Consumer complaint received 2021-02-02
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: OH
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On Thursday of last week ( XXXX ) I deposited a check in the amount of {$5400.00} drawn on a regional bank chain : XXXX XXXX XXXX. Equally important, the check was drawn from the account of a title agency in XXXX, Ohio. I deposited the check to Bank of America via their mobile app and it made me aware there would be a hold until the next day. 

On Friday morning I began to pay a few bills out of the proceeds. I accessed my BOA account from my computer only to find the hold had been extended more than a week to Saturday, XX/XX/XXXX. I immediately called customer service to ask why. The first young lady I reached was very helpful and nice, but could not answer my question as to why there was a week hold put on a check drawn on a fairly large regional chain. She transferred me to her manager. His only answer was that Bank of America puts holds on checks for seven to ten days to verify funds, and that the sending bank had not done so. He told that once BOA received verification of funds the hold would be dropped - even if it were before the allotted hold time. Meanwhile, any request for funds that came through would be denied and I would be charged overdraft fees. If I wanted to cover any payments I had made from my account I would need to deposit cash before XXXX XXXX that day. I asked if the deposit could be cancelled so that I could cash the check and bring cash ( there is a XXXX XXXX XXXX a block from my house ) and he said deposits can't be stopped. 

I withdrew {$3300.00} from another bank account I have at a local bank and drove to XXXX to make the deposit at BOA. Along with that {$3300.00} in cash I also deposited a check in the amount of {$530.00} drawn on XXXX to make the total deposit {$3800.00}. That check drawn on XXXX XXXX NOW has a hold on it until Thursday, XX/XX/XXXX!!! The largest bank in the USA and you folks put a hold on the check for six days! 

Yesterday morning ( XXXX ) I went to the XXXX XXXX XXXX which is a block from me and took the check drawn on them. ( I still have the physical check because I deposited it through the app. ) I asked a friend who worked there to see if the check had cleared. It had. ON FRIDAY of last week!! I then called the person who had written the {$530.00} check on XXXX and they, too, verified the check had cleared. Yet, as of today the funds are still on hold! 

I called Customer Service again this morning and got a supervisor. They told me the hold would exist until the date and time showing on the online statement. 

Like anyone else, when I make a deposit I want access to my funds. I currently have {$5900.00} of MY funds ON HOLD for a week with Bank Of America. This is unacceptable. 

According to the FDIC Consumer Compliance Examination Manual, I believe Bank of America is not compliant with FDIC laws.

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