Consumer complaint received 2023-03-28
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: WA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem making or receiving payments

Complaint:
On XX/XX/2023, I made a payment transfer from my Bank of America Checking account to my Bank of America CREDIT card account by mistake in the amount of {$15000.00} instead of {$1500.00}. Upon realizing this right away, I attempted to cancel the payment but was unable to do so in my Bank of America account through both the App and the Web Browser. 

I came to a physical banking location to get help with this and was told I'd have to reach out to the Credit Card Phone Customer service. I then called to the Credit Card phone line and was told that nothing could be done until the payment processed- anywhere from 24 to 48 hours later. I was told at that point I would have to then call back to request the funds be reimbursed through a check ( taking up to 14 days ) or electronically ( taking up to 10 days ). 

I asked why the money could be taken out immediately within seconds from my checking account, but I am unable to cancel the payment myself OR why the bank itself can't do anything to cancel this payment? They told me that's just how the process is with no other details or explanations other than " it is what it is ''. 

All my other credit cards or checking accounts at other banks I am able to cancel payments even hours later as long as the payments or if a mistake has occurred, the bank would be able to initiate much more quicker and swifter action then what I mentioned above that Bank of America presented as options to me. 

With current technology and capabilities in banking - the solutions that Bank of America is currently implementing is a huge disadvantage for customers - {$15000.00} being held up for up to 2 weeks in limbo is not in the consumer 's best interest as in that time many things could go wrong for consumers ( missed rent/mortgage payments, missed bills, inability to pay for food or other crucial supplies, etc. ). There should not be a need for Bank of America to take this long to cancel or reverse incorrect payments as other banks and credits can implement these things quicker, so should Bank of America. 

When I called in to speak to a manager to see what can be done - they told me it would take 24-48 hr for me to get a call back... I needed to know details on what determines if a reimbursement happens in a day or 3 or 10 so I can see if I need to maneuver/borrow money elsewhere to compensate appropriately. There was no sense of urgency or care from Bank of America considering that they have in possession {$15000.00} of my money so there was no risk for the bank, but they did not show any care that it was a high risk for me to not be able to pay bills or take care of my financial responsibilities as long as they hold my money hostage.

This makes me feel that Bank of America policies is not in the customer 's best interest, and a lack of transparency and clarity is provided for how/why they process banking activities. The fact that processes don't align with industry standards that can be seen at other banks and credit card companies is extremely concerning, especially when they don't seem to care to make any changes to their operations to better align to a less predatory process that places customers in the corner and be forced to deal with their processes only after experiencing it.

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