I'm extremely upset with my bank, Bank of America.
Last Saturday 07/14, I deposited a 10K check. That transaction was marked "pending". On Tuesday 07/17, the "pending" status was removed. At noon the same day, I went to the bank and wired 10K to my brother's account, which he received 2 hours later. So far, so good.
Last night I checked my account, and I got a "pending/holding" status on the 10K check. My account balance went negative, and I have several checks pending that might be deposited at any time.
This morning I went to bank, and they told me the 10K check bounced! How could that happen? Why did they "clear" the check in the first place?
What can I do? I'm looking at a minimum bank charge of $35 for the bounced check, and a possibility of around another $100 for the several checks I wrote last week but are not cashed yet.
Are banks allowed to do this? That is, clear a check that is insufficiently funded? Should my bank be accountable for this?
Last Saturday 07/14, I deposited a 10K check. That transaction was marked "pending". On Tuesday 07/17, the "pending" status was removed. At noon the same day, I went to the bank and wired 10K to my brother's account, which he received 2 hours later. So far, so good.
Last night I checked my account, and I got a "pending/holding" status on the 10K check. My account balance went negative, and I have several checks pending that might be deposited at any time.
This morning I went to bank, and they told me the 10K check bounced! How could that happen? Why did they "clear" the check in the first place?
What can I do? I'm looking at a minimum bank charge of $35 for the bounced check, and a possibility of around another $100 for the several checks I wrote last week but are not cashed yet.
Are banks allowed to do this? That is, clear a check that is insufficiently funded? Should my bank be accountable for this?