Consumer complaint received 2022-12-14
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MN
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I went into a branch location on XXXX with a cashier 's check in the amount of {$14000.00} which was given by XXXX XXXX XXXX XXXX XXXX in XXXX XXXX MN XXXX This official check was a partial XXXX distribution. I was told by both the teller and another associate that a hold would be placed. on part of the deposit ( {$8200.00} ), but the rest would be cleared by today ( XXXX ). This information is also stated in the banks policy regarding larger amount deposits made IN PERSON using CASHIERS CHECKS. The policy states if a larger amount is being deposited, there is an initial next business day amount released to the account holder to access of {$5.00}, XXXX ), while the remaining amount may be subject to additional holding delays. The receipt I was given at the branch shows the {$8200.00} would be on hold until XXXX. Today I was informed the entire amount would now be on hold until XXXX, and no access can be given until that date. When I asked to speak with the risk management department, I was told I can not speak directly with them, and that even the management department of cust omer service can not speak with them on my behalf. I do not believe a bank should have the right to disclose information to customers, as well as give proof in a receipt that reflects their information regarding deposits, and then change it up and deny what they stated both in person and in their policy regarding deposits ( more specifically, cashier 's checks ), and then subject that hold to an additional delay. Not when verification of a cashier 's check should be one of the easiest forms of verification to handle. The re is no third parties. There is no personal banking requirements. It's an official direct check from a credit union. I would like Bank of America to be held accountable for their misinformation, specifically for their decision to go against their own policy that is provided to their customers. They decided to remove any access to all of my money for a longer delay over a check that is certified from a specific qualifying bank. Federal regulations code 229.13 ( b ) states that large deposits may be subject to a hold, but only in excess of {$5500.00}. It also states 229.10 ( c ) ( v ) cashier or certified check should be available the next day if deposited in person.

12/13/2022 I spoke with another representative with Bank of America who stated my funds would be available next business day ( today : XX/XX/2022 ), however, no funds still. I called the bank again this morning ( XX/XX/2022 ), and spoke with a supervisor who told me i was " misinformed '' yesterday and all of my funds are subject to this extended hold due to my account having no other deposits made in several months. This information is inconsistent with the notification I was given in relation to the hold. My notification states the hold was due to specific information that indicates the check may be returned. They are providing false information to customers in order to hold their funds, and most likely invest in short term accounts producing profits back or the bank while the customer suffers. This is my inheritance money. I shouldn't have to wait a week and a half to access a cashier 's check.

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