Consumer complaint received 2018-10-24
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:
I made a deposit into my bank account through the atm machine at a bank of america on XX/XX/XXXX18. I deposited two checks which were from the same company who banks with XXXX XXXX. The next day I checked my bank account, and a hold for 9 days has been on placed on both checks for the full amounts. I called BOA customer service to find out what I could do about getting them released, BOA told me that XXXX XXXX where the checks were being withdrawn from, were holding them and hadn't released the funds. I work for the company that wrote the checks to me, and I have access to their bank accounts, as I am their book keeper, so I was able to check online to see whether there were funds available, and both checks had cleared the account. I also called XXXX XXXX and they confirmed that the checks had been released as I have authority to speak to XXXX XXXX on that account. I then printed off proof that the checks had been cleared and the funds withdrawn and I then went to BOA thinking this would be resolved, however I was wrong they told me that there was nothing that they could do for me, and again that XXXX XXXX had not released the funds. I told them I had proof that they had release the funds and that I had also spoken to XXXX XXXX who assured me that the funds had been released. My bank then said that the funds must be with a third party, they didn't check, she just came up with it. I asked if they could call that third party and ask them to release the funds as I needed to pay some bills, they said they didn't have access to that information and they couldn't do anything for me. I have banked with BOA for almost 27 years, and I have never heard of such nonsense. How is this right? My money is in " no where land '' and why for almost 10 days, I cant use it and the person who paid me had no access to it either, meanwhile I had bills due, and now late and I will be put on the late list and possibly charged late fees and interest. But who cares right? I would understand if this was a case whereby the checks bounced, but they didn't! And if there was any concern, why couldn't my bank call XXXX XXXX and check on the available funds? I think this is ridiculous and I the customer of BOA is the one that looses, they didn't even offer to cover a portion of the funds for me. I feel they have created more damage than good. Especially when I provided the proof and they didnt step in and do right by their customer and try to fix it. Nothing, but just wait 9 days to get your money. Then why bother having a bank account? Then I find out the next day another employee who also deposited a check but through the teller the same thing happened to him. He also banks with BOA. But he is worse off as he had already written checks on the funds, and not only doesn't have the funds has been hit with overdraft fees, and was told the same thing the funds have not been released from XXXX XXXX. When they actually have. I just happened to know because I am the XXXX XXXX, its really sending a mixed message that our boss is the cheater or a liar. After all a bank wouldn't lie, we should believe them and trust them. It seems like my bank does whatever they want and says whatever they want while sitting back making impossible amounts of money, and if you approach them for help they throw out some old excuse and expect us to go home and deal with it. It is not right!

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