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Skip Navigation * How It Works * Pricing * Education * Community * Support * Log In * Start Plan * How It Works * Pricing * * Education * Credit Education * Credit Scores * What is a FICO Score? * FICO Scores versions * How scores are calculated * Payment history * Amount of debt * Length of credit history * Credit mix * New credit * Improve my score * Credit Reports * What's in your report * Bureaus * Inquiries * Errors on your report? * Calculators * Know Your Rights * Identity Theft * FAQ * Glossary * Community * Support * Log In Forum Topics myFICO® Forums Sign In Help * myFICO® Forums * * FICO Scoring and Other Credit Topics * * General Credit Topics * * Banks closing checking accounts holding seizing fu... Options * Subscribe to RSS Feed * * Mark Topic as New * Mark Topic as Read * * Float this Topic for Current User * Bookmark * Subscribe * Mute * * Printer Friendly Page All communityThis categoryThis boardUsers Enter a search word Turn off suggestions Enter a search word Turn off suggestions Enter a user name or rank Turn off suggestions Enter a search word Turn off suggestions Enter a search word Turn off suggestions cancel Turn on suggestions Showing results for Search instead for Did you mean: BANKS CLOSING CHECKING ACCOUNTS HOLDING SEIZING FUNDS WITH NO RECOURSE - BANK OF AMERICA THE WORST GET YOUR FICO® SCORE FOR FREE No credit card required Get Access Now Advertiser disclosure IS YOUR CREDIT CARD GIVING YOU THE PERKS YOU WANT? Browse credit cards from a variety of issuers to see if there's a better card for you. Browse Offers * All forum topics * Previous Topic * Next Topic * « Previous * * 1 * 2 * 3 * Next » Anonymous Not applicable * Mark as New * Bookmark * Subscribe * Mute * * Subscribe to RSS Feed * * Permalink * Print * * Report Inappropriate Content 10-02-2024 08:38 PM 10-02-2024 08:38 PM RE: BANKS CLOSING CHECKING ACCOUNTS HOLDING SEIZING FUNDS WITH NO RECOURSE - BANK OF AMERICA THE WOR > -------------------------------------------------------------------------------- > > @CrSter wrote: > > > Nothing has gotten better since November. Still the way it is. Wells Fargo > at least gives a month's notice and allows a wind down with full access to > funds before the closing date, > > > > Bank of America shutters the accounts and freezes funds pending closure and > sometimes seizes funds. There are horror stories about BofA's doing this > online. > > -------------------------------------------------------------------------------- I was just looking online, since we are there. I see year old stories. Message 11 of 21 0 Kudos Reply AndySoCal Valued Contributor * Mark as New * Bookmark * Subscribe * Mute * * Subscribe to RSS Feed * * Permalink * Print * * Report Inappropriate Content 10-03-2024 07:08 AM 10-03-2024 07:08 AM RE: BANKS CLOSING CHECKING ACCOUNTS HOLDING SEIZING FUNDS WITH NO RECOURSE - BANK OF AMERICA THE WOR @CrSter One of the benefits of credit unions is the thier ATM and branch network. Look at any credit union ATM and branch network. With credit unions you can use any credit union atm with no fee. I used a local credit union in California to make a cash deposit to my credit union in Maryland with no fees. FICO Scores XPN v8 802 V2 831 (SDFCU) TUC bankcard 797 08/2024 EFX 811 Bankcard v8 811 EFX 806 FIC0 v8 (09/2024) Discover IT 09/90, 19000, JC Penney 10/2008 4700, US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 20,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Langley FCU Signature Cash Back Visa 10000 Bank: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican State CU Redstone FCU Hughes FCU, LangleyFCU My personal blacklist Bank of America Synchronny Bank Wells Fargo Capital One TD Bank Message 12 of 21 0 Kudos Reply CrSter Established Member * Mark as New * Bookmark * Subscribe * Mute * * Subscribe to RSS Feed * * Permalink * Print * * Report Inappropriate Content 10-03-2024 07:36 AM 10-03-2024 07:36 AM RE: BANKS CLOSING CHECKING ACCOUNTS HOLDING SEIZING FUNDS WITH NO RECOURSE - BANK OF AMERICA THE WOR Also there is a long history going back many years of complaints about the way BofA handles account closures - freezing funds first, closing much later, sometimes seizing funds entirely. I haven't Googled closely but I don't think there are such complaints posted against credit unions. With CUs don't the funds all technically belong to us? collectively. Message 13 of 21 0 Kudos Reply FicoMike0 Valued Contributor * Mark as New * Bookmark * Subscribe * Mute * * Subscribe to RSS Feed * * Permalink * Print * * Report Inappropriate Content 10-03-2024 12:56 PM 10-03-2024 12:56 PM RE: BANKS CLOSING CHECKING ACCOUNTS HOLDING SEIZING FUNDS WITH NO RECOURSE - BANK OF AMERICA THE WOR Navy's closest branch is about a two hour drive for me, but I only use one physical bank anyway. Id have to enter Hilbert space to get to an amex branch. I think their street address is an imaginary number. Message 14 of 21 0 Kudos Reply NoMoreDebt Senior Contributor * Mark as New * Bookmark * Subscribe * Mute * * Subscribe to RSS Feed * * Permalink * Print * * Report Inappropriate Content 10-05-2024 05:07 AM 10-05-2024 05:07 AM RE: BANKS CLOSING CHECKING ACCOUNTS HOLDING SEIZING FUNDS WITH NO RECOURSE - BANK OF AMERICA THE WOR Diversity is key and not a bad idea to avoid retail banks all together. NFCU is as close to a regular bank as we have and we don't really do as much with them banking wise as we do with Fidelity or Schwab. KEEPER EVERYDAY CARDS/ AMEX CHARLES SCHWAB PLATINUM NPSL/ AMEX CHARLES SCHWAB INVESTOR CARD $28,900 CL/ AMEX MORGAN STANLEY BLUE CASH $5K CL/ AMEX GOLD NPSL / AMEX GREEN NPSL/ AMEX BLUE BUSINESS PLUS $5000 SL/ AMEX BLUE CASH EVERYDAY $18,000 / FIDELITY REWARDS VISA $23,500 SL/ NFCU FLAGSHIP $40,000 CL/ NFCU MORE REWARDS $40,000/ WELLS FARGO AUTOGRAPH $8200/ CITI COSTCO ANYWHERE VISA $6000 SL/ DISCOVER IT $3000 SL/ APPLE CARD $6500/ SOCK DRAWERED & SOON TO CLOSE / PAYPAL CREDIT LINE $1700 Message 15 of 21 0 Kudos Reply AndySoCal Valued Contributor * Mark as New * Bookmark * Subscribe * Mute * * Subscribe to RSS Feed * * Permalink * Print * * Report Inappropriate Content 10-05-2024 02:27 PM 10-05-2024 02:27 PM RE: BANKS CLOSING CHECKING ACCOUNTS HOLDING SEIZING FUNDS WITH NO RECOURSE - BANK OF AMERICA THE WOR I agree it it's not a bad idea to have a back up just in case. The main reason for me is a ransom ware attack or an account takeover. Banking wise we are pretty much creatures of habit. The paychecks are direct deposit and the bills you pay are mostly the same month over month. There are some unique months where you do a wire transfer to an escrow company with the down payment or something similar. These types of things as a rule are not a problem. A transaction of mine was called into question by US Bank. I written a check long story short somehow someone got it and washed the check. In the memo part was written babysitting. The person who tried to cash the check attempted to cash it at US Bank branch. The word baby sitting did not match my profile for someone that was 60+ years old. Hence the reason the bank branch called me. It was fraud. The OP states that the bank's risk department was / is involved. The risk team will never provide a response due the fact the information given could be used help the bad folks to keep from getting caught. The account closures are not random and arbitrary. I work for a financial institution I have heard calls where a relative is trying to impersonate another relative. The intent of the caller is not always a good one. The bank and its employees must do their due dillegence to prevent the fraudsters from gaining access to customer's account and draining the account(s). The second part of that is the due dillegence is the prevention of fraudsters from using the banks resources to carry out their business. The reason you only hear of B of A Wells Fargo etc is those banks have in access of one trillion dollars in assets. The largest credit union NFCU has around 180 billion in assets. This does not mean a credit union will not close accounts if need be. FICO Scores XPN v8 802 V2 831 (SDFCU) TUC bankcard 797 08/2024 EFX 811 Bankcard v8 811 EFX 806 FIC0 v8 (09/2024) Discover IT 09/90, 19000, JC Penney 10/2008 4700, US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 20,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Langley FCU Signature Cash Back Visa 10000 Bank: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican State CU Redstone FCU Hughes FCU, LangleyFCU My personal blacklist Bank of America Synchronny Bank Wells Fargo Capital One TD Bank Message 16 of 21 1 Kudo Reply TrapLine Regular Contributor * Mark as New * Bookmark * Subscribe * Mute * * Subscribe to RSS Feed * * Permalink * Print * * Report Inappropriate Content 10-05-2024 03:22 PM 10-05-2024 03:22 PM RE: BANKS CLOSING CHECKING ACCOUNTS HOLDING SEIZING FUNDS WITH NO RECOURSE - BANK OF AMERICA THE WOR Great write-up! Lays out what is up in the financial market place. Of late, a credit union and small bank system in my area were part of some type of hit. Add to that certainly Chase and Fidelity Investments. Frustrating, we don't know outcomes but as you said, a lid on it may prevent other such attacks (or copy cat). What's this you did not baby sit ... com'mon we all know you have a brood? Message 17 of 21 0 Kudos Reply AndySoCal Valued Contributor * Mark as New * Bookmark * Subscribe * Mute * * Subscribe to RSS Feed * * Permalink * Print * * Report Inappropriate Content 10-05-2024 04:49 PM 10-05-2024 04:49 PM RE: BANKS CLOSING CHECKING ACCOUNTS HOLDING SEIZING FUNDS WITH NO RECOURSE - BANK OF AMERICA THE WOR @TrapLine As I have posted more than once fraud today is at a very high level. The level of sophistication of the fraud has also increased as well. I am almost to the point where I trust little or nothing from an unknown source. I go through the steps to verify everything. I know one wrong step I could open the perverbial flood gates either personally or job wise. Below is a fictional example of due dillegence. There probably several variations of this, that is true in real life. Grandma Betty goes to her bank or credit union where she has banked at for several decades. She is well known at the branch. Grandma Betty goes to the teller to make deposit the teller notices the there is an outbound wire transfer pending on the account. This something that this customer has never done. The teller excuses his or herself and talks to the manager. After the deposit is completed the manager takes Grandma Betty to an office where she is asked about the wire transfer. Grandma Betty states that she did make that wire transfer. This was the beginning of an account take over. The appropriate steps were taken to prevent the account takeover. Why was the account take over prevented the teller did the due dillegence. Now to the "baby sitting" check all my checks I print everything except my signature. After the "washing" of the check the payee and the memo line was in script. The penmanship used was a minimum of 25x better than mine. Also there is no brood with my DNA. I am an uncle yes but not a father thank you. FICO Scores XPN v8 802 V2 831 (SDFCU) TUC bankcard 797 08/2024 EFX 811 Bankcard v8 811 EFX 806 FIC0 v8 (09/2024) Discover IT 09/90, 19000, JC Penney 10/2008 4700, US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 20,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Langley FCU Signature Cash Back Visa 10000 Bank: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican State CU Redstone FCU Hughes FCU, LangleyFCU My personal blacklist Bank of America Synchronny Bank Wells Fargo Capital One TD Bank Message 18 of 21 1 Kudo Reply CrSter Established Member * Mark as New * Bookmark * Subscribe * Mute * * Subscribe to RSS Feed * * Permalink * Print * * Report Inappropriate Content 10-05-2024 05:41 PM 10-05-2024 05:41 PM RE: BANKS CLOSING CHECKING ACCOUNTS HOLDING SEIZING FUNDS WITH NO RECOURSE - BANK OF AMERICA THE WOR The articles we read about online are situations where once the press gets involved Bank of America folds and releases the bank account funds to the holder. So obviously there was nothing going on just innocent people getting caught up in overzealous fraud detection algorithmns. In any case, as I wrote up above, there are ways to sever relationships and then there are ways to sever relationships. Shuttering access, refusing to respond to inquiries, and constantly putting foward into the future a resolution date the way Bank of America does it is more than enough reason to avoid them. Just trying to get the word out there, I have never lost any money to any bank and I would like to keep it that way. Message 19 of 21 0 Kudos Reply AndySoCal Valued Contributor * Mark as New * Bookmark * Subscribe * Mute * * Subscribe to RSS Feed * * Permalink * Print * * Report Inappropriate Content 10-05-2024 06:36 PM 10-05-2024 06:36 PM RE: BANKS CLOSING CHECKING ACCOUNTS HOLDING SEIZING FUNDS WITH NO RECOURSE - BANK OF AMERICA THE WOR @CaSter I will start by saying this please note in my siggy below the personal blacklist and which bank is first in the list. My initial response is referring to banks and credit unions as a whole. Is any bank or credit union perfect I think not. In my opinion I would never describe anti fraud efforts as over zealous. I hate fraud with a passion. I either talked to or listened to a call where a customer had their life savings drained by a fraudster. I do not know if the bank was able to get the funds back. Show me article(s) of a bank or credit union being to lax in the response to fraud and I will close my accounts in a heartbeat if I have any with them.. Here is an apparent example please note the example is three years old. Not sure if the case is still in litigation https://topclassactions.com/lawsuit-settlements/money/wells-fargo-looked-on-as-elderly-customer-lose... As far as Bank of America is concerned my recent encounter with them was in 2008. I was the executor of my mom's trust. So I converted the accounts accordingly by opening two new accounts that were to be linked to avoid any fees. The accounts were not linked. I called Bamk of America customer service for five months to try to get the problem fixed. I closed the accounts and refuse to business with them at all. FICO Scores XPN v8 802 V2 831 (SDFCU) TUC bankcard 797 08/2024 EFX 811 Bankcard v8 811 EFX 806 FIC0 v8 (09/2024) Discover IT 09/90, 19000, JC Penney 10/2008 4700, US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 20,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Langley FCU Signature Cash Back Visa 10000 Bank: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican State CU Redstone FCU Hughes FCU, LangleyFCU My personal blacklist Bank of America Synchronny Bank Wells Fargo Capital One TD Bank Message 20 of 21 2 Kudos Reply * All forum topics * Previous Topic * Next Topic * « Previous * * 1 * 2 * 3 * Next » † Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation. 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