I recently found myself in need of cash to catch up on bills, etc., so I took out a loan from my 401K. I, of course, need the money ASAP. I was supposed to receive the check from my 401K company (Fidelity Benefits) last Friday 10/4/02. Due to a mistake on their part, I didn't receive the check until Monday, 10/7/02. This is a big deal to somebody who is waiting for the money. So, I promptly deposited the $2,700 check into my Bank of America checking account on Monday morning. I took the day off of work on Tuesday to run errands and pay bills with my money. I called the bank on my way to the first errand to confirm my balance and learned that my available funds were ZERO! When I spoke to a Customer Service Rep, she told me that a hold was placed on the funds because my account does not typically get such high deposits (and wasn't considered a "good" account relationship) so they were holding the funds until the check was paid by the bank who issued it. She offered to call that bank again in the morning when she came in, but she didn't come in until 9:30 am and I wanted it resolved sooner. Though I didn't call before 9:30am, I called BofA today and spoke with Dorothy Cooper at extension x31249 who told me she had to track down the bank and call them and would call me back. The person who I spoke to before being transferred to Dorothy told me that the funds would not be released for another 48-hours after the check was paid. THAT IS TOTALLY UNACCEPTABLE!! I borrowed the money from my 401K account because I NEED it and now Bank of America is keeping it from me. If I knew all this would happen, I would have just gone to some check-cashing service or something!