Consumer complaint received 2022-02-06
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
I opened 2 checking and one savings account on XX/XX/2022 with Bank of America XXXX in XXXX, TX. To fund the accounts, I deposited a Cashier 's Check from XXXX XXXX in the amount of {$120000.00}. I was told that " a little over {$5000.00} would be available in a couple of days, no later than XX/XX/XXXX '' and that the remaining funds would be available " a couple days after that ''. Bank of America gave me a receipt for the deposit, dated XX/XX/2022 and a Notice of Hold indicating that {$110000.00} of the {$120000.00} deposit was on hold and would be available on XX/XX/2022 at XXXX. 
On XX/XX/2022, I checked my account on my BofA App and saw that the funds were available. I can not recall the exact amount, but between {$5300.00} and {$5700.00}. I then switched over several of my credit cards, utilities, services that were set up on auto pay to my old account with XXXX to my new account with BofA. Only two drafts were scheduled to occur prior to XX/XX/XXXX and those two totaled well under the {$5000.00} plus I had available. On XX/XX/XXXX at XXXX, BofA sent me an email indicating they were putting the entire {$120000.00} on hold and funds would not be available until the XXXX but I did not see it until the next day, XX/XX/XXXX, when I received an email making me aware of a NSF for one of the two drafts I had scheduled. I logged into my BofA account and saw they had removed the funds that had been made available to me 2 days prior and that the 2nd auto pay transaction had also failed, resulting in a second NSF. 
I tried to go to the branch on XX/XX/XXXX to resolve the issue but the branch was closed and nobody was answering the phone. So I called the customer service number on the BofA internet site. Over several phone calls I spoke to 3 different people, including the risk manager. They would not tell me why my deposit had been placed on an extended hold or why the funds that had been available for me on the XXXX were taken back. ( The third person I talked to filed an internal complaint, numbered XXXX ) They also refused to make any funds available to me so that I could honor my payments to the two institutions that had attempted an auto pay earlier in the week. 
I called XXXX to see if they were aware of any issues with their Cashier 's check from their end. They said there were no problems on their end and that it was ridiculous that BofA was taking that long to validate the check. I see on your site that holds on deposits for new accounts are common, especially larger deposits, but that a minimum of {$5000.00} is to be made available to the account holder within 2 business days and the remaining is to be made available no later than 9 days. They have not met the {$5000.00} in 2 business days obligation and have provided no explanation for the delays.

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