All Forum Posts by: Ed O.

Your company opened its doors on March 25, 2024. 

The story doesn't add up - anywhere. 

You'll get a lot farther as a newb being honest and answering questions.

Refusing to share the most primitive, non descript details is also a big indicator of newb thinking. 

I remember when I was worried someone would steal my deal - when I was starting out. 

@Don Konipol

Since we're sitting in front of computers and not having a conversation, I can't tell:

1. Are you being sarcastic? 

or 

2. Did you not read the post? 

HVAC techs always complain about government mandated changes. Often their complaints have merit. 

Sometimes parts fail and they get replaced and life goes on. I don't think going away from a variable speed motor will make the system last longer, but I'm also not a tech. 

My bigger concern is 17k for an AC system in 2020 or 2022. Just for a condenser and coil, single system? Did you get multiple bids? I'd have to quit the business if I was paying that sort of price for an AC system. 

Bump

I'm gonna agree to disagree. 

Having funds in hand and having had them in hand for a week, and demanding a verification of funds from the paying bank is a rotten business practice. 

Assumptions made about the contractor being a deadbeat are reasonable to consider, but again, remaining lost in the thread, is the fact that a banker I work with now, who used to be at BofA - for many years, indicated this is standard and common practice, to hold and stall on releasing funds as long as possible. The banker even knew who the awful bank manager was that was dragging my sub thru the mud on this before I named him.... this is their standard....

They do the same nonsense on certified funds. 

My contractor had a check made out to his own company. I don't know my bank's policy on cashing checks for business accounts, but if it was made personally to him, I'm sure they would have cashed it. My contractor has wisely changed banks to the bank I'm at. I'm sure he will have a lot better experience than with the too big to fail bank....

Quote from @Sam Yin:

@Ed O.

I think there may be another side to this story that even you may not be aware of. Your contractor may not have a good history with BofA. he may not be disclosing that part to you, which would likely impact the long holds

This was an initial thought - what am I missing? I thought the contractor was possibly being dishonest with me. The story from the sub sounded outrageous - that a bank would do this to a customer. After talking to a few bankers, including one with more than a decade at BofA, I can 100% confidently tell you this is how Bank of America treats all of the customers in this location.
This is commonplace operations for this location. They also do the same cat and mouse game with certified funds as well. 

They had funds in hand for a week and still wouldn't release them, while being total jerks about it - demanding verification of funds - money they already had in their hands for a week! That's crazy. 

Quote from @V.G Jason:

The contractor needs to talk to that branch at BOA and get himself cleared up first, then everything will go smoothly.  He also needs to accept electronic, and other various payments. I pay mine 100% of the time via credit card. Never had an issue. 

So, this has happened repeatedly to the contractor. When he called me this past time, he was in the bank and while I was on the phone, politely asked the manager to speak with me so I could get more information as to what was going on. He refused and walked away from him.
Just to make sure - you think it is good business for BofA to process and take in funds and refuse to release them to their customers seven days later without obtaining proof of funds from the person paying them??? BofA had the money for a week and still would not release them - this is a good thing?
To be clear: I thought the contractor was possibly being dishonest with me. The story from the sub sounded outrageous and we haven't worked together a lot. After talking to a few bankers, including one with more than a decade at BofA, I can 100% confidently tell you this is how Bank of America treats all of the customers in this location. 

@Kristine Ann

Was about 10% vent, 90% notice to newbs to bank elsewhere. Excellent suggestion on cashier's check and this is maybe an area you're not familiar with. Bank of America holds those as well for just as long. I was told this by my sub and couldn't believe it. I called a few bankers I have known that don't know my plumber from the next guy and they too confirmed Bank of America can hold even certified funds in a similar manner. This is how they make a few pennies on the float. I think you're missing the main points here - they HAD the funds from the check in hand for a week and still were refusing to release them, while being complete jerks about it. This is how the bank operates on a regular basis. 

@Carlos Ptriawan Good idea on the cashier's check - but Bank of America plays the same game even on those now. Stall, hold the money, refuse to release it as long as possible. 

@Lynn McGeein His bank, his problems, for sure. But if he can't work on my job, or can't get gas for his truck when he's waiting on 4k, that BofA has had for a week and is still acting like they don't have it - this impacts us too. He's changed banks to a local/regional as I've told him to do. With that said - and on a serious note - what does Bank of America do good? I know it's not mortgages - I've heard a lot of horror stories about processing done in one time zone, underwriting done 1,000 miles away and appraisal reviews being done in a 3rd time zone and none of them knowing what is going on with eachother. What do they do great?

@Michael S. This is a million dollar point! I've had this happen before. Bank loans on a lot of deals and then the runway ends and we don't find out until we have several contracts and end up in a crisis. Well said. 

I probably should have been more clear. It's been a few decades since I have had an account at BofA. 

@Kristine Ann

Is it a concern that my subs get paid - yes. When sub / general relationships are purely transactional, the quality of work and responsiveness crumble. I've worked with many subs over the years. When you genuinely care about your subs, they take much better care of the jobs and work. I've had it both ways and was lucky to have a successful GC teach me this. It's been a game changer.  

Bank of America had this man's money for a week - in their account. Yet even a week later, they refused to release funds without calling to verify funds. It's clear they're making a couple of dollars on the float while screwing their customers. 

@Joe Funari I don't bank with them. We work with a Regional bank and it's been a good ride. Small banks are the way to go for sure. I appreciate the offer of help. 

@Tanner Lewis Just a bread and butter remodel, funded by an investor we work for. 

Hoping to help some newbs avoid some serious banking pain. This is one of many disasters with this bank that I have been involved with. 

I just spent 30 minutes helping my plumber try and get funds from a job. 

He deposited my check on 5/1. Funds cleared and were in Bank of America's hands on 5/3. They told him his funds would be available on 5/9. On 5/9 they told him his funds would be available today, 5/10. He also has not bounced checks there and is not a high risk type of account. 

Today, they told him they have to verify funds and that they're "doing him a favor" by doing so. Now, we've both lost more time dealing with this. This is over a $4,000 check, not a $4,000,000 check. 

Experiences like this are even more reasons why you do not want to work with Bank of America in any capacity, unless you strongly desire distractions, inefficiencies, headaches and heartache.  

TLDR: Check clears on 5/3. Bank of America refuses him access to his funds (while being complete jerks) that they have had in their bank for a week. Then makes him jump thru all sorts of hoops to get them, all while presumably charging him fees for the privilege of having an account with them. Do not use Bank of America for anything!