounced check drawn on any of my accounts ever.

One of my very behind tenants sold his car and gave me $3,000 in cash on 14k back rent he owes.

Went to deposit at my branch and it took the branch manager approval to accept the cash deposit to my Property Management Business Account with the reason being a crackdown on cash deposits…???

“Cash is King” seems to no longer be the case…

The Bank also gave me a printed notice that a Account Hold may be placed on accounts where total deposited checks total more than $5,525 in a day…

On a related note I deposited my personal check of $2500 to a family joint account to cover up coming estate incidental expenses without issue and later that day received this email stating:

$2,500.00
Hold reason:	A 15 day hold was placed on your check(s) because check specific information indicates item may be returned

Interesting times we live and nothing gets easier when running a business…

 

[Hay Dude]

Cash is going away. Sooner than you think.
Merely depositing or withdrawing large sums of cash can have you labeled as a potential criminal.

It ain't your fathers USA anymore. Freedom is vanishing quickly

 

[ultrarunner]

I guess I never thought 3k was a particularly large amount especially with inflation.

 

[Hay Dude]

I guess I never thought 3k was a particularly large amount especially with inflation.

It’s not.
FYI my bank does it for as little as $700.

 

[WM75Guy]

I hear you. I got tired of having holds put on checks between our accounts by BOA. We use the small local bank to handle the farm accounts, but they don't have a lot of extra services. BOA and Merril Lynch have our personal checking and retirement accounts, but the nearest branches are 40 miles away. Not a problem as most transactions can be done online or with mobile banking. I set up my BOA account to be able to move money between the 2 banks instead of writing and depositing a check. All fees are waived due to our relationship with BOA.

 

[ultrarunner]

The Bank of America Account was opened in 1948 and until recently the checks/statements said customer since 1948

I asked why it no longer says this and told we don’t do that anymore…

It really did mean something at one time and tellers would waive fees referencing 1948.

Maybe that is why it’s gone?

Just opening a new account seems like applying for a loan… place of employment, annual income, job title, how long with current employer, travel outside the US… IRS status… marital status… etc. plus require a cell phone or email to accept messages… and no I don’t do online because no reliable Internet at my home.

With all they require they still twice lost the copies of the family Trust… it just instills confidence.

Too bad my Credit Union can’t open a business account because I would be gone in an instant.

 

[Hay Dude]

I can’t imagine why anyone would want to do business with B of A.

 

[ultrarunner]

I hear you. I got tired of having holds put on checks between our accounts by BOA. We use the small local bank to handle the farm accounts, but they don't have a lot of extra services. BOA and Merril Lynch have our personal checking and retirement accounts, but the nearest branches are 40 miles away. Not a problem as most transactions can be done online or with mobile banking. I set up my BOA account to be able to move money between the 2 banks instead of writing and depositing a check. All fees are waived due to our relationship with BOA.

When I was in WA I had a rent check I picked up heading to WA so I deposited it in WA…

The teller said my
Manager would like to speak with you… I’m thinking now what?

Manager did a sales pitch to move my accounts to his branch in Olympia and offered “Personal Banking Service”

Thanked him for the offer but said I’m only here for the week… he thought for sure I was another Californian relocating!

 

[ultrarunner]

I can’t imagine why anyone would want to do business with B of A.

Back in 1948… Dad was in the Navy and Bank of America was everywhere he was stationed.

When he opened his business Bank of America offered dads customers auto loans and it was a very good relationship for decades…

Today it’s just a legacy that allows me to do family banking which doesn’t amount to much anymore.

 

[WM75Guy]

I can’t imagine why anyone would want to do business with B of A.

I don't have to worry about them going under or being bought out any time soon.

 

[Midniteoyl]

The pandemic certainly curtailed banking with many local branches closed over a year and by appointment when reopened until fairly recently.

Banks are again open but making cash and/or “Large” deposit is not business as usual and now cause for extra scrutiny and holds up to 15 days… crazy when computers are able speed operations in the blink of an eye.

I still run my small property management company of 40 years and rent is typically paid by check or electronic transfer… or cash if rent in arrears or past check with issues

By law up to 3 years unpaid pandemic rent cannot be reason for eviction.

I have been doing business for over 50 years with Bank of America and US Bank… never a bounced check drawn on any of my accounts ever.

One of my very behind tenants sold his car and gave me $3,000 in cash on 14k back rent he owes.

Went to deposit at my branch and it took the branch manager approval to accept the cash deposit to my Property Management Business Account with the reason being a crackdown on cash deposits…???

“Cash is King” seems to no longer be the case…

The Bank also gave me a printed notice that a Account Hold may be placed on accounts where total deposited checks total more than $5,525 in a day…

On a related note I deposited my personal check of $2500 to a family joint account to cover up coming estate incidental expenses without issue and later that day received this email stating:

$2,500.00
Hold reason:	A 15 day hold was placed on your check(s) because check specific information indicates item may be returned

Interesting times we live and nothing gets easier when running a business…

Welcome to the move to a 'cashless, all digital currency society', where your every move is monitored and approved. Next step is to pull a Canada and lock you out of your own funds if/when you decide to deride the current government in power..

How people keep voting for this BS is beyond me..

 

[turbo36]

Last week we paid off a home equity loan by transferring money from an account in the same bank and were told that it would take 10 days to verify the funds! I said the money has been in that account for a month and you can see it on your computer screen,,,,what do you need to verify?

 

[ultrarunner]

I did follow up with B of A regarding the 15 day hold on
My check from a bank sharing the same parking lot…

As best I can tell the B of A artificial intelligence algorythem overrode the teller as the notice was posted after hours.

It makes no practical difference to me other than leaving thinking business in order only later finding out not exactly. Sometimes I think of all fun… I mean havoc I could create if I won the lottery.

So here is the rest of the story…

​

If we didn't tell you about this hold when you deposited the check, and the check clears, we'll refund any overdraft or returned check fees charged because of the hold. To get these fees refunded, call the phone number on your statement​

 

[notaz3]

I switched from BofA years back to a small local bank. The small bank was bought out by a bigger bank and issues started to arise. The new bank was bought out by and even bigger bank and suddenly there was fees and issues all around. Switched over to a credit union and haven't had problems.

 

[ultrarunner]

Anyone have a business account with a Credit Union?

I thought Credit Union to be my solution but mine does not except Business Tax Payer Identification Number (TIN)

Over the years I have had accounts at other financial institutions but Wells Fargo sooner or later would take over and the reasons for maintaining the business relationship were no longer available…

 

[Hay Dude]

Welcome to the move to a 'cashless, all digital currency society', where your every move is monitored and approved. Next step is to pull a Canada and lock you out of your own funds if/when you decide to deride the current government in power..

How people keep voting for this BS is beyond me..

AMEN

 

[dstig1]

Ultra, you just need to finally pack up and get out of Cali. Someplace more sane would be good for the soul. I can't believe you said banks were only taking in-person visitors by appointment until very recently. That stopped 2 years ago here, and this place is not super conservative, by any stretch. The things you are describing here are just nutz!

 

[D&D]

Anyone have a business account with a Credit Union?

I thought Credit Union to be my solution but mine does not except Business Tax Payer Identification Number (TIN)

Over the years I have had accounts at other financial institutions but Wells Fargo sooner or later would take over and the reasons for maintaining the business relationship were no longer available…

NFCU 2040 Harbison Dr Ste E Vacaville, CA 95687

https://www.navyfederal.org/services/business/checking-savings.html

 

[Yander]

They cannot track or control cash so it has to go. Anything that cannot be controlled will go away. All part of the progression.

 

[Yander]

I switched from BofA years back to a small local bank. The small bank was bought out by a bigger bank and issues started to arise. The new bank was bought out by and even bigger bank and suddenly there was fees and issues all around. Switched over to a credit union and haven't had problems.

BofA