Bank of America put a hold on and then subsequently closed my newly opened checking account with zero explanation. I was trying to transfer across a substantial amount of money to qualify for platinum honors status, apparently that set off some red flags.
If they don’t want my business fine, I’m happy to take it elsewhere, but the fact that they’re allowed to drag their feet like they are is ridiculous and should be illegal. More than a week after my account was locked it’s still under review. They won’t even give me an ETA on when they’ll be done and I’ll get my money back.
It’s not a huge issue for me but this kind of nonsense has the potential to financially devastate someone.
I should have known better than having anything to do with BofA given all the horror stories. I’m putting this out there as a warning to others who might think those stories are exaggerated, or only happen to people doing shady things. I have (or have had) accounts with 10+ other banks and brokerages and this is the first time anything like this has happened… I don’t think it is a coincidence that BofA is involved.