Consumer complaint received 2018-07-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Non-sufficient funds and associated fees

Complaint:
On XX/XX/XXXX I made a deposit into a checking account with Bank of America for the amount of {$3500.00}. After making the deposit the bank put a 10 business day hold on the check. Going against the Expedited Funds Availability Act of 1987 ( aka Regulation CC or Reg CC https : //www.federalreserve.gov/bankinforeg/regcccg.htm ). It was explained to me with several generic reasons for this. However, each time I speak to someone they will not state the exact reason? So on XX/XX/XXXXI called Bank of America and spoke with XXXX XXXX ( of Texas ; who would not allow me to identify them any other way ) to discuss whats going to happen with my current account seeing it is now negative due to two payments that come out ( XXXX {$1400.00} and XXXX {$210.00} ). It was explained to me that I will now receive not one but 4 ( Non-Sufficient Funds fee ( aka NSF fee ) of {$35.00} ) totaling {$140.00}. Not to mention that I am now late on not one but two of my credit accounts. Each of them are going to charge a NSF fee of {$50.00} ( 2 ) to {$75.00} ( 2 ) totaling ( {$390.00} ) and impacting my credit worthiness ... When speaking to XXXX she explained that this was the banks policy however after investigating this further its not following the law as define in the URL provide above. I spoke with a XXXX XXXX ( this is probably spelt wrong ) from XXXX XXXX ( where the check was drawn on ) on that transaction of the check and it was presented to the bank as an ACH and with a return answer of funds available on XX/XX/XXXX and delivered XX/XX/XXXX at XXXX   as a completed transaction with no issues or fraud risks.

This is an unfair practice as checks are now delivered via Automated Clearing House also known as ACH ( https : //fiscal.treasury.gov/fsservices/instit/pmt/ach/ach_home.htm ). The past reason for these long holds was due to the fact of horse and buggy delivering or presenting check from bank to bank for the exchange of physical monies for each account. My account has always had large deposits, some via cash ( because I have to cash my check prior to depositing to prevent the long holds that BofA is doing ) or Direct Deposit. I have also made other deposits via check and normally will get the first {$200.00} available with a reasonable hold time. However, this time and every time I have tried to present my payroll check to this bank theyre always wanting to put an extended long hold. However, after the several excuse that was explained to me by XXXX ( new account, previously deposited bounced checks, or previously deposited checks from that account ( XXXX XXXX ) that were returned ) and speaking to XXXX ; the XXXX   account from which the check was drawn from has never had a bounced check nor has been reported to check systems.

I find this to be appalling and do not feel this is fair or just. It to me appears as if the bank is trying to capitalize on this situation and damage my credit and credit history. I need help in this matter as it is now a financial and credit impact on me.

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