Consumer complaint received 2021-12-24
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
BOA Complaint On XX/XX/2021 I took my NC Retirement check ( {$39000.00} ) received from the Department of State Treasurer to be rolled over into my Roth IRA at BOA. I was ready to distribute the funds immediately but was told they would have to deposit it and it would be available the following day. That day I met and engaged with XXXX XXXX & XXXX XXXX. XXXX seemed to be in training as she asked the cashier and XXXX XXXX questions about procedures. 

I did not return until XXXX XXXX and was disappointed and surprised to find that my funds had not posted. XXXX said she didn't know what the hold up was and made a phone call to gain insight. While she was on the phone I specifically asked her to find out " why '' my funds were being held. She never asked the person on the line " why? '' like I requested. XXXX told me the person was going to try to immediately release the funds. Once she got off the phone she told me that it may take a couple more days and that she'd notify me. I asked what happened to me getting immediate access. She just kept giving me the run around. XXXX poked his head in once and asked me how things were going and I said " Not too good XXXX XXXX '' and then he scurried out of the room and closed the door behind him leaving me with XXXX. 

On XXXX XXXX, I went back to BOA but didn't see XXXX or XXXX. It was like a ghost town. I spoke to XXXX XXXX ( who incidentally initiated the paperwork for me to get my funds from NC Retirement ). XXXX told me that IRA accounts generally take 10-11 days. Which he determined would be after XXXX. I specifically asked if this policy was nationwide for BOA or just this particular branch. He said is was nationwide and told me Dont overthink it. I told him that I had been through this process before and that this was highly unusual. He seemed unconvinced and unwilling to rectify the situation then coldly told me " things change '' and that he could not help me. I asked why I was not told this on XX/XX/XXXX. He couldn't answer that question either. XXXX also told me the issue was because the check was not a BOA check and/or it was an out of state check. I reminded him that it was from NC State Department of Treasurer. 

XX/XX/2021 : I checked my account first thing in the morning and saw that the money had posted. Later that day I got a call from XXXX telling me the funds had posted and that I could come by to distribute the funds like I was prepared to do on the first day. I did not go in on the XXXX. 

XX/XX/2021 : I arrive to distribute some funds from my IRA rollover. She completes one transaction and deposits it into my checking account. I was so unhappy with the poor service I have been receiving from BOA so I decided to take my IRA funds elsewhere. When she tried write me a check to rollover into another institution 's IRA, she ran into a wall and had to call " the powers that be again ''. She claims she was told that only 1 transaction could be completed per day for the IRA. I told her to reverse the first transaction because I wanted immediate access to my rollover funds. She called to see if she could reverse it. I left the bank a third time without any resolution or real answers. XXXX told me she'd contact me the next day to see if the funds were available. 

XXXX XXXX, 2021 : On the same day before XXXX I called XXXX to ask him to rectify this situation. He told me he could not. I specifically and repeatedly asked him what the standard operating procedure is for depositing and having access to IRA rollovers. I asked if 10-11 day hold on IRA rollovers was standard for all customers. He told me it was different for each person right after he told me that he didn't understand what I meant by " standard operating procedures ''. He just kept waffling on the question and couldn't give me a straight answer. This man doesn't know what he is doing in my opinion and neither does XXXX. On top of their incompetence, I have a suspicion that Ive been XXXX profiled and that this is a case of XXXX bias. Since when is a check from the state of NC 's Department of State Treasurer not a check that can be trusted as valid?

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 explanation