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'It Happened Right Away': Bank Of America Customer Issues Warning About Depositing Checks On Mobile
Personal banking can often present complex tasks to customers in a simple format requiring little interaction with a bank teller or employee.
That might not always be a good thing.
A comedian says he deposited a check to his bank account using Bank of America's mobile app, which submits photos of the paper check to an account. While he was waiting for the check to clear to his account and be fully deposited, he says a copy of it was stolen by someone who then deposited it at a Bank of America ATM, where the check cleared and was recalled from his bank account.
In the video posted to TikTok, standup comedian Michael Palascak (@michaelpalascak) says he was the victim of check fraud in this instance.
"Here's something you should know about depositing your checks mobilely," he says in the video. "If someone finds a copy of the check that you deposited mobilely and they go to a Bank of America ATM and they deposit it into the ATM, even though it has your name on it and you signed it, and you said for deposit only and you already deposited it mobilely, the Bank of America ATM will still accept it."
He says this occurred in Oakland and warns others of this issue.
@michaelpalascak Here's Something You Should Know. #fraud #bank #standupcomedian #independentartist ♬ original sound – michaelpalascakThe Daily Dot has reached out to Palascak via TikTok direct message as well as to Bank of America via email regarding the video.
Cashing checks twice became a popular way to get more bucks per check in the 2010s, when mobile banking became standard. Those who received checks in earnest could deposit them via mobile and then again in an ATM or with a bank teller, effectively debiting the person who made the check twice. While Palascak clarified to commenters that he was only holding on to the check long enough to clear before he intended to mark it as void and dispose of it, it was still taken by another party and re-deposited in a similar manner.
Victims of bank fraud are not typically liable for stolen funds from checks cashed by bad actors, but banks may require them to prove they were the victim of fraud and did not willingly leave themselves open to it. One of the first steps to proving that the intended party did not cash the check is filing an affidavit with the bank, which is a legal document.
Viewers left comments that fears of similar situations have so far prevented them from holding on to any checks longer than absolutely necessary.
"I put the bank name on it and once it goes thru I shred it," one commenter wrote.
"I always wrote void right after I do it," another shared.
"I was just wondering if I was being dramatic to hold then destroy checks," one said.
Others offered tips to the poster from their own banking experience, both as tellers and customers.
"I've worked at a company who writes a lot of checks," one commenter wrote. "The second deposit will get rejected from the issuer when the checks number shows cashed twice."
"Was your identity stolen?" another asked. "They would have to forge your endorsement to themself. Physical checks are honored before mobile deposits."
"Just make sure you always write for mobile deposit only on the back of your check," a commenter wrote. "The bank that takes a check for deposit with a restrictive endorsement will not be able to process it."
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Brooke SjobergBrooke Sjoberg is a freelance writer for the Daily Dot. She graduated with her Bachelors in Journalism from the University of Texas at Austin in 2020.
Bank Of America's Mobile Banking Jumps Following App Redesign
Bank of America saw the number of customers banking on mobile in the second quarter jump 15 percent from a year ago, following the introduction of application features aimed at driving convenience for users.
The number of mobile banking customers increased to 16.1 million users in the quarter, and 11 percent of deposit transactions by consumers were done through mobile compared to 8 percent in the year-ago period. The results underscore how consumer banks need to revamp mobile sites and applications to increase convenience for customers who feel increasingly comfortable banking on mobile devices.
"Our customers tell us they want to bank 24/7 and have the ability to bank anytime and anywhere," said Tara Burke, a spokeswoman for Charlotte-based Bank of America. "We're constantly looking at new ways to enhance our mobile and online platform to enable customers to chose how they bank.
"We're seeing a growth rate in mobile customers of about 195,000 per month and over 170,000 checks deposited per day via mobile," she said.
Range of featuresAfter moving deeper into mobile in recent months, Bank of America's banking services for users on iPhone and iPad now include check-deposit using a mobile device, getting notified of account activity with mobile app alerts and secure money transfers.
Users of the bank's mobile Web site can access all mobile-app features except app alerts and mobile check deposit. Customers also can use text banking to get an account balance quickly.
The redesign of the bank's mobile app has accelerated customers' migration to mobile.
"There is a growing population within mobile banking that are using the mobile platform as their primary way to bank," Ms. Burke said. "They do over 85 percent of their transactions within the mobile app—this is because they can—the app can be their primary tool to bank."
Customers enjoy the convenience and flexibility of the bank's mobile self-service capabilities.
"Again, this goes back to convenience and flexibility – customers can do it on their time and terms," Ms. Burke said.
The increasing number of checks deposited each day via mobile reflects customers' satisfaction with the mobile option. More than 170,000 checks per day are deposited at Bank of America via mobile.
Important channelMobile has quickly become an important channel for banks, as consumers grow more comfortable using their mobile devices for a wide range of financial services.
A Forrester Research report ranking the mobile experience of leading banks in June placed Bank of America in third place while calling out all of the banks for not having enough self-service features.
The 2014 U.S. Mobile Banking Functionality Benchmark report ranked Chase and U.S. Bank tied for first place overall, with scores of 69 out of 100 respectively, closely trailed by Wells Fargo, 68; Bank of America, 66; and Citi, 64.
Bank of America's app update has addressed many of the issues raised in the report, underscoring how it has made mobile a top priority.
"We have a pipeline of some capability ideas that will continue to enhance and change how consumers bank," Ms. Burke said. "We're always looking ahead to see what we can bring to market to make banking more accessible for our customers."
Final TakeMichael Barris is staff reporter on Mobile Commerce Daily, New York.
Bank Of America Review (June 2024)
Bank of America RatingsAs the second largest bank in the country by assets, Bank of America serves roughly 69 million customers and has thousands of branches and ATMs across 38 states and Washington, D.C.
Based on our research on more than 100 traditional and online banks and credit unions, we give Bank of America 4 out of 5 stars overall. It earns points for its extensive branch network and solid mobile app and online platform, but loses points for offering lower interest rates than its competitors on deposit accounts.
The bank receives lower individual ratings for its savings accounts and CDs because most options have low annual percentage yields (APYs). Its savings account earns as little as 0.01% APY, which is among the lowest rates in the industry. And its CD rates for longer terms, while typical of many large financial institutions, are often lower than what competitors such as Synchrony Bank, Ally Bank and USAA Bank offer.
Bank of America vs. Other Top BanksBank of America has a good reputation and may be the right choice for your banking needs. However, it's important to compare several banks before making a decision so you know all of your options. Here's how Bank of America compares to some of the top banks in the country based on deposit account offerings, minimum deposit requirements and fees:
Number of Branch Locations 3,900
Number of ATM Locations 15,000
Available deposit products Checking, savings, CDs
Compare RatesNumber of Branch Locations 4,600
Number of ATM Locations 11,000
Available deposit products Checking, savings, CDs
Compare RatesNumber of Branch Locations 650
Number of ATM Locations Access to over 65,000
Available deposit products Checking, savings, CDs
Compare RatesNumber of Branch Locations 4,700
Number of ATM Locations 16,000
Available deposit products Checking, savings, CDs
Compare Rates Bank Rating Number of Branch Locations Number of ATM Locations Available deposit products See More4.0
3,900 15,000 Checking, savings, CDs Compare Rates3.8
4,600 11,000 Checking, savings, CDs Compare Rates4.2
650 Access to over 65,000 Checking, savings, CDs Compare Rates4.0
4,700 16,000 Checking, savings, CDs Compare Rates Bank Rating Number of Branch Locations Number of ATM Locations Available deposit products See More4.0
3,900 15,000 Checking, savings, CDs Compare Rates3.8
4,600 11,000 Checking, savings, CDs Compare Rates4.2
650 Access to over 65,000 Checking, savings, CDs Compare Rates4.0
4,700 16,000 Checking, savings, CDs Compare RatesNo results were found.
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
Bank of America OverviewBank of America is headquartered in Charlotte, N.C., and has a history that dates back 120 years. It operates in 38 states and Washington, D.C., and has more than 3,900 branches and 15,000 ATMs. Worldwide, Bank of America operates in more than 35 countries.
If you're looking for a well-established in-person bank where you can handle all of your financial needs in one spot, Bank of America is an excellent option. If you're more interested in fee-free banking and the highest rates on your deposit accounts, you may want to consider an online bank or credit union.
In our latest MarketWatch Guides consumer banking survey, respondents who are Bank of America customers have been with the bank for an average of 13.6 years, close to the overall average of 13.4 years. They keep a median of $14,673 in their checking accounts and $36,606 in their savings accounts. This is higher than our overall median checking and savings account balances.
Bank of America ProductsBank of America offers checking and savings accounts and CDs, but not money market accounts. It also offers these financial products:
In addition to monthly service fees on checking and savings accounts, Bank of America charges fees for some services. Select fees are waived for Preferred Rewards members in certain tiers and Advantage Relationship Banking account holders. Other banks may charge additional fees if you use a non-Bank of America ATM, or send or receive a wire transfer.
Bank of America Fee Cost Non-Bank of America ATM Domestic: $2.50International: $5
Overdraft $10 per item (max two fees per day) CD early withdrawal fee Up to 365 days' worth of interest on the amount you withdraw Stop payment $30 Cashier's checks $15 Incoming wire transfers Domestic: $15International: $15
Outgoing wire transfers Domestic: $30International: $45 if sent in U.S. Dollars, free if sent in foreign currency
Bank of America Mobile AppBank of America gets fairly high ratings for its banking app. The app earns 4.6 out of 5 stars on Google Play from over 1 million reviews and 4.8 out of 5 stars on the Apple App Store from over 4.4 million ratings.
Reviews of the app say it's efficient but can be slow at times. One respondent in our survey said "The app runs very smoothly and has no hiccups or errors." Another said, "[Bank of America's] app is excellent." However, one user indicated "it could be faster" and another person complained, "They need to improve their mobile app."
Bank of America developers have responded to reviews that mention struggles and complaints, which is a sign the company is paying attention.
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
Bank of America vs. Wells FargoWhile Wells Fargo has more branches (4,600) than Bank of America (4,000), BoA has more ATMs. Bank of America also beats Wells on the APYs it offers on its savings accounts and CDs. Wells Fargo has lower minimum deposit requirements on checking and savings accounts but Bank of America has a lower minimum to open a CD.
The Wells Fargo mobile app has more reviews and higher ratings than the BoA mobile app. But Bank of America has a much higher BBB rating (A-) than Wells Fargo (F).
Bank of America vs. CitibankCitibank has just 650 physical branches, but it has more than four times the number of ATMs as Bank of America. Citibank's checking accounts don't have a minimum balance requirement, unlike BoA's, but Citi's fees are similar.
Citi beats Bank of America slightly on savings account rates. Both banks have similar CD APYs , although Bank of America requires double the money — $1,000 compared with Citi's minimum requirement of $500 — to open a new CD. Citi has slightly better reviews on its mobile app, but once again, Bank of America beats Citi's F rating from the BBB.
Bank of America vs. ChaseWhile Chase has a larger physical presence than Bank of America, BoA has several advantages: Bank of America has lower overdraft fees, its monthly fees are slightly easier to waive and it has IRA options whereas Chase does not. Chase has a much better sign-on bonus than Bank of America, though. Chase offers up to $300 for new checking account customers who make a direct deposit of at least $500 in the first 90 days. The offer expires July 24. Bank of America's offer only goes up to $200, and requires you to direct-deposit at least $2,000. The offer expires on May 31.
Both banks offer nominal interest rates for their savings accounts. Chase offers slightly higher CD rates than Bank of America. Bank of America's mobile app gets better reviews than Chase's, but Chase's BBB rating of A is slightly better.
Keep in mind that many large banks have similar fees, rates and perks, so ultimately, if you're interested in a bank with a physical presence, it may come down to the location that's most convenient for you.
If you're interested in fee-free banks like many of our survey respondents, you may want to consider a smaller regional bank or credit union. If a brick-and-mortar branch is not important, try one of our best online bank recommendations.
Bank of America Reputation and Customer SatisfactionBank of America does well when it comes to reputation and customer satisfaction. The Better Business Bureau (BBB) gives the company an A- rating and accreditation. BauerFinancial gives Bank of America 4 out of 5 stars, which is an Excellent rating.
However, the average customer rating on the BBB is low at nearly 1.1 out of 5.0 stars. It's important to note that this is from just over 1,000 reviews, which is a small fraction of Bank of America's customers. In our consumer banking survey, 45% of respondents who are Bank of America customers said the customer service they receive is excellent, and 30% indicated it is very good. Less than 3% said that the customer service at Bank of America is poor.
Our review team reached out to Bank of America for comment on its BBB customer rating and MarketWatch Guides' review scores for its savings and CD accounts but did not receive a response.
FAQ: Bank of America Reviews Is Bank of America good for personal banking?Bank of America could be good for personal banking if you want to manage accounts such as checking, savings, CDs and investments in one place. It could also be a good choice for you if you value online and mobile banking, as its mobile app has high reviews.
Is Bank of America trusted?Yes, Bank of America is a trusted financial institution. It's a member of the FDIC, so deposits are insured up to $250,000 per depositor.
What features does Bank of America offer?
Bank of America's online and mobile banking features include:
Our team researched more than 100 of the country's largest and most prominent financial institutions, collecting information on each provider's account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
1APYs accurate as of June 5, 2024. Rates may vary by location. The rates in this review are based on Bank of America's headquarters city, Charlotte, N.C.
2The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
3Data accurate at time of publication
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