Consumer complaint received 2020-08-27
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:
On Tuesday XX/XX/XXXX, I went into a Bank of America Location requesting to cash a check. Based on the Bank of America policy, account holders are able to go into a branch and cash a check. According to the teller, I was not eligible to cash the check due to the amount being over {$10000.00}, despite me asking for proof of that policy and informing the teller it was my understanding that It was ultimately at the discretion of the manager, I was told there was no way I could access the funds that day, nor would ANY of the funds be made available that day. The teller informed me that despite not being able to cash my check, the funds would be available the next morning, telling me repeatedly that no hold would be placed on my check ( at least 3 times, guaranteed I could come into the branch and retrieve my funds ). I spoke to another banker at the location and asked them to please inform me of the bank 's policy on cashing checks, that banker refused to inform me of the banks policy and instead told me they don't cash checks over $ XXXX, which I know to be a lie. The next day, I checked my bank account to find out that a Hold had been placed on my check until XX/XX/XXXX, despite my insistence on needing the funds and being assured without a doubt the funds would be available the next day. At this point, no portion of the check was made available to me, when I could have taken the check to the bank who issued it to get it cashed. I contacted customer service on Wednesday XX/XX/XXXX around XXXX and requested information regarding the bank 's policy on check cashing, again they refused to provide me with that information and proceeded to blame the branch for providing me incorrect information. I asked for my options as this has put me in a terrible situation, given the fact I was requesting to cash the check initially for a reason. Not only have I been deceived, they have not released any portion of the funds ( I believe legally they are required to release XXXX at minimum ) and they expect me to wait until XX/XX/XXXX for funds that were guaranteed to be available Wednesday. I have now lost a potentially lucrative business opportunity and I was told the only option I have is to contact the issuing bank, request a stop payment and wait for them to reissue the check. As a young XXXXAmerican, it is a shame to almost expect a bank to treat you this way, moreover I am disgusted by the fact not a single employee was willing to inform me of what the bank 's standard policy is for cashing checks. I attempted to contact the branch, though no one was answering the phone. How can you be expected to trust a financial institution who lies, withholds information and does not abide by the rules and regulations of their industry? This situation has caused me irreparable damage as I may never have an opportunity like the one lost due to this banks actions.

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