Consumer complaint received 2023-03-21
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
Good afternoon, I am the owner and president of XXXX XXXX XXXX XXXX a small minority business based in XXXX Florida. The events illustrated are the details of my company XXXX interactions with Bank of America. Currently Bank of America has closed XXXX  bank account and are withholding {$36000.00} and have not divulged any information on next steps nor will they provide me any updates or follow up in regards to the matter. 

In XXXX XXXX was awarded its largest purchase order from the XXXX XXXXXXXX XXXX XXXX XXXX which is the XXXX team Minnesota XXXX this was a dream come through. My current experience with Bank of America has turned this into a nightmare. My business is on the verge of bankruptcy because I can not pay my debts due to Bank of America holding {$36000.00} hostage. 



Timeline XX/XX/XXXX XXXX XXXX XXXXXXXX XXXX XXXX awarded XXXX XXXX XXXX the bid for the XXXX XXXX XXXX XXXX XXXX XXXX. The project consisted of sourcing and delivering several different XXXX microphone components amounting to {$36000.00}. ( See Purchase Order and Final Invoice attachments ). 

XX/XX/XXXX XXXX provided approval that all of the XXXX equipment had been received and installed. Payment via check was the only form of payment XXXX could receive at this time. 

XX/XX/XXXX I opened a business account with Bank of America under the name XXXX XXXX XXXX. I deposited {$100.00} in cash at the time of opening. I informed the Bank of America representative that I will be depositing a check for {$36000.00} in the near future. I was told that it would be fine and they welcomed my business. 

XX/XX/XXXX I deposited the check from XXXX in the amount of {$36000.00}. The check was given an extended hold of 5 days to verify the funds legitimacy. I did understand the need to have an extended hold and had no issues with the hold. 

XX/XX/XXXX I logged into my Bank of America account and the funds were cleared and available. However, when I tried to pay an employee, the funds were placed on hold and did not allow me to pay anyone. I called XXXX XXXX XXXX XXXX Bank of America customer service. I was told that my account was under review and everything should be rectified shortly. 

XX/XX/XXXX After visiting Bank of America branch XXXX XXXX XXXX XXXX XXXX FL XXXX & speaking with the Risk Department we were informed that the account had been closed due to suspicious activity and in return the funds in the XXXX account would mailed via check to me shortly. After inquiry as to why this was happening we were informed that no further information would be divulged. 

XX/XX/XXXX XXXX XXXX XXXX received a check for {$100.00}. I called Bank of America customer service number and inquired about the remaining {$36000.00} that was not received. I was told the funds were on hold and no further information could be provided. 



As of Late After 14 Local Branch Visits, dozens of calls to the Risk department, requested reviews of the account by qualified representatives, confirmation with XXXX through purchase order receipts, Cleared & Voided Check, Invoices, Email Communication Exchange dating back to XX/XX/XXXX, as well as contact information. XXXX has not received its {$36000.00} and no one at Bank of America will help rectify this situation. 

It is difficult to have a small minority business at this time and to see a large company like Bank of America destroy my business and reputation without justification is infuriating and alarming. There is no oversight in this matter. Bank of America is the judge, jury, and executioner. I have always prided my companys reputation of paying its debts and doing as we say we would. We thought we chose a good banking partner that valued clients and communities but clearly Bank of America has lost connection with their mission statement. 

Below is the contact information for various individuals within the XXXX XXXX XXXX XXXX that are eagerly wanting to help XXXX XXXX XXXX resolve this situation. Thank you for taking the time to help in this urgent matter.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief