We support reforms to the financial marketplace to curb bad practices by banks and lenders.
Christopher of Brandon, OR
I am a property manager and I’m required to maintain a client trust account into which I deposit rent checks before disbursing them to property owners. Bank of America is notoriously bad about holding checks & fails to notify us of insufficient funds checks until the middle of the month. We have to place a 5 day hold on rent checks deposited into the trust account and we don’t get notification that a check has cleared from BoA for at least another 5 days after that. This creates tension with owners since they have to wait until at least the 12th of the month to receive their payment. It puts me in a legal bind and I’m worried about being audited. I have been forced to ask tenants with BoA accounts to pay in cash. I don’t have this problem with tenants that use other banks.