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  #1  
Old 09-19-2014
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Default WARNING!!! New banking laws called Dodd Frank which will not allow mismatched names

My BBT accounts were shut down yesterday for mismatched names after 2 years of doing business.

I would have lost the money that was in those accounts had I always not transferred it immediately to my main account which receives my SS check. They left my 1 acct. untouched but worried they would go back to reconcile I took everything from them today and changed my SS deposit to BOA.

My banker was very nice as he has had PP shut him down for his brother's account. He explained that the new banking laws called Dodd Frank are a gazillion pages and costing them gazillions of $ to comply. It's also about returning fees and other things but basically because of SS fraud and people depositing to mismatched accounts banks are complying by not allowing mismatched names.

I hope this helps somebody from loosing their hard earned money and maybe somebody can say what we will all do when all the banks begin to comply.
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Old 09-19-2014
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Default Re: WARNING!!! New banking laws called Dodd Frank which will not allow mismatched nam

We are years into this already.....It was a big issue before the last presidential election.
Fact act also makes some things much harder than usual.
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Old 09-19-2014
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Default Re: WARNING!!! New banking laws called Dodd Frank which will not allow mismatched nam

This is bad news. I will lose all my ebay accounts.

Is this mandatory? Or its up to the bank?
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Old 09-19-2014
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Default Re: WARNING!!! New banking laws called Dodd Frank which will not allow mismatched nam

"It will soon come up for a vote in the Senate, where the odds of passage are less certain, but still strong. "
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Old 09-19-2014
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Default Re: WARNING!!! New banking laws called Dodd Frank which will not allow mismatched nam

I realize this was passed several years ago and it's about private investors but the trickle down will affect us as it is being implemented. Already the banks are not allowed to reimburse for more than 1 NSF for 2 years. If they do they have to refund every persons NSF in that bank for the whole day. No ifs ands or buts. The banks hands are tied. I left the bank on good terms and thanked the officer today because it was not his call and he was truly empathetic to my cause and wished he could have helped me.
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Old 09-19-2014
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Default Re: WARNING!!! New banking laws called Dodd Frank which will not allow mismatched nam

Sources? Links to exact words with regards to mismatches?
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Default Re: WARNING!!! New banking laws called Dodd Frank which will not allow mismatched nam

It's not my mission to alarm people but I think we have to find a solution as I feel it's coming and soon.
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Old 09-19-2014
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Default Re: WARNING!!! New banking laws called Dodd Frank which will not allow mismatched nam

Too early to jump ship. It has not past yet and if it does im sure it will give enough time to find a solution.
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Old 09-19-2014
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Default Re: WARNING!!! New banking laws called Dodd Frank which will not allow mismatched nam

While we cannot confirm what exactly happened to your accounts, this is still just a bill. Not a law. That's 2 very different things.
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Old 09-22-2014
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Default Re: WARNING!!! New banking laws called Dodd Frank which will not allow mismatched nam

Banks must be convinced this is going to come to fruition or why else would they spend a gazillion $$$$ to comply?
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Old 09-22-2014
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Default Re: WARNING!!! New banking laws called Dodd Frank which will not allow mismatched nam

Quote:
Originally Posted by joesshooze View Post
Banks must be convinced this is going to come to fruition or why else would they spend a gazillion $$$$ to comply?
Not all are "complying"
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