BoA credit refund experience

Please read all threads on BofA account closures first before BT from a BofA card to a BofA bank account.

If your purpose is to use your BoA credit card as a place to put BT transfers to, and then get a refund of the credit amount, I strongly recommend against this. I did it once for a BT of about 15K from a card which wouldn't transfer the BT money to a checking account, only to another credit card. I received two calls from BoA, one from their Fraud Department, and, although they eventually complied, I was told that this use of my BoA credit card was inappropriate and that they would do it for me only as an exception. If I hadn't had 30+ years of a banking relationship with BoA, who knows what would have happened?

I was further told that BoA monitors activity on its credit cards, and they monitor movement of money between their accounts. I think a BT transfer *from* a BoA card is fine, but due to this monitoring, and due to a better interest rate, I always ask them to transfer the money to a Reward Checking account at another bank. I use that other bank's bill pay to pay the bills from the BoA BT and other BTs.

In summary, I take advantage of BoA BT offers, but make sure the money goes elsewhere, and I don't use any BoA accounts as the destination for any BT, regardless of the source of the BT.

FIA won't though. everyone knows FIA bofa products have a much higher class of service.

SUCKISSTAPLES said: Also lots of recent reports they dont want to see CC BT money deposited into their bank accounts either.For the record, last month all my BT money ($200k) went through my BofA checking accounts (personal and biz). This included a $22k BT from my personal BofA card directly to my personal BofA checking, and 2 BT checks from BofA Boz cards deposited into my BofA Biz checking.

I still fail to see how the source of the check plays any roll in how it is treated by the bank you deposit it into. When they present the check for payment, they dont get details of how the check is being paid; the only info is that $X,XXX is being drawn from Acct#XXXX at XXX bank, and XXX bank either pays it or it doesnt. Depositing a BT check attracts no more attention and is treated no differently than depositing any other check. It may be flagged due the the amount and the status of your checking account (or, of course, if the check bounces), but not because of the BT check itself. Its no different than the belief that having a BT deposited directly into your checking account will be coded as a cash advance.

Glitch99 said: I still fail to see how the source of the check plays any roll in how it is treated by the bank you deposit it into. When they present the check for payment, they dont get details of how the check is being paid; the only info is that $X,XXX is being drawn from Acct#XXXX at XXX bank, and XXX bank either pays it or it doesnt. Depositing a BT check attracts no more attention and is treated no differently than depositing any other check. It may be flagged due the the amount and the status of your checking account (or, of course, if the check bounces), but not because of the BT check itself. Its no different than the belief that having a BT deposited directly into your checking account will be coded as a cash advance.
Bank of America specifically told me they do NOT like people depositing balance transfer or cash advance checks. Also, Bank of America does know if the check is a balance transfer or cash advance check.

theficus said: Glitch99 said: I still fail to see how the source of the check plays any roll in how it is treated by the bank you deposit it into. When they present the check for payment, they dont get details of how the check is being paid; the only info is that $X,XXX is being drawn from Acct#XXXX at XXX bank, and XXX bank either pays it or it doesnt. Depositing a BT check attracts no more attention and is treated no differently than depositing any other check. It may be flagged due the the amount and the status of your checking account (or, of course, if the check bounces), but not because of the BT check itself. Its no different than the belief that having a BT deposited directly into your checking account will be coded as a cash advance.
Bank of America specifically told me they do NOT like people depositing balance transfer or cash advance checks. Also, Bank of America does know if the check is a balance transfer or cash advance check.I know that has been claimed here numerous times, but I fail to see HOW they would know unless you tell them. The check itself only tells them that it is drawing $X,XXX from Acct#XXXX at XXX bank. The BT check looks, acts, and is treated like any other check; how can they distinguish the BT check I deposit (that shows my name/address) from the check drawn on one of my other checking accounts?

Glitch99 said: I know that has been claimed here numerous times, but I fail to see HOW they would know unless you tell them. The check itself only tells them that it is drawing $X,XXX from Acct#XXXX at XXX bank. The BT check looks, acts, and is treated like any other check; how can they distinguish the BT check I deposit (that shows my name/address) from the check drawn on one of my other checking accounts?

Most of the time (but maybe not always), just looking at the check will tell you it is a BT. They tend to look different than most business and personal checks. However, I do qualify that *some* may look just like others. In that case, one can typically tell by the routing numbers. From what I have seen from an old retail store business, deposit accts never (in my experience) been from the same routing # as BT checks. Thus, it could be possible there are known CC access check routing #s and which bank they belong to.

Not only can they charge you a fee (cash advance) if you transfer money without being advanced cash.

I had a small credit balance ($50 if I remember right) on a card (due to a fee being refunded I beleive)and transferred it my checking account as the easiest way to deal with it. Alas, the computers are programmed to charge a fee on all money flowing that way, even if it is merely returning money you are entitled to. Admittedly, they did refund the fee when asked, but it was a nuisance.

The BOA site mixes deposit accounts and bank accounts, making it relatively easy to accidentally draw from a credit card when you meant to draw from a banking account, thus incurring fees.