Consumer complaint received 2023-12-28
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I am writing to express my deep concern and frustration regarding an issue I am currently facing with my Bank of America account. I believe it is crucial to bring this matter to your attention for swift resolution and to ensure the integrity of my banking experience. 

On XX/XX/27, I visited the XXXX branch of Bank of America to address a situation related to a {$2200.00} money order purchased from XXXX XXXX. The money order was initially intended to cover my rent, but due to a change in my rental company 's policy, I needed to return the money order to my account. Following the guidance of the Bank of America staff at the branch, I made the necessary adjustments to the money order, replacing the rental company 's name with my own, and was assured that the funds would be deposited without any issues. 

Upon returning home, I received a call from the Bank of America fraud department for verification purposes. I provided the necessary information, explained the situation thoroughly, and was assured that everything was in order. I was told my funds would be available the next day. 

To my dismay, I discovered that my account had been frozen, and the funds from the money orders were placed on hold. Confused and alarmed, I immediately contacted Bank of America customer service to seek clarification. Despite speaking with XXXX Bank of America employees previously who confirmed that everything was in order, I was informed that my account was now under investigation, and I would have to wait to call back in XXXX hours for some type of update. This delay poses a significant challenge for me, as I urgently need access to my funds to fulfill financial obligations, including rent payments. That being said, I had asked if this would affect my paycheck coming through the next day, and they stated yes since that specific account is under investigation, and I now have no money for an unexplained amount of days. 


In times of distress, I had hoped for a more compassionate and understanding response from the Bank of America customer service team. Despite my appeals for assistance, I have been met with procedural delays and uncertainty about when this matter will be resolved. Regrettably, the customer service representatives I spoke with were not able to escalate the issue or provide a satisfactory resolution. I am left with no options to unfreeze my account promptly or receive any form of assurance that this matter will be resolved in a timely manner. 

I want to emphasize that I am not merely an account holder but also a parent responsible for XXXX children. The current situation, which inhibits my access to funds required for essential living expenses, goes beyond financial inconvenience. It directly impacts the well-being of my family and places unnecessary stress on our daily lives. 

I understand the necessity of investigations to ensure the security of accounts ; however, the impact on my financial well-being is substantial and causing financial stress and harm instead of protecting.

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