Note: If your address changed since your Bank of America account was closed, see the instructions at the bottom of this article.
- Many people receiving the postcard checks were unaware that they were part of a class-action lawsuit, so they are not expecting the money.
- People are often fearful of taking something that doesn't look like a legitimate check to a bank.
- Traditional mail is a dying delivery system - except for junk mail. Almost everything people receive through the postal service is junk, increasing the chances recipients will discard this postcard automatically, without scrutiny.
- Some ATMs won't accept postcard checks, so you'll need t go into your bank branch to cash it or deposit the funds.
- Some bank tellers don't even realize that a check can come in this postcard form. Ask to speak to a supervisor if the cashier seems confused.
- Assuming the teller accepts the check as legitimate people living in a different Federal Reserve district than the one in which the check was issued have to deal with a waiting period before the funds are available.
- For refund recipients who don't have a bank account, cashing the check can be expensive. Having to pay a $3 fee for a $1.50 check doesn't make any sense, and someone in that situation might as well shred the check.
- Driving to the local bank branch might cost more in the use of gasoline than the value of the check.