Open a new account with Bank of America with intentions of opening a CD. Had a large sum of money deposit in bank with Banker Checks. Normal checks take 3 days to clear. I was told due to the amount deposited a one week hold on the money. It is their policy. I can understand that if my intentions were to take money out of the Bank. I wanted to put the money into a CD. Their policy in my opinion is for their benefit causing me to lose $280 in interest for that one week hold. CEO made 41 million last year. How many other depositors is the bank holding their money?
Recommendation: Find a better bank. Bank of America is too greedy in my opinion.