Consumer complaint received 2023-08-21
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
Complaint against Bank of America for Withholding Funds and Imposing Excessive Overdraft Fees. 

I am writing to file a formal complaint against Bank of America for their improper handling of funds in relation to their XXXX XXXX  system from Bank of America to my account, Bank of America, and their failure to address the resulting financial hardships I have faced. I operate a small minority business account with Bank of America, account number XXXX, and I am deeply concerned about the unjustifiable withholding of funds from deposited checks and the subsequent imposition of multiple overdraft fees that have significantly impacted my business operations. 

On multiple occasions, I have experienced a delay of up to three days in the release of funds not including weekends, from checks XXXX XXXX XXXX XXXX that utilize Bank of America XXXX XXXX XXXX  system. This delay has resulted in severe financial difficulties, as I rely on the timely availability of these funds to cover important business expenses and obligations with Bank of America. Despite adhering to the necessary procedures and requirements for utilizing the XXXX XXXX  system, I find it extremely troubling that Bank of America has repeatedly caused significant delays in processing these funds. 

To exacerbate the issue, the delayed release of funds has led to overdrafts in my business account, these are check that utilizes the Bank of America XXXX XXXX system. These checks are uploaded every night to let the Bank of America knows these checks are good to release funds to, and are from the escrow accounts, some accounts have millions of dollars. This has been compounded by the fact that Bank of America has imposed multiple overdraft fees due to the unavailability of funds caused by their own operational inefficiencies. The accumulation of these fees has created an unjust financial burden that I am struggling to manage, and it directly contradicts the principles of fairness and accountability that I expect from a reputable financial institution. 

I attempted to address this matter by visiting my local Bank of America branch, where I was advised to contact the business customer service line for assistance. However, my interactions with their customer service representatives have been disappointing. They have consistently stated that there is nothing they can do to rectify the situation or provide relief from the resulting financial strain. This dismissive response has left me feeling frustrated and unsupported as a loyal customer. 

I am submitting this complaint to the Consumer Financial Protection Bureau in the hope that your organization can investigate this matter thoroughly and hold Bank of America accountable for its actions. I urge the CFPB to assess the bank 's practices related to the withholding of funds, delays in processing, and imposition of excessive overdraft fees. I kindly request that the CFPB ensures that Bank of America takes appropriate measures to rectify this situation, provide restitution for the financial hardships I have endured, and prevent similar issues from occurring in the future. 

Enclosed with this letter are copies of relevant documents, including transaction records, account statements, and communications with Bank of America representatives, to support my complaint. 

I appreciate your attention to this matter and your dedication to safeguarding consumers ' rights. I look forward to a prompt and thorough investigation into this issue and a resolution that is fair and just. 

Thank you for your time and assistance. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX : XXXX

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