In 2006, Matthew Shinnick sold a pair of bikes on Craig’s List for $600. After shipping the bikes, he received a check in the amount of $2,000, which the buyer explained was extra money for shipping costs and for Shinnick's trouble. Suspicious, Shinnick went to a San Francisco branch of Bank of America to cash the check, expressing concern that it might not be any good. The teller contacted the business and was informed that no check had been written to Shinnick for $2,000 or any other amount. She passed the check to the bank manager, who called the police. Shinnick was arrested and thrown into jail. His father posted $4,500 bond to get him out, but within 24 hours, the district attorney's office dropped all charges against Shinnick. Nevertheless, Shinnick ended up spending $14,000 to get out of the mess Bank of America caused. When the bank refused to reimburse Shinnick for the money he was out, he took his story to radio show host Clark Howard. Once the story aired, Bank of America customers began closing their accounts. In the end, Bank of America wound up losing $50 million that customers pulled out of the bank when they closed their accounts. Bank of America calls the bizarre incident “an unfortunate series of events” that they regret.
