Consumer complaint received 2019-08-12
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On Monday XX/XX/XXXX at XXXX, I went to a bank of America ATM at XXXX , MD to deposit a check of {$7200.00}. I know banks would put a hold on the check since the amount exceeds {$5000.00}. However, the bank failed to display the hold time on the screen despite verifying the amount of the check until the check was deposited. Thats when they printed on the receipt that the funds would be available on XXXX. 

This was unacceptable with me as I would not have deposited my check since it was such a long hold. I would have tried to deposit it in my XXXX XXXX XXXX account as I know that they hold funds for 6 days, and as soon as the check clears, 3/4th of  your funds is available in 2 days, and the balance on the 6th day. 

Additionally, I had 2 pending transactions on my bank of america account. I called the bank the bank online customer service the same day. I spoke to a representative, supervisor and finally a manager. I explained that I had just done a deposit and had i know the length of time my check would be held before I deposited it I would not have done the deposit. I ask for my check to be returned to me, that I was willing to pick it up at the branch the next morning but they refused my request. The manager XXXX told me the ATM shredded my check. I know that's a lie. They asked me where I got the funds and I explained that its a insurance check settlement from an accident. I explained that it came from the insurance company in my name and the lawyer and I had endorsed that check and just received this payment from my attorney. They refused to either release part of the check before the 9 days nor return my check to me so I can either cash it or deposit it at another bank. I even called the branch that I have an account at XXXX XXXX MD where the account was opened. I spoke with the Manager 2 days after but he too refused to either release some of the funds or return my check. 

Additionally, bank of america returned my car note payment for {$480.00}, and charged me an overdraft fee while holding my check for over {$7000.00}. I have no money, as i have been a student. I just got a job and have not received my first pay check yet. I have a family and bills to pay. All this money has to pay bills, rent etc monies I burred while in school to survive. I can not afford a bank fee. I feel that I have been held at ransomed by BOA. My rights to my funds have been denied, and my right to transact business where ever i find suitable, My right to the decision as to whether to cash my check or deposit it at another bank has been taken from me as BOA failed to put a Notice on its ATM Screen to customers to notify them of the amount of days their check would be held after verifying the amount before the check is deposited. BOA practice of only printing the amount of days on the receipt ( see receipt ) is fraudulent. Also, to have my check on hold for so many days when it does not take 9 days to clear a check, then return my transaction and charge me a fee is fraudulent. 

Please your good office to investigate this transaction and unfair business practice. Thank you for your consideration. 

Sincerely XXXX XXXX XXXX Maryland Citizen * PS You may note that my account has a large negative balance. BAO charged me several overdraft fee while as a student I was not workin and I have paid it down to - {$180.00}. They would put through the transaction just to return it and collect a fee. When I called them to block it after calling the company. The company ( XXXX ) refunded the overdraft fee as they promised to hold it and it still went through. But bank of america charged me almost {$400.00} on overdraft fee by returning items which they could block only to charge the fee and then return after. Please investigate this bank 's practice.

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