Consumer complaint received 2022-12-21
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem making or receiving payments

Complaint:
I deposited a check into a Merrill Lynch CMA account at the end of November and was told that I wouldn't have to wait but 5 business days to retrieve my funds, I thought that I would not have any issues with the brokerage, however due to extrenous holds on m y monetary funds I was not able to pay my cell phone bill as it became due, and had no way to pay because of the restriction with no cause on my account, there was no explanation why I had to wait for longer than the usual hold time for a check to clear, and neither was there any apology forthcoming from Merrill Lynch, after letting them know that I was having problems paying my phone bill and the phone number on the account was disconnected. I tried to call several times to get in touch with someone over a period of a week and was becoming sorely upset and depressed due to the issue with my money being tied up by Merrill Lynch, not being able to gain communication with anyone who would have pointed me in the right direction regarding my money, either. I was sent another check, and made a second deposit. the check was returned although it was a cashier 's check and I was not told why the check was returned to me, uncashed, however this incident caused a flag on my account and then I was told I would have to wait an additional ten days for funds to be released. At this time, I was also locked out of my account, and when I finally was able to get in touch with someone, I was told that the check alerted Merrill Lynch 's system and so they would have to close my account and the person told me that he would push the issue with the heads of the banking organization as I was at the point where I was almost without food and had already suffered from the loss of a telephone line that I was an account holder of for 5 years, I was told this on a Friday around noon, it was not until Tuesday around XXXX p.m. before I was told that he was able to get the issue solved on his end, and that Merrill Lynch would be issuing me a check for XXXX - XXXX less than what I had originally deposited due to a returned check fee, I was already despondent at that point, especially after waiting that long to hear or know anything about the funds I didi have left but couldn't use to pay bills, buy food, pay rent, buy gas, or any necessities. 'Horrible experience, so I finally received the check from Merrill Lynch XXXX XX/XX/XXXX, 5 days short of a month from XXXX and a month from when I deposited the original check into Merrill Lynch 's brokerage accounts. I have never had any issues such as this before, and if I had known that I was going to suffer for so long without my money and couldn't spend it or at the end, even know what was going on with it due to them locking me out of my online banking access, I would have never deposited the check in the first place, much less two checks. I didn't feel that I was treated correctly, fairly or ethicially. I will not ever do business with Merrill Lynch or BOA again. Ruined my XXXX and my entire month of XXXX, due to negiligence, and lack of proper customer service skills, either that or they just don't care about their customers. I never knew that the banking system was such frauds until recently but now I do. Thanks for the lessons learned. I'll think again before I do more banking and be way more selective on whom I bank and do business with.

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