Consumer complaint received 2018-12-14
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On XX/XX/XXXX after the online login fail I called Bank of America to learn that my business account is under closure. Since I did not receive any paperwork in regards to the closure I didnt know what the procedure was with existing payments in and out of the account and what was going to happen to the outstanding balance on the account. An employee explained to me that any outstanding payments from the account would be processed and any payments scheduled to be transferred into my business account would also process until the account is completely closed. Since it is a business account there are a lot of ACH payments set up and I specifically asked about those payments coming in which an employee confirmed that would clear in the account. I contacted the companies that my business is working with and updated bank details but the cut off dates for some of them was too close and some payments had already been processed and a sum of over {$48000.00} went to BoA business account. 
After a few days when I called to follow up on the status of my account I was told that a cashier check for my account balance was sent out. To my request for an overnight post Bank of America replied that any checks for big amounts are always sent overnight. The following day nothing came in the mail, called the bank again and this time I was told that those funds are now sent for investigation. This is when the big SHOW began. Bank of America we need 3 business days, we need another 48 hours, we need 72 hours, we need 5 days and so on until now to investigate those funds. 
The risk department requested documentation confirming the source for those funds and I have provided all the invoices, all the payment receipts, all the contacts and so on. When I took the documentation to the branch for an employee to verify and fax them over to the headquarters I was told 48 hours and we should have a response either a cashier check would be issued or those funds sent back to the accounts where they came from. After 48 HOURS when I am positive I will get an answer I am told another 3-5 business days is needed to review the documents.

I have people to pay for the services they have provided, I have company employees waiting for payments and I can not do anything about it because Bank of America is sending my case from one department to another and I already want to think that they dont know where my money is! Have they spent my money and need time to play around with other peoples accounts? Have they put that money in circulations? I need this resolved ASAP. My company is on the edge of breaking and I have no obligation of chasing the money that I have worked for day and night. Bank of America has the first obligation to pay us, and FDIC shares that responsibility for our funds. 
Thank you for taking the time to refer to this matter.

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