Did Bank of America Open an Account Without My Permission?

Since college, I’ve had Bank of America checking and savings accounts (they gave me a $10 bonus for opening the savings account, so obviously it was worth it despite the miniscule interest rate!)

Well, one day when I logged into my account online, I was surprised to find a second savings account with $2.27 in it.

Huh? Not only did I not open a second savings account, but I was about to close my primary savings account because I use SmartyPig (and have no desire to earn 5 cents per year on every $100 I have in the account).

I looked into the account a bit more and found out that this account was my father’s account that had been designated for me many years ago. I guess they matched up the social security numbers and realized that I should have access to that account to.

OK, great, this account really was meant for me. But why is it showing up now? And is that $2.27 mine or my father’s?

I still can’t explain the timing, they’ve had my social security number for years, so they should hav matched up the two accounts years ago. However, they did get it right, this is technically my account so I should have access to it. Still, an explanation would have been nice.

So is this newfound money mine? The amount is neglibible, but what if there had been $10,000 in there? What if I had a falling out with my dad and suddenly had access to $10,000 that he didn’t want me to have (or even knew that I had access to!)?

We can each deposit and withdraw from the account, so we do share it. In the situation described above, I think whoever withdrew the account first would get to keep it and there’s nothing the other person could do about it because it’s technically a joint account.

As it turns out, this extra account is actually a big help. When we want to transfer money, it’s typically a hassle to do so between unlinked accounts. There is a $1,000 maxmimum transfer per day, so a $5,000 transfer can take a week. But this account allows me to move the entire amount into my savings account and for him to withdraw the same amount on his side, all in a matter of minutes.

Convenient, no?

6 Responses to Did Bank of America Open an Account Without My Permission?

  1. Two dollars? Your dad sounds like a nice guy. I would still use an ING savings account though. You can transfer money in a day or two, and you’ll probably get a way better interest rate.

    • Daniel says:

      @Kevin McKee, He’s not bad lol.

      I love my ING accounts, but even with ING it takes a few days to transfer to other people, there’s rarely a FAST way to do it. Still, even the rates on the ING checking accounts crush the BOA savings account rates.

  2. MoneyCone says:

    I would prefer my bank would keep me updated of all changes to my account. Atleast they left something there instead of taking it away with an ‘account maintenance’ fee!

  3. Mark says:

    I wouldn’t put anything past BofA. They engage in some of the trickiest banking practices that I have ever seen.

  4. toni says:

    oh my story is nothing like that, bank america got 304.000 in account in my name and pretended not to know how, i questioned the manager and he gave me the account number? he said my home loan was paid off. A4V coupon. so why was SPS calling me asking me for money?? the same amount same address?? the bank and the mortgage company was the same person!!!!!!!!!!!!!!!!!!!! i asked the mortgage company did they know bank america they said no, i said so how did they get your mail and the A4V i sent to your CFO certified mail??? they were lying, so thats how the strawman is invented!! the bank invents him/her. i started calling bank of america asking them questions about the bank account and my home balance Zero balance, at the same time SPS would call, I knew they were the same, I just had to prove it!!!!!!!!!!!! Bank Of America is real theives, after i asked them all the nice questions about my account i then demaned to know who opened it!! they started saying it was being transmitted thats how it got there!!!! they didn’t know the nice lady who didn;t know she was being questioned told that this account has been inthe bank since 2005!!!!! so the manager was lying. my name social security and date of birth. select profolio wanted to get paid off to from my A4V. because Bank Of America clearly stated they sent them SPS a notice Sept 28 2010 to inform them that the property was paid off and the account balance was Zero they were still calling me for money. I want all my money that SPS services has been taking from me.

    Its HJR-192 i PAID off my mortgage with a redemption coupon. and the Bank did its duty and accepted it. then told the mortgage company to keep asking. now they are both denying that they know each other. dumb and dumer.

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