Stop Payment, Then Stop Payment Again

Have you ever written a check, only to have it lost in the mail? When this happens to most people, they take the safe route and cancel the check. For most banks, all you need to do is call into customer service, request a stop payment order (generally paying a fee of $15-$30), and forget it.

Bad news though, if you do business with Bank of America. Apparently it is their policy to enforce a $30 stop-payment order for only SIX MONTHS. What happens after that, you ask? Well according to BOA reps, it "generally" won't be cashed after six months anyway. If you are concerned that "Random Teller A" won't even look at the date of the check - you actually have to cancel the check again EVERY SIX MONTHS (at $30 per time)!

Although it's true that many banks won't cash a check older than six months, there is no law in place to back up this practice. Therefore, you really have no guarantee (short of following up every six months and paying $30 until the end of time) that your stop payment order will be honored. Depending on the amount of the check, it could actually be more cost-effective to "risk it", hoping the check does not go through than to pay $30 every six months to guarantee it.

As though we needed another reason to despise Bank of America...

Read the Yahoo Finance article here.

If you would like more information about buying or selling a home in your area, please don't hesitate to contact me! I am always available to answer your questions - and ready to serve your real estate needs. Your complete satisfaction is my goal - because I want to be your Realtor for life!

Lori Day

Infinity Realty

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EMAIL: Lori@LoriDaySells.com

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My Mission Statement:

At Infinity Realty, we make a difference in real estate by saving our clients thousands! Whether you're buying or selling, I WILL save you money; with expert negotiation skills and lowered commission rates. When you hire me, you won't sacrifice service! I promise I'll provide you with a full-service customized client experience, at the highest level of integrity. I do the little things that make a difference - from start to finish, and beyond. Your satisfaction is my mission, because I want to be your Realtor for life!