Consumer complaint received 2023-03-16
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:
On XX/XX/2023, I entered a Bank of America Branch office to deposit my check. I asked the teller that approved and processed my deposit If the check could be manually verified before deposit so there would be no issues with holds as I am already adhering to the five business day policy that Bank of America requires ; she agreed and verified validity and funds of the check, processed transaction and provided me the receipt attached with the dates that funds would be available. The next day I called the bank of Americas customer service number because upon checking my account, I noticed that the check balance was no longer on hold, but the funds were reversed, so it looked as if I had never deposited the check. After waiting and speaking to 3 different managers, they updated the account to show a pending debit of funds instead of a reversal. They informed me that the check had been placed with an extra hold for an unspecified amount of time, even though the funds had been verified. The collection had begun because the issuing bank " could try and collect it back '' I explained this was a settlement check from another significant bank. Even after being verified, I needed clarification on why this would be an issue and have yet to receive one. I decided to wait until XX/XX/2023, to verify if my partial release of funds was available, and it was not ; on XX/XX/2023, I called Bank of America and spoke to three managers via the Nevada office. They stated I only needed their first names as they are the only ones that work there. The call started with XXXX, who said that there would no longer be a partial release of funds due to the extended hold of the check ; she also verified at my request that the check had been verified and collected, but because this amount had not been deposited in my account before they would need additional time to ensure the check validity. I informed XXXX this was not the first time I had received a large check and that this was discriminatory behavior, and she insisted that it was not ; I then asked why none of this information was provided to me in writing and why I had to call to find out the updates on what was happening with my funds. She stated because these decisions were made at night and there wasn't time to inform me. I noted to her that my receipt from the teller with the release dates and funds availability was the only documentation I had been provided, and by that, they were in breach of their agreement with me at this time for this deposit. She told me she could only offer me a line of credit with them. She asked precisely why I needed the funds immediately ; I informed her I had children to feed, and she suggested I ask a friend for money. I was highly offended and asked to speak to her Manager, XXXX, and for another XXXX minutes, I talked to XXXX, who insisted on the two same options. Get a credit line or borrow money from a friend. After this frustrating and humiliating conversation, I asked to speak to XXXX 's manager and was transferred to XXXX, who stated she would review the account and give me a callback. I received a callback from XXXX at XXXX pm that same day. She proceeded to explain they were not going to release any funds to me and did not provide a reason but offered to give me a {$500.00} counter credit that I would need to go to the atm and pull out immediately before it wasn't available again so that I could use to funds for food for my children. I asked her who came up with that amount and why I was being offered a credit when I had a receipt showing I should have funds available. XXXX explained that was the best she could do, I stated that this was mishandled entirely and I would be submitting a complaint against all 3 of them, and XXXX explained that if I proceeded with a complaint, I would forfeit the XXXX credit. I agreed to forfeit the credit as I should have been given my funds since they breached the agreement with the receipt they provided. I also believe it is unfair to be forced into another consumer product from them ( a line of credit ) to have access to my funds. It is XX/XX/2023, when my total funds should be available, and my account balance is still negative.

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