A Massive Bank Now Gets Slammed After Customer Sees -$886K

April 3, 2024

A massive bank now gets slammed after a customer sees -$886k in their accounts, leading to freezing all access inside the fund.

A Bank of America customer claimed her money was being held hostage after a fraudster tried to cash in a fake check.

Grace Carr was baffled when her account appeared to show she was around $886,000 in the red, but her nightmare didn’t end there, per The-Sun.

The astronomically large number proved to be a glitch but a fraudster tried to cash in a fake check using her bank details, originally reported The Asbury Free Press.

Carr, from Toms River, New Jersey, noticed the figure when she logged in after receiving an email that warned her balance was low.

Bank of America put a lien worth almost $1,800 on her account.

Liens are normally put on accounts to ensure debts are covered.

Bank customers may struggle to access money in their accounts until the debt is paid off.

Bank of America imposed the lien after someone tried to cash in a check using her account information.

The fraudster tried to cash the check at a branch in Miami – around 1,200 miles from the New Jersey township.

But the check was fake and it bounced back.

She called Bank of America and a representative told her that it could take up to 90 days for the probe to be completed.

Carr was left apoplectic as she said: “We were the victims and every time I called, I was told they were doing everything they could, but I should understand they had 90 days.”

The block was lifted after 54 days but Carr was aggrieved at how the saga played out.

“I am angry and annoyed but I am more frustrated than anything because of how long it took, the fact that they legally have the right to hold on to almost $1,800 of our money,” she said.

She claimed bank representatives repeatedly warned it could take up to 90 days for their investigation to be completed.

Bank of America told the Asbury Free Press that her case was resolved.

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Bank of America clients have been saddled by direct deposit delays following a payment processing glitch.

Customers began to report digital payment delays to Bank of America.

Social media users tagged the bank to explain how their paychecks hadn’t yet hit their accounts in November.

“Bank of America Day 4 & still no direct deposit, no update on potential resolution,” one user wrote on X.

“Or at the very least what’s being done to resolve the issue, no transparency, no assistance, no communication from you all at all. Nothing. Wow. This is so bizarre.”

Wells Fargo clients also reported experiencing direct deposit lags, and both banks reported questions to The Clearing House.

The Clearing House is an automated clearing house system that operates as a private sector in the US.

The Clearing House told CBS MoneyWatch that payment instructions were sent to banks due to a “processing error.”

Payments were delayed since banks needed to process data and incoming payments to clients’ accounts.

The company said it worked with the affected customers and the Federal Reserve to fix the issue.

“Many of the delayed payments have already been posted, and we will continue working with financial institutions to ensure the remaining transactions are processed,” The Clearing House wrote.

An ACH network enables money to be digitally transferred between US bank accounts.

The Clearing House and the Federal Reserve Banks process millions of payments daily, as per The Clearing House.

Its process involves an operator sending a file to a bank or credit union and allowing the institution to transfer funds into a client’s account.

The Clearing House posted a statement on its website saying the payment error resulted from masked information, “due to a TCH error.”

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Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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