Consumer complaint received 2022-10-21
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
This is the request that was sent to Executives at Bank of America regarding the issues : Good Morning! I am in URGENT need of assistance from an Executive at Bank of America. I have a very serious banking problem and I need to have your immediate assistance. I am not certain if you are the correct person to assist me, but I am hoping you can help me or put me in touch with a person who can resolve this issue immediately. 

On, Wednesday, XX/XX/2022 I opened a business checking account at the branch location XXXX located at XXXX XXXX XXXX XXXX XXXX XXXX TN XXXX. I completed the enrollment with a relationship banker named XXXX XXXX. We completed all of the paperwork and electronic enrollment and I made a deposit of {$15000.00} into the account. The check deposit that I made was drawn on a Bank of America account from my client. The check went through the appropriate waiting period and was credited to our account yesterday, XX/XX/2022. The entire deposit of {$15000.00} was available. 

Yesterday, we spent about {$4500.00} on bills and other expenses that we had to pay. During the day, the account was flagged as potential fraud because of the number of transaction on a newly opened account. We called in and talked with Business Support and they verified the account and the transactions. The account was taken off hold status and we returned to using the account. Late last night, at around XXXXXXXX XXXX. the account was locked and we were not allowed to use the account. This morning when I contacted the bank, I was told that the account was in the closure process and we would not have access to the account any longer. When I asked why the account was closed, the representative read me a bank statement about the bank having the right to close the account at anytime in accordance with the XXXX XXXX XXXXXXXX of the account. They would not tell me anything further about the closure. 

We still have a remaining balance of approx. {$11000.00} in the account. That money is now being held XXXX and we are not allowed to access that money. We have been told that the account will close on XX/XX/2022 and we will be mailed a cashiers check 7-10 days after the closure. That is totally unacceptable and we can not allow that to happen. That money is needed today, immediately to continue to pay bills and to repair one of our vehicles here in XXXX. We can not wait for the bank to decide to issue us payment for the money that is rightfully ours. It took us less than an hour to open the account, it is not going to take 20 days to close the account and get us our money. We need to be able to go to the main branch here in XXXX and take out our money in cash. There should be absolutely no argument, no consternation, or no delay in providing us with the remaining funds in our account. Bank of America has no right to keep that money for one more second. If you want to close the account, that is fine with us, but return the money immediate. 

We do not want you to feel that we are being rude or disrespectful, we just want to be treated like humans with bills to pay, children to feed, cars to get out of the repair shop and life to live. We can not wait 20 days to get money that we need now. There is no way that a rationale human would not understand that and would not agree that we are entitled to get our money. We need your assistance to resolve this matter now. The weekend is here and we need fast action on this in order to get the funds released so we can go to the main branch and get the cash out. 

If you are not able to help, please forward this request to the correct person and please copy me on the forwarded email. We need to get some assistance from someone who has the authority to make this happen. It is vitally important that we hear from you as soon as humanly possible. Thank you in advance for your help. It is greatly appreciated.

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 non-monetary relief