I heard about this today and I was stunned. If this is indeed the facts then it is important that you know about it.
If you have a bank account with Bank of America and do online banking, money may be flowing out of your account for purposes other than you intended. This came to my attention by a friend who had paid online for services to a contractor who was performing services for my friend.
The contractor was looking for a check from their client but had not received it in the mail when they called to see what had happened to the payment. My friend who had pain online looked at his account which stated that the check had been cashed. However, the check had not been received by the contractor. When my friend asked for a copy of the check from BOA, they were unable to produce one. It seems that in fact the check haad not been cashed at all, but yet the funds had been taken out of his account and placed "somewhere" within the BOA system.
It also seems that checks sent from an online account at BOA appear to be a junk mail soliciitation rather than a check as it would appear otherwise if sent from a legitimate concern. This leads some people to just rip up the check and throw it away before it is opened.
So where is the money I ask? What is BOA doing with this money that is not in the payer no payees account? What are they doing with this float?
