VERY IMPORTANT - SOMETHING HORRIBLE COMING - See your bank's TOS 11/15/2021

That is correct. Those limits change (at least according to the email I received and another poster received) on November 15, 2021. The other poster posted the new terms on page 1 of this thread and it has been posted many times within this thread. Some people are writing that you can use the secure transfer...but, what about when you receives, say, your paycheck or what about rent (assuming it is over $1,000.00), then do you need to use secure transfer? What a mess that will cause! As to the question of whether direct deposit is covered by this "edict" - from what I read YES direct deposit will be affected by this change. I posted a link (in this thread) that has what a financial company is saying - they are saying that direct deposit is an ACH and not an eCheck.

Thank you GLP for bringing this to everyone's attention. I checked my email and I too have that same email.

I was so worried about it that I went right up to the BOA near me right away.

Nobody at the bank knew anything about it, so they had to call the Bank of America hotline which is answered by the same people that answer when a consumer calls.

The lady on the other end had no idea either. She assured me that nothing changed but I argued with her...why did I receive an email if nothing changed?

Finally, a business banker overheard the conversation and came to help. I think they didn't take me seriously at first because 99% of people coming in there are complaining about their overdraft fees on their 20 dollar accounts. It is, in fact changing to exactly what is written in the email.

Here is what I was told.

1. It is CERTAINLY changing for remote wires. As in my business can no longer wire $5000 or more through the online banking.

2. It is CERTAINLY changing to where I can no longer call in a wire transfer over the phone, which I've never done, but this may apply to someone who reads this.

3. It MAY be changing to where you can't even send wires in person more than $5000 (or $1000 for personal accounts). They have not decided this.

So, we MAY be able to go to BOA, wait in line behind 20 people whining about overdraft fees for 45 minutes, then fill out the wire transfer paperwork (as the cashier likely fumbles around because they ALWAYS have problems doing anything out of the ordinary). Then an hour later your wire is sent. This will NOT work for me, or most other business owners. If you are sending wires over $5000 dollars almost every day like I do, you really really don't have time to deal with this crap.

Here's another thing...PAYROLL! Payroll is done by ACH, which is now limited to $5000 a day too. Let's say your employees are paid 15 dollars an hour. That's only 333 working hours, not considering tax withholdings. So any company using BOA that has more than a handful of employees can no longer process their payrolls.

I do wonder what the actual end game is here.

BOA will lose a ton of business over this. As a business owner I have absolutely no option but to move to another bank.

That's ridiculous!!

What bank are you with?

We have a small local bank, but we'll check if they're doing the same thing.

That's ridiculous!!

What bank are you with?

We have a small local bank, but we'll check if they're doing the same thing.

Usually represented with 3 letters...the first one is "B"...and it is an American bank ;-)

What happens if I need to pay for a car repair that is over $1000?

That's ridiculous!!

What bank are you with?

We have a small local bank, but we'll check if they're doing the same thing.

THANK YOU!!! I knew the impact of this would be huge once I saw it.. I am one of those "dumb asses" who actually reads the changes to my terms of service. Thank you for checking this out. I am hundreds of miles away from my nearest bank branch, so, I could not go there and ask in person!