Source: Bank of America to Make It That Much Harder to Deposit YOUR Check (Or Cash It) -- Leak From A Current Pissed Off Banker
The Notorious Banker
English - January 15, 2020 19:00 - 34 minutes - 32.3 MB - ★★★★★ - 54 ratingsBusiness Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
I have dozens of people who work for Bank of America filling me in on the ins and outs of what's happening to impact the customers of the bank. I have Personal Bankers (RMs), Call Center employees, both BofA in-house and outsourced, one Financial Center Manager in Vegas, and One former manager in Vegas, plus I am friends with several employees in the Las Cruces/El Paso/Dallas areas who still work there.
I was tipped off on a "Need to Know" training that is describing a policy that is ending at BofA really soon. In the immediate future, Bank of America will cease giving immediate credit for check deposits at the ATM citing "security reasons". The policy, which has been around for 15 years is ending, despite customers being proactively pushed to the ATM to make said deposit. Also, check cashing will be "discouraged" as an alternative as "policies on check cashing will continue to evolve". The tipster said, "As we continue to push direct deposit" (Their Words)
In reality:
It's to keep more money in-house longer
The policy on not trying to cash people's checks coincides with a desire to scale back cash logistics to "save money"
To dissuade people from utilizing checks at Bank of America
To goose people into enrolling into direct deposit when possible (this is a bonus metric on bankers and managers goals)
Those who get paychecks, those working class folks will have to wait at least one day, whereas they could have their money immediately most of the time, and those checks very well could be subjected to holds going forward, which I believe will prompt a lot of the lower-income population of BofA customer to consider leaving, which is really what I believe Bank of America desires.
I discuss this in great detail.
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