Bank Of America Endorses Insurance Check, Won’t Let Me Pay Contractor For 8 Days

Image courtesy of (JazzTunes)


Andrew had a contractor literally sitting in his driveway, ready to fix the damage from a fire in his home. The contract was drawn up, everything was ready. Everything except Bank of America, his mortgage holder, which needed to endorse the check. That was fine. The problem was that they refused to let him pay the contractor per his contract, insisting that they had to disburse the funds themselves (okay) with an 8-day delay. Wait, crap!

My wife and I had a stove fire. We received a 16,000 some odd dollar check for fire damage. We have a mortgage through bank of America, and we had to get the check endorsed by them. They took the check, and decided that because it was over 10,000 dollars, they would disburse the funds.

Whatever, I don’t care for that, but if that is regulations – whatever- what the problem is- I had a contractor ready to start work that very day- he was sitting in the parking lot waiting on money, with a signed contract. I offered the contract to the bank manager. I needed five thousand of that check, and BOA could do what they needed to with the rest. Instead, they decided that it would be at least 8 days before the first disbursement, thus keeping us out of our home for at least and additional 8 days. I asked about personal lines of credit, setting up a checking account, cash advance, and the fact that we have our mortgage through them, and they were unable to help.

I am unhappy. If they are worried about us skipping town with a fire check, then I do not know why I was approved for a mortgage. I was asking for less than 1/3 of the total ammount with a contract on the bankers desk.

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