15 April 2006
Not from around here, are you?
Yet another disadvantage of Humongous Monolithic Bankage Corporation (Member FDIC), as discovered by CT:
So yesterday, I dropped into a Bank of America branch to deposit a check. I filled out the deposit slip, waited in line, and then handed the teller the slip and the check.
The snag: I didn't use the right type of deposit slip. I had to use the out-of-state accounts deposit slip.
But, I pointed out: The address on my account is in New York.
Doesn't matter, she said. The account was opened in Florida, and as such, it's tagged as a Florida account now and forevermore, regardless of the accountholder's current residency. You could always close an account and open a new one in your new state of residence, but she said it really wasn't worth the hassle.
Each state having its own banking laws, I think it's a safe bet that most of your megabanks, which were generally assembled by the purchase of smaller banks along the way, will have similarly preposterous rules lurking behind the glass. (My Oklahoma account in a New York bank which is