Consumer complaint received 2023-03-17
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MN
Product: Money transfer, virtual currency, or money service
Sub-product: Debt settlement
Issue: Problem with customer service

Complaint:
On XX/XX/2023, I found myself in a difficult situation with the Bank of America branch in XXXX XXXX, MN, XXXX ( XXXX XXXX XXXX XXXX, XXXX XXXX, MN XXXX ). I had given my new landlord a rent check for {$1500.00}, dated XX/XX/XXXX, but was still waiting for an expected wire transfer from my XXXX bank account to cover the funds. As Business Day # 7 came and went without the transfer arriving, I knew that my rent check was going to hit my Bank of America ( BofA ) account on this morning and would become massively overdrawn. 

To avoid this from happening, I took the morning off work to drive XXXX miles from XXXX, MN to the nearest BofA branch in XXXX XXXX, MN. I also requested a telephone meeting with a representative from the bank on the afternoon of the XXXX, explaining that I would be in the morning with the funds to cover the account and to please not bounce the check immediately upon receiving it. Despite my best efforts, however, the check had been processed by the time I arrived at the branch, leaving my account overdrawn by about {$1500.00}. 

I was disheartened to learn that my check had been returned due to insufficient funds, despite having already deposited enough cash to cover the balance. BofA had possession of the funds to cover my rent check and knew who to remit them to, yet they made no attempt to inform me or return the funds. As a result, I was forced to take more money out of my line of credit to cover the new balance owing of {$1700.00}. 

This act of negligence on behalf of BofA has caused me not only material financial harm but also emotional discomfort and stress. I received notice from my landlord that my check had bounced, and I was embarrassed that this happened with my first rent check. I now have to pay rent each month with a cashier 's check, which is an inconvenience and a hassle. Additionally, this may have negatively affected my credit. 

It is unclear why the funds were not deposited, as at this moment, the account has not been formally closed by BofA. I did not intend to deceive the bank or my landlord, and I had no reason to believe that the check would not clear. If the bank had any concerns about the payment, they should have notified me before processing the check. This would have given me an opportunity to address any issues and prevent the check from bouncing. 

This whole situation has caused me loss of time and resources, including driving from XXXX to XXXX XXXX to deal with this issue. I have also incurred a late fee of 8 % plus {$35.00} returned check fee, solely because the check did not clear, even though the funds were available. 

I urge BofA to take responsibility for their actions and return the funds they are holding. They should also take steps to prevent this from happening to others in the future. I hope that by sharing my story, others can learn from my experience and avoid similar situations. 

Currently my BofA shows a positive balance of {$1700.00} locked funds. I find this troubling because this account is supposed to be closed. 

If requested I can provide the cashier 's check receipt for {$1700.00} for my rent + fees, my original lease agreement showing the monthly rent agreement of {$1500.00} per month, as well as the photocopy from my landlord of the returned check due to insufficient funds notice sent to them dated XX/XX/2023.

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