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So yesterday, I dropped into a Bank of America branch to deposit a check. I filled out the deposit slip, waited in line, and then handed the teller the slip and the check.
The snag: I didn’t use the right type of deposit slip. I had to use the out-of-state accounts deposit slip.
But, I pointed out: The address on my account is in New York.
Doesn’t matter, she said. The account was opened in Florida, and as such, it’s tagged as a Florida account now and forevermore, regardless of the accountholder’s current residency. You could always close an account and open a new one in your new state of residence, but she said it really wasn’t worth the hassle.
Does this make any sense? First off, I’m not sure why a Bank of America account even needs a geographic signifier — the bank’s got branches from coast to coast, making it a truly national financial institution. If BofA has to go through this with every one of its accounts, it’s got to be an administrative nightmare. And what about bank customers who move around a lot (the military and certain other professions)?
This didn’t wind up being a big deal for me. I simply filled out the correct deposit slip quickly, and took care of business. But I can’t believe that I’m going to be holding onto a “Florida” account for the rest of my tenure with Bank of America.
I don’t think Bank of America is a federally chartered bank. They are a series of state chartered banks run under the same name. As such the accounts are all different.
Wait to see how long it takes your check to clear!
In any case, it’s a part of arcane state and federal banking laws. I had this problem with First Union when I lived up and down the east coast.
BofA must be one of the worst banks in the world though. I’d consider switching banks.
Comment by Michael Conlen — 04/14/2006 @ 05:31:43 PM
Not from around here, are you?
Yet another disadvantage of Humongous Monolithic Bankage Corporation (Member FDIC), as discovered by CT: So yesterday, I dropped into a Bank of America branch to deposit a check. I filled…
Trackback by dustbury.com — 04/15/2006 @ 11:59:09 AM
No, BofA is definitely federally-chartered; see here. But I’m sure they do have to abide by state banking laws, which is where the fun starts.
Switch? Heck, I just opened the account a couple of months ago! I was with AmSouth for ages, and was happy with them; but since they don’t have any branches north of Tennessee, it’d have been hard to bank in New York with them.
I wanted a coast-to-coast bank, so it was BofA or Wachovia, and I’d already had a sour experience with the former First Union. All the megabanks are terrible to some degree, so you just hold your nose and pick one.
Comment by CT — 04/15/2006 @ 12:19:24 PM