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Bank Closure Question (BOA)
 

This isnt really a Paypal question, but rather bank question. I know a lot of you use or have used BOA as your bank, but has anyone dealt with a BOA closure? Last month they decided to close my accounts (without notification of course) and there was money left in them. I am wondering if anyone knows when they send a check for the balance of funds that was in the accounts? Is have dealt with closures from other banks in the past and it was usually about 10 days or so until I saw a cashiers check for my balance. However, upon trying to search the web for my answers, I see that BOA is quite nefarious when it comes to closures. Yes, I have tried calling and got the runaround and "we dont have to disclose anything to you" type crap. Just seeing if anyone has dealt with a BOA closure, and if so when did you receive your balance?

Re: Bank Closure Question (BOA)
 

Never had to deal with a single closure.
Why do you have to deal with multiple closures from various banks? That cant possibly reflect well on your credit record...

Re: Bank Closure Question (BOA)
 

I would request a copy of your chexsystems report.

If you keep getting closures then you may have a note on your report stating possible fraudulent activity. The bank may have seen this mark and closed your accounts for potential loses, especially since you've had other banks shut you down in the past.

Re: Bank Closure Question (BOA)
 

I have one mark on chexsystems that wont go away for whatever reason. It was a debt to WF for a bit over $300. Ive paid that off a couple years ago, but it still lingers in chexsystem despite my attempts to have it removed.

Re: Bank Closure Question (BOA)
 

Do you have an idea of why your bank account was closed? Was it due to mismatched names?

Re: Bank Closure Question (BOA)
 

They wont say. The answer I get is basically "we dont have to disclose that information". I have a few theories as to why they may have closed them out, one being mismatched names. I had several accounts with them...if it were one or two accounts then there may have never been an issue. Who knows.

Re: Bank Closure Question (BOA)
 

Does it show on your credit report or just chexsystems?

Re: Bank Closure Question (BOA)
 

Chexsystems takes 7 years I think. Paid off or not.

Re: Bank Closure Question (BOA)
 

How many is several accounts?

Were any made at a branch or all online?

How long ago was that default paid, within the last 2 years? If that bank is Wells fargo, they are annoying to deal with as well.

Re: Bank Closure Question (BOA)
 

Yes, but Paid Off status can be challenged with credit bureaus. This is why I ask.

Re: Bank Closure Question (BOA)
 

Several being 5 checking and 1 savings. 4 of which were attached to active stealth accounts and 2 were not. They were accounts I applied for online. And yes it was Wells Fargo that I owed money to, which was paid off a bit over 2 years ago.

Re: Bank Closure Question (BOA)
 

Oddly enough, it never hit my credit report. Just chexsystems.

Re: Bank Closure Question (BOA)
 

They might keep your money for up to 180 days.

If they think fraud is involved, they probably won't never turn over the funds at all.

7 years is absolutely correct. Paid or not.

Chexsystems is notorious for never removing anything, correct or not.

WF takes mismatched name deposits, but 5+1?! Crazy bad choice.

You need to get serious about this, a bank closing your account without warning is serious business and should make you stand up at attention and change your ways.

And you mention it has happened in the past.

You're about to be 'unbanked'. You're looking like a high risk problem customer.

Re: Bank Closure Question (BOA)
 

I would pull my Chexsystems report right away to see if there is anything else on it. Things could have changed.

It is not normal to have accounts canceled by multiple banks, not even for mismatched names. There is something else going on here and you need to find out what it is. Banks will normally tell you WHY they closed the accounts, so this is highly unusual.

Your first course of action should be to get your Chexsystem report.

Re: Bank Closure Question (BOA)
 

Theyve already sent me my checks with my balances on it a week ago. However, how would I go about getting the chexsystem report and how would I remove things from it?

Re: Bank Closure Question (BOA)
 

You can get a free report once a year, just like with the credit bureaus:

https://www.consumerdebit.com/consum...freereport.htm

How you would go about removing the items depends on what is on the report.

Re: Bank Closure Question (BOA)
 

That is a lot of checking accounts to have. It is much easier to explain having multiple savings than checking. That is if you keep proper balances in all of them.