Consumer complaint received 2019-09-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Bounced checks or returned payments

Complaint:
OFFICIAL CFPB COMPLAINT | UNFAIRNESS PRACTICES ON CONSUMER ACCOUNTS | BANK OF AMERICA | XXXX XXXX On or about Thursday, XX/XX/XXXX, my mother Miss XXXX XXXX, purchased For $XXXX money orders from a XXXX in XXXX Pennsylvania. The bank associated with XXXX  in XXXX Pennsylvania is XXXX. The XXXX XXXX serial numbers on the for money orders for $XXXX each begins or ends, I cannot clearly see the sequence of the other three, with XXXX. On Saturday, XX/XX/XXXX I deposited these for money orders into my bank of a for $XXXX money orders from a XXXX in XXXX Pennsylvania. The bank associated with XXXX in XXXX  Pennsylvania is XXXX XXXX. The XXXX XXXX serial numbers on the for money orders for $XXXX each begins or ends, I cannot clearly see the sequence of the other three, with XXXX. On Saturday, XXXX XXXX I deposited these for money orders into my  Bank of America business checking account ending in XXXX.  It was after XXXX XXXX on a Saturday and Bank of America placed a note in my account that the funds would not be available until XX/XX/XXXX, a 10 day hold on a money order. On Monday, XX/XX/XXXX, Bank of America verified the deposits and placed a note in my account that the $XXXX deposit would be available for all transactions pending, online etc. with the exception of withdrawal   On XX/XX/XXXX. The overnight transactions included a reversal of my deposit and to NSF fees totaling $XXXX. When I reached out to Bank of America at XXXX XXXX this morning I was informed by a supervisor after escalating, that Bank of America attempted to contact XXXX XXXX   to verify the money orders and because they could not reach  an individual to verify the Four $XXXX deposits,  That they reversed the deposit and that they would not refund the two $XXXX Bank fees. My mother, Ms XXXX, is headed to the XXXX  now in XXXX Pennsylvania to see what they can do about it. I have explained to the Bank of America supervisor that this is unfair financial practices and that I would be filing an official complaint with the CFPB. Their response to me after reminding them that they are a federally insured institution which protect consumers for fraud, was that they had a right to reverse any transaction while they proceeded to verify whatever they needed to verify. In my opinion, I believe Bank of America should be reprimanded My mother, Ms XXXX, is headed to the XXXX  now in XXXX Pennsylvania to see what they can do about it. I have explained to the Bank of America supervisor that this is unfair financial practices and that I would be filing an official complaint with the CFPB. Their response to me after reminding them that they are a federally insured institution which protect consumers for fraud, was that they had a right to reverse any transaction while they proceeded to verify whatever they needed to verify. In my opinion, I believe Bank of America should be reprimanded immediately! Wow Bank of America decides to play games with people’s livelihood and their financial situations, believing that they must be God, they are capitalizing on their own behavior.  While Bank of America decides to play games with peoples livelihood and their financial situations, believing that they must be God, they are capitalizing on their own behavior.   If the situation is not resolved by the end of the day my financial situation gets worse. To the betterment of Bank of America of course. Please assist in anyway you can. The phone number from which I contacted Bank of America at this morning to discuss this case is: ‭XXXX XXXX XXXX

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