So - I just moved in to a new rental, and as per my usual, set up an automatic payment to the landlord.
Because of the sometimes unpredictable nature of the mail delivery vs. the 1st of the month, I typically set up the e-pmt to arrive a few days before the actual due date, so there wouldn’t be any delays. But the landlords always knew to hold it until the 1st of each month. There’s even a memo on the check stating that it’s not to be cashed until the 1st.
So imagine my surprise when I check my online balance on Monday and see that my rent check is now pending deposit (4 days before the rent is due!) and my account was significantly overdrawn as a result. Thanks to an awesome bf and a hasty round trip to the bank - I was able to transfer/deposit enough funds to put my account back in the black.
Not wanting to set myself up as a problem tenant, I send a very friendly email to my landlord reminding her that I will need her to hold the check until the actual due date to make sure it clears.
The next morning, I check my account again - and now the rent check is showing as cleared.
This morning, I get an email back from my now very confused landlord. She never deposited my rent check - it’s still sitting on the table in front of her!
A call to the lovely people over at Bank of America reveals that they have decided that all e-payments will now be sent out as corporate checks - and therefore will be deducted from your account on the due date whether or not the check has been presented by the recipient!
First, thanks for telling me.
Second, i can understand and appreciate you deducting the amount from my account and leaving it in pending status - and then showing it as cleared once it’s actually been presented. That, in fact makes sense to me - so that I make sure to calculate that amount in to my ending balance and not assume I’ve suddenly had a $700 windfall . . .
**But, how can you show a check as cleared that has not even been presented yet?? It can clear! It’s not clearable! **
What happens if she never deposits it? Do you refund it back? How do I know that she hasn’t gotten it? And what happens if she needs it re-sent and then finds the first?
What were to happen if Og forbid, the tables were reversed and I was the landlord and I never got a check from a tenant? He could potentially present an inaccurate bank statement that lists that rent check as CLEARED even though I have never had it or deposited it!!
Thirdly, so okay - I went back and changed my auto-payment so that it now is scheduled to arrive on the due date. So what happens if it fails to arrive? Even if you help me cover the late fees for rent - that’s not going to help the good will feeling from the landlord of having a tenant that always makes sure they get paid on time!
So now, thanks to you, BoA, I have to re-adjust my whole payment schedule, without prior notice, to accomodate your new e-payment policy. A policy which was clearly brought about in attempts to re-acquire some of the revenue you are about to lose in August due to lack of overdraft fees . . . . .
You, my friend, suck. Don’t be surprised when I switch to the local credit union in the next few weeks.