Consumer complaint received 2018-05-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NV
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I opened a checking account at Bank Of America on Saturday, XX/XX/XXXX and deposited a check in the amount of {$15000.00}. BofA let me withdraw {$200.00} when I made the deposit which totaled {$14000.00}. They informed me that there would be a hold placed on the money until XX/XX/XXXX. Shortly thereafter, I noticed when I logged into my online banking account, that the hold was now only until Saturday, XX/XX/XXXX. 

A few days later, I learned from the company who wrote me the check that the check had cleared their bank on Monday, XX/XX/XXXX. I called the customer service number for BofA and asked them why they would hold my check if they have already been paid for the check? They informed me that due to check fraud, they hold checks for the allowed amount of time. I was frustrated and probably got more angry than necessary. You see, this {$15000.00} is ALL the money I have to my name! I have no other money and I need access to my money asap. I didn't understand why the hold would continue when BofA has already collected the money to back-up my check. 

I called a few more times, requesting that they release {$100.00} to me so I could eat, and they denied me this. I continued to call and they finally released {$100.00} to me. 

I contacted the bank that the check was drawn on, asking if the check could be returned after the funds have already been paid? They told me no. If the money has already been debited to the account the check was written on, the originating bank could not recall it or deny payment of it. I called BofA again, and they told me that the check is subject to being returned by the paying bank up until the XXXX, which is the day the hold would be released. I complained because this seems unethical. 

I called yet again ( I was very mad and was not satisfied with the responses I was getting from BofA ), and they informed me that my account is now closed, and that the funds would not be released until XX/XX/XXXX at which time they will mail me a cashiers check to my home address! 

This morning ( XX/XX/XXXX ) I walked into the branch I opened the account at and presented them with the front and back copy of the check, showing that BofA has been paid and also a statement from both the company and from the paying bank that this is a legitimate transaction and the check will not be recalled or returned for any reason. I was told by a customer service rep earlier in the day that if I bring these documents into the branch they will refund my money. 

When I was in the branch I was told to call the XXXX number for customer service. I called and was tossed back and forth between the account hold dept and the risk dept ;. I was told that because the check was hand-written, it was suspect, and they will not give me my money! If the check was fraudulent the originating bank would not have paid it! Bank of America refused to give me my money and now I have to wait until the XX/XX/XXXX when they mail me a cashier 's check? By the time I receive their mailed cashier 's check it will be the XX/XX/XXXX and then I have to deposit it into my other account and they will put a hold on it for a day or two. 

This is not acceptable! I realize that BofA 's terms of agreement say they can place holds on checks, but when the check has been paid, and my account has been closed ( no reason was given to me as to why they closed my account. They just said it's within their right to close it ), why in the world they will not release the money that is legally MINE??  Why wouldn't BofA do the right thing and reimburse me the money that they have had since the XX/XX/XXXX? Everyone I've spoken to on the phone has been unwilling to assist me and they refuse to even give me their last name! 

I have no desire to bank with Bank of America and I am not mad that they closed my account. The ONLY reason they are doing this is because I told them I was filing a complaint with you and because I got angry and probably said some things I shouldn't have said. This is MY money and I can prove that BofA has received the money from the bank the check is written on. Regardless of the terms of their agreement, they should do the right thing and return MY money that they have been withholding from me for 5 days now. The customer service reps I've spoken to are obviously reading from a script and have no interest in helping their customers. 

I am livid. As I said this is the ONLY money I have! I can not pay my bills, eat or put gas in my car until I receive MY money from BofA. There is no reason for them to suspect fraud especially since they have already been paid by the bank for the check I deposited. Bank of America is the worst bank I have ever dealt with. The fact that they refuse to give me my money is not right and should be illegal. I am not a customer of theirs yet they are going to hold my money for another week? How can this be legal? 

In addition, before I was informed that my account was closed, they told me that since I '' m a new customer I must wait to receive my money. What other company penalizes a new customer? THEY WERE PAID FOR THE CHECK I DEPOSITED AND HAVE NO RIGHT TO REFUSE TO GIVE ME MY MONEY! They should do the right thing, and refund my money. They are using it to their advantage and I can't use it at all. It's MY money, not theirs. They need to do the right thing.

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