More Bank of America suckage.

[chadbag]

As I have posted before we had a major tragedy in my area. Tornadoes wiped out the town and while many of us avoided losing our houses. Well Bank of America is refusing to sign off on the insurance checks from the local people. No reason is being given but checks are being refused and sent back unsigned. So far I know of 8 cases of it happening.

I am a bit confused. What do you mean "sign off on the insurance checks"? Doesn't the insurance company issue the check? Why does BofA have to sign off on anything?

If the people have accounts at BofA and they won't accept the check, then just go to your local bank or credit union and open a new account and deposit it in there.

(I personally ditched all banks personally in 1983 and ditched my business bank in 1999. All my accounts are at credit unions that were local to me when I lived in the area the accounts were opened up at. With "Credit Union Service Centers" at many CU branches [for whatever CU -- does not matter] I can continue to easily use those accounts even if I live across country now. I had a BofA Visa card but got rid of it long ago. They are the biggest turds I know. And that includes in comparison to Citi)

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[montanadave]

I had an airline specific credit card account through Bank of America for several years put ditched it when that carrier cancelled service to our local airport. It became such a hassle to use our miles that the juice just wasn't worth the squeeze. That said, I never had any issues with BAC.

All of our checking and savings accounts are through a regional bank or local credit union.

As for the decision to dump a firearms-related company, I can only imagine some suit in BAC's legal department thought it would be a good idea to limit their potential liability or some management mucky-muck is trying to push a personal agenda. Regardless, if the story gains some steam and starts generating negative press in the media and blogosphere, I'm guessing BAC will start walking this back pretty quickly. As reviled as these big banks are by most of the general public, they can't afford to start alienating every gun owner in the land.

[austinN4]

I am a bit confused. What do you mean "sign off on the insurance checks"? Doesn't the insurance company issue the check? Why does BofA have to sign off on anything?

Typically on a homeowners insurance claim, the insurance company will make the check payable to both the homeowner and the mortgage holder. I took the post to mean that BOA was the mortgage holder and would not endorse the checks for some reason, which wasn't fully explained.

[Hmac]

I don't bank with BoA, but I have to use them frequently for overseas money transfers....cheapest game in town by a wide margin.

[Artos]

Gotta love that snopes has this as undetermined, also claiming that boa has a banking relationship with Freedom Group.

sigh...

[kwelz]

I am a bit confused. What do you mean "sign off on the insurance checks"? Doesn't the insurance company issue the check? Why does BofA have to sign off on anything?

Austin pretty much answered this already. The checks you get from insurance are made out to the owners of the house and the holder of the mortgage. I should have been so clear but I have been dealing with it so much for the past 6 weeks that it is just second nature to me. Sorry.

[Suwannee Tim]

Back before the days of "too big to fail", in the days of Florida National Bank, NA and Barnett Bank NA, I asked myself "why do the banks mistreat their customers?" The answer, I concluded was "because they can." Now that they are all "too big to fail" I can only imagine they are a lot worse. A pox on 'em. I haven't stepped foot in a bank in decades. Don't plan to ever step foot in a bank again. They can kiss my rectum.

[austinN4]

I haven't stepped foot in a bank in decades. Don't plan to ever step foot in a bank again. They can kiss my rectum.

You are lumping all banks together. There are 7,312 FDIC-insured banks in the US. The vast majority are small local businesses that take pride in customer service and knowing their customers. Don't paint with such a broad brush.

[glocktogo]

The letter needs to go to the BOA shareholders. I'd be pretty pissed if my ROI was taking a backseat to political squeamishness!

[Suwannee Tim]

.....The vast majority are small local businesses that take pride in customer service and knowing their customers. Don't paint with such a broad brush.

Maybe in Texas they are, not here. 25 years ago in Florida all (virtually all) the small banks were gone, gone, swallowed up by the big boys, Florida National, Barnett, et al. I have been treated like shit by banks more times than I care to remember. I am slow to anger but once angry, slow to forgive. I have been treated with contempt, treated like shit enough times in banks that I will NEVER forgive them. How many times does one need to be treated with contempt, treated like shit to conclude that the other party has no respect nor affection for one? **** 'em. **** the horse they rode in on. Maybe I'll get inspired to tell the full story about how Barnett Bank stole $2500 from my buddy at a time when $2500 was real money. About five weeks pay. They came up short $2500 and just took the money from his account. Just took it and dared him to do anything about it. Long story short eight months and many lies later I accompanied my buddy and a State of Florida bank regulator to see the President of BBFL. The bank regulator opened his brief case and pulled a stout lock and chain which he tossed on Mr. President's desk with a promise to lock his front door in five minutes if a check was not produced. That arrogant, smirking bastard threw the check on the floor rather than hand it to my buddy. Greedy, lying, thieving, arrogant sons of bitches. I am sure there are exceptions. Same as lawyers. Matter of fact, I have more respect for lawyers because I have met a good, honest lawyer. One good, honest lawyer out of the forty or so I have had the misfortune of meeting. I have never met a banker I had any respect for. I guess I'm just lucky in that I have met fewer bankers than lawyers. Again, I am sure there are exceptions. Maybe it's a Texas thing. If so I was born in the wrong place.