Bank of America Going Bankrupt?

I bank at Bank of America and I just went in around 6:00 pm pacific time to get a large cash withdrawl from my account.

They told me their systems were down and that I could only withdrawl 200 bucks.

My ass their system is down, they are out of money.

I’m sure they are grovelling at the Fed’s feet as we speak, begging for more reserves.

Zero Hedge reports:

A look at the non-seasonally adjusted time series indicates that last week’s spike in M2, primarily in demand and savings deposits at commercial banks, was the highest on record! Sure enough, the bulk of this cash ended up in America’s largest depository institution, Bank of America. And yes, this was in the week prior to the massive market rout. Yet as the charts show, following every massive inflow of money into demand deposits and savings accounts, it goes right back out the next week. Which is why we wonder: is Bank of America, so flush with cash a week ago courtesy of the debt ceiling fiasco, suddenly cashless,

I’d say there’s a good chance.

reply to post by mnemeth1


Hopefully you can find some way to get your money out while they still have it.
Good luck.

How can they be so broke?
I worked in the same building as a BoA call center...
24 hours a day over 500 employees worked hard taking call after call after call
screwing people out of money...

It would be a blessing of BoA was shut down!

That's interesting that you weren't allowed to withdraw a large sum of money (within reason). Yeah that just sounds wrong. I read that article on ZH earlier today and I'm not sure what the dramatic increase of M2 means, other than holding onto cash, perhaps seeing significant difficulty ahead or something? Your encounter with the bank is quite telling.

reply to post by mnemeth1


I don't buy the excuse that their system was down. They had to verify your account balance and deduct the sum even if you withdrew just 200 bucks.

Originally posted by mnemeth1
They told me their systems were down and that I could only withdrawl 200 bucks.

You're not the only one, but it seems to be only the LA area....

A spokesperson from the bank confirms that technical difficulties have occurred across Southern California, citing a "mainframe issue".

KGET

A Bank of America mainframe computer malfunctioned, leaving an unspecified number of customers in the Los Angeles area temporarily unable to access account information online, by telephone, via ATM or at branches.

[url=http://latimesblogs.latimes.com/money_co/2011/08/bank-of-america-customers-temporarily-lose-account-access-after-computer-crash.html]latimes[/url ]

Haha, their systems are down but you can still make withdrawals? They can write down $200 just as easily as $2000 or $20,000. It's not like the system being down affects the money in the vault. Was Bank of America one of the companies that was reported to have assets totaling like a third of what their balance sheet says? I cannot remember which thread or article that came from, and I am probably wrong, but it rang a bell.

We should stay on top of this just in case, because this would be an extremely big event, and would have dire implications for our already crappy economy. For some strange reason I still believe that the government is not panicking...that they have everything under control and that everything is unfolding like clockwork. Probably not, but I cannot shake that feeling, although my head tells me it cannot be true.

Funny I predicted here that BOA,would go down about 3 days before the big stock dip.Since then I have also heard that they are being sued for 10 billion for fraudulent loan practices by AIG (I think).Based my prediction by sitting in on a serious conversation about layoff's.Get your money out and now.I'm amazed they got passed this week to be honest.Word is they and some other players are being down graded.

Ps,I'm not even in the States and I am aware of this.

If it is true that americans pay 20 percent of interest a month on their creditcards, that is a great bloodline for banks.
Is that true?

Thank you for posting your experience. I've been telling my husband that we needed to take out the extra cash all week. You've helped me conveninece him it maybe better to be safe then sorry.

And reply to the last post regarding the interest rate I know the penalty can be up to 29.99 %.


Just remembered we have an automatic deposit happening Monday...damn gonna have to get this redirected. At least it's not Monday.

Wow, 29% is ridiculous.

In comparison, i took a €6000 loan and pay 7% on a yearly base, with the ability to pay off faster if i wanted to which ofcourse i have been doing.
It now stands at €800 so at the end of the year it is repaid.
I was looking on the interest and found an article that all americans should read.
www.investopedia.com...

We used to have a company that charged high interest rates, but they did not survive long when we found out and informed eachother about the ridiculous ammount of interest that would have to be paid on those credits.

What I want to know is why is anyone on ATS still banking with BOA?? They are part of the group that bent the American Public over and rammed it home. I moved every account I could out of BOA and into a small local bank. All they have left is my mortgage which I'd move if I could. Anyone who got bailouts, who was heavily into the forclosure raping of America and who paid out big bonuses to Sr. Mgmt. should be abandoned. Those still banking with them are jast aiding and abetting the enemy.

Do the right thing. Move your accounts.

This is what the Fed Reserve want. They want all banks beholden to them and most are already! Its criminal what is happening in the US. The banking world is in debt to a number of rich families across the world and you can count them on 2 hands. Wake up people!!

Well the lost 22% of their stocks value this week with the ups and downs in the market, but yesterdays boost brought them back some.

reply to post by RoguePhilosopher


Nobody cares, they have bills to pay. This should be an contradiction, but yet everybody keeps running in circle's

reply to post by TribeOfManyColours


I would probably transfer my money out from there. It's just me but looking at the data I mean, well, get a new bank forget about the cash get that from your new institution.

reply to post by TribeOfManyColours

I guess its tilyme for people to look each other in the eye and agree enough is enough and find their collective spirit to come together and down tools and take back what rightly belongs to all and not a select few!!

Went to lunch yesterday and a co-worker tried to view his balance at the atm and it said that it was unable to get the balance due to network issues but let him withdraw $100. So there is some credence to the story of computer issues.

$200 also, sounds to me, like a respectable amount to choose in most cases so that if there were insufficient funds available to cover that, BofA wouldn't be putting themselves into a huge scandal trying to recover the excess funds released.

Having said that, and having dealt with BofA for over 20 years, when their networks are down they do limit withdrawals to $200 if your account is not at the branch you are attempting to withdraw from. If your account is at the branch, they have records of the accounts at the branch and can work off that unless the branch manager or higher specifies otherwise.


You have to love the fear mongering here.

Originally posted by jtma508
What I want to know is why is anyone on ATS still banking with BOA?? They are part of the group that bent the American Public over and rammed it home. I moved every account I could out of BOA and into a small local bank. All they have left is my mortgage which I'd move if I could. Anyone who got bailouts, who was heavily into the forclosure raping of America and who paid out big bonuses to Sr. Mgmt. should be abandoned. Those still banking with them are jast aiding and abetting the enemy.

Do the right thing. Move your accounts.

Why are Americans still banking with BOA? Indeed! I've been wondering the same thing. I'm so surprised that people everywhere haven't closed their accounts yet. I guess these people think it's too much trouble and too time consuming to go into the bank and close their accounts. Maybe they constantly have to use ATMs and since BOA's ATMs are everywhere, they stay members in order to avoid the charges of using another bank's ATM. Whatever the reason, it's not good enough in my opinion. In the little sleepy town I live in, there is are several BOAs within a half mile of each other. This is also true with Wells Fargo. The main branch of BOA in my town just remodeled the front of their building and I make sure I flip them off every time I drive by.

What the OP is talking about is not new. The exact same thing happened to my sister and her husband in n. central VA a little over a year ago. They got a check from one of their customers for about $1300 and wanted to cash it. They had to go to FIVE BOA branches before this could be done. The difference is that the tellers actually told my sister that their branch didn't have enough cash on hand to give her. I guess they're lying now and have to say that their systems are down.

I hope and pray that BOA will die and be scraped off the Earth. Everyone needs to close their accounts by the end of this month, but I'm not going to hold my breath. I really think this is too difficult for most people and these people will continue to make excuses for why they haven't done this yet.

What I'd also like to see is all banking employees in the lower rungs to schedule a day that they just walk out. It would be so sweet to see the tellers and management show their CEOs that they aren't going to work for criminals any longer by helping them screw the American people. But, I won't hold my breath on this happening either.

Fear not, the American taxpayers will bail them out if necessary.... Even if the next three generations will have to pay for it.

We got it covered.