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Path: utzoo!watmath!clyde!burl!ulysses!allegra!mit-eddie!genrad!decvax!tektronix!orca!hammer!andrew
From: andrew@hammer.UUCP (Andrew Klossner)
Newsgroups: net.consumers
Subject: Bank of America and check guarantee cards
Message-ID: <1818@hammer.UUCP>
Date: Mon, 17-Feb-86 12:20:20 EST
Article-I.D.: hammer.1818
Posted: Mon Feb 17 12:20:20 1986
Date-Received: Wed, 19-Feb-86 01:08:45 EST
References: <8529@ucla-cs.ARPA> <514@mhuxl.UUCP> <850@felix.UUCP> <718@ttrdc.UUCP> <11865@ucbvax.BERKELEY.EDU>
Organization: Tektronix, Wilsonville OR
Lines: 29

[]

	"My bank is Bank of America and I have a credit card from them
	as well as a checking account.  One of the services they
	provide is overdraft protection - they will move money from the
	credit card account into the checking account if the balance
	falls below zero.  This way, they can guarantee the checks I
	write (up to a certain amount).  They do that by giving me an
	ATM card with words "Check Guarantee" on it.  The merchants
	will accept this card in lieu of my credit card.  They write
	down its number and expiration date on the check. The number
	though, cannot be used for credit card purchases!  Thus, the
	solution to the problem."

When I banked with BofA, I had a similar arrangement.  On more than one
occasion they lost part or all of a deposit that I made in a branch not
my home, and when my account went negative, the overdraft protection
kicked in.  When they finally fixed the deposit, they refused to credit
me with the overdraft charge.

I have nothing but bad memories of BofA.

Many banks will issue a "check guarantee" card with no ATM or overdraft
power.  It's just their note to the merchant that they think you're not
a deadbeat.  These have been around since before credit cards were
widespread.

  -=- Andrew Klossner   (decvax!tektronix!tekecs!andrew)       [UUCP]
                        (tekecs!andrew.tektronix@csnet-relay)  [ARPA]