Consumer complaint received 2021-09-14
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
Bank of America has behaved improperly, causing me significant inconvenience. 

I have been a depositor with Bank of America at XXXX XXXX XXXX in XXXX, MA, for more than 12 years. I was a depositor before that with three other banks in that same address going back 54 years, for XXXX XXXX, XXXX, and XXXX  XXXX XXXX. In all those years I have had no failed deposits and no overdrafts. 

On XX/XX/XXXX I obtained a Treasurers Check for {$120000.00} from my account at the XXXX XXXX Bank  next door to XXXX XXXX XXXX. Five minutes later I endorsed it and deposited it to my account at Bank of America, at XXXX XXXX. 

At XXXX XXXX  that same evening I received an email from Bank of America informing me that A hold was placed on my check because specific information indicates item may be returned. No details were provided! I was informed that my deposit would be available on XX/XX/XXXX by XXXX XXXX, more than a week later. 

On XX/XX/XXXX I met with customer service rep XXXX XXXX at the XXXX XXXX XXXX, who found out for me that my check had cleared and had already been paid to the XXXX  XXXX XXXX on XX/XX/XXXX. 

Immediately after getting this information that this money had already been paid, I met with XXXX '' at the XXXX  XXXX XXXX, showed her the evidence that my money had been paid to XXXX  XXXX XXXX, and asked her to release that hold on my deposit. She confirmed my identification and my account status, and placed some phone calls, but then told me that XXXX  XXXX XXXX did not have a way to remove that hold! I still had no access to my money, and that hold is still in place today, four days later. XXXX could not define the claimed specific information that led to the hold. 

On their account web site the XXXX  XXXX XXXX provides four reasons they might place a hold on a deposit : '' Check is for an amount larger than I normally deposit. '' True, but I deposited {$160000.00} to that account from my IRA distribution just the previous year. Earlier this year I deposited {$70000.00} by check from XXXX XXXX XXXX, using my XXXX, with no hold. For the past year and a half all of my personal deposits to Bank of America have been by using their app on my XXXX, limited by themselves to {$70000.00} each month, so of course I had not been making larger deposits. But because I have maintained large balances at Bank of America they have classed me as a Preferred Rewards client since XX/XX/2014, and more recently as a Platinum Honors member. The only way I can understand becoming and remaining a XXXX XXXX member is by making an occasional large deposit. 

'' The source of the check ( for example, a personal check is more likely to be held than a government check. ) '' This check in question is a Treasurers Check from the bank next door to them, at XXXX XXXX XXXX in XXXX. 

" We suspect that we can not collect the funds from the account the check is drawn on. '' That was not a concern a few months ago when they accepted my {$70000.00} deposit ( by XXXX ) from that same account at XXXX XXXX XXXX. 

" Previous overdrafts from this account. '' There have been no such overdrafts, ever. 

Whatever concerns Bank of America may have had, they should have been completely satisfied on XX/XX/XXXX when they received their money! 

What is going on here? 
Why does Bank of America refuse to correct the error they made, as was obvious to them when they received the money just one day later?

Is this a question of competence?

Or just a refusal to recognize the needs of a customer?

Why have they tied up my money for more than a week without an attempt to contact me by phone, or by email? I live about a mile and a half from their bank!

Please suggest to the Bank of America that they should clean up their act! 

The Bank of America should also apologize to the XXXX XXXX XXXX, because of of their insinuation that something was wrong with their check, maybe causing it to be returned. 

I have attached pages of documentation for my complaint.

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