Consumer complaint received 2021-09-16
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
Hello I am a XXXX XXXX XXXX who has had an account with Bank of America for 4 years. Recently they have put holds on checks that I deposit for 7 business days. They never did this before and the checks are always from escrow companies and I have never deposited a check that has been returned. Holding my funds ( which are with in my normal deposit amounts ) affects my business and causes me to receive multiple {$35.00} dollar charges. What happens is I deposit the check at a branch, they say it will be available to cover charges the next day. I even look on my online account after the deposit a check and it says the same thing. Then what happens in the middle of the night is i get an email that says the check is going to be held for 7 business days because it might be returned. I believe this to be a tactic to set small business customers up to increase fees by misleading them that their funds will be available AND once the hold on you are hostage to Bank of America since it is possible to open an account at the bank check came from and have 1 day hold. This never use to be the case with Bank of America and the checks i deposit are always from an escrow company who use a large bank as their bank with in the United States. 

On XX/XX/XXXX at XXXX PST I called in to BofA business account phone number. I called because I saw a check I had issued had been debited out of my account and all looked fine until I got an email that it was going to be returned even though i had the funds ( i have a copy of it ). I was told that the 7 day business hold ( which is really 8 days because they tell you the following day early in the morning via email about the hold ) and told this to the first rep that i had the funds and it was still being returned ( i have electronic proof ). She puts me on hold, gets a manager and tells me the check WILL be paid and then credits my account {$35.00} for the overdraft fee and all is fine. Then a few hours later i look at my account and they returned the check to me! I call back and to no surprise i get a different answer, two BofA managers who tell me they can't do anything to help me and don't know why the associate would tell me that. its all recorded so i know my story is true and i have print outs of proof that these holds are for overdraft and return item fees.

One last note : When on hold there is a PR message about how Bank of America helps woman owned businesses and supports them. i am a minority and women owned business and i believe i am targeted because of my PPP loan application they know I'm 100 % women owned and minority. 

Another issue is that no one ever gives you the same information. You get a different answer on the phone each time and in person at a branch. I suspect they purposely have lack of training or not uniform training so as to mask the purpose of holding of deposits for the pure purpose of racking up overdraft fees.

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