Bank Of America With Drive-Thru (2024)

FAQs

Why is Bank of America getting rid of drive-thru? ›

Bank of America Corp. says it is phasing out some of its drive-through teller services in Massachusetts and elsewhere across the country because of declining traffic.

Informal Tone: - I'm looking for a job that will allow me to use my business and financial skills in a challenging and rewarding atmosphere. Bank of America has an excellent reputation and a long history of success, which makes it an ideal place to develop my skills and gain experience.

Bank of America: The maximum daily withdrawal amount using an ATM is $1,000 and cannot exceed 60 bills in one transaction. The limit is $800 for ATM withdrawals set up in advance using the bank's mobile app.

Banks must report cash deposits of more than $10,000 to the federal government. The deposit-reporting requirement is designed to combat money laundering and terrorism. Companies and other businesses generally must file an IRS Form 8300 for bank deposits exceeding $10,000.

Bank of America's Financial Health

In recent years, Bank of America's financial performance has been relatively stable. In 2022, the bank reported a net income of $20.4 billion, a decrease from the previous year's $27.4 billion. However, its revenue increased from $91.2 billion in 2021 to $95.2 billion in 2022.

One obvious culprit for the closures is the rise of online banking. Clients are increasingly becoming more inclined to use online platforms, with 78% of adults in the country expressing that they prefer to make their transactions using the financial institution's website or a mobile application.

The government has no regulations on the amount of money you can legally keep in your house or even the amount of money you can legally own overall. Just, the problem with keeping so much money in one place (likely in the form of cash) — it's very vulnerable to being lost.

The Limit You Need To Worry About Is $10,000

“$5,000 is okay, but if you withdraw more than $10,000, the transaction will be reported to the IRS and at least one other government agency,” Bakke said.

Have you ever wondered why bank tellers often ask questions about your transaction? They are doing it for very good reasons! An important part of the teller's job is to protect customers by watching for potential fraud. Some transactions may require verification of identification, which is a government regulation.

The regulation requires that multiple purchases during one business day be aggregated and treated as one purchase. Purchases of different types of instruments at the same time are treated as one purchase and the amounts should be aggregated to determine if the total is $3,000 or more.

Is depositing $2000 in cash suspicious? ›

Depending on the situation, deposits smaller than $10,000 can also get the attention of the IRS. For example, if you usually have less than $1,000 in a checking account or savings account, and all of a sudden, you make bank deposits worth $5,000, the bank will likely file a suspicious activity report on your deposit.

Banks report individuals who deposit $10,000 or more in cash. The IRS typically shares suspicious deposit or withdrawal activity with local and state authorities, Castaneda says. The federal law extends to businesses that receive funds to purchase more expensive items, such as cars, homes or other big amenities.

In July 2023, the CFPB and the Office of the Comptroller of the Currency (OCC) ordered Bank of America to pay over $200 million for illegally charging junk fees, withholding credit card rewards, and opening fake accounts.

The popularity of online banking has resulted in major banks closing down physical branches, leaving customers with fewer options for in-person assistance. In recent years, online-only banks have emerged as competitors, leading to a decline in transactions at physical bank branches.

If your bank closes, you should receive notification of what will happen to your money from the FDIC or NCUA, the acquiring bank or both. You'll automatically have an account at the new bank, or the FDIC or NCUA will issue you a payment returning your funds.