Consumer complaint received 2021-06-02
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I have been a Bank of America customer for over 12 years. 

On XX/XX/2021, I went to my local Bank of America branch located at XXXX XXXX XXXX XXXX XXXX, XXXX, FL XXXX ) to deposit my approved PPP loan via certified cashiers check that was issued in my name by XXXX XXXX XXXX  on behalf of the Federal Government, SBA & my employer. It was disbursed to me because I am a 1099 employee, the SBA loan was approved to in personal name for self-disbursement.

I was instructed by our company CPA as per SBA PPP loan forgiveness procedures, to first open a new personal checking account with no deposit or transaction history. Once the certified cashiers check arrived for my federally approved 1099 PPP Loan, deposit it into the newly created account, and self-disburse funds divided by 2.5 for Payroll purposes only. 

As I aforementioned on XX/XX/2021, I walked into my local Bank of America Branch, to deposit my certified cashiers check, the bank teller processed the deposit and informed me that due to the checking account being new, it would take up to two weeks for the check to clear. The check cleared on the XX/XX/2021. I went the next day on XX/XX/2021 to make my first payroll self-disbursement. I approached the teller and informed her I needed to write myself a cashier 's check for a specific amount for PPP payroll purposes. She found my accounts and proceeded to ask me the amount of the cashiers check. I told her the amount and waited around 5-10 minutes while she worked on the computer. She proceeds to tell me to standby because she needed to speak to the branch manager. Another 10-15 minutes pass, the teller informed me that I'm going to have to come back tomorrow because they need to put a hold on the account and investigate the matter. 

I asked the teller what exactly do they need to investigate? The teller then asked me if I owned a business, because PPP loans are only issued to businesses. I explained to her that I am a 1099 employee and the SBA had approved a PPP loan under my name specifically for self disbursement. That's why the certified cashiers check was under my name & deposited into a personal account. After I explained this, she went to speak with the branch manager again. 10 minutes later, the Bank of America branch manager comes out, takes me aside and informed me that PPP loans are only approved and given to businesses not individuals. I asked her if she had been formally trained in PPP? After asking the same question several times, she confirmed that her, nor the teller had been trained in PPP, in fact she also admitted that the branch itself does not help with PPP loans. But from her understanding, she thought PPP loans were only given to businesses & the funds can solely be deposited into a business account.

I had to explained again that I was a 1099 employee, and that's why I had deposited the certified cashiers check into my personal account for self-disbursement. To this, she responded, " that makes sense. '' She told us that unfortunately there was nothing she could do at that moment, since she already created a case and was out of her hands, to call tomorrow. When we called her the next day, she told us that she did not have a resolution yet. We explained that Bank of America was withholding federal approved funds with no reason or explanation given to which she responded that she would escalate the issue. On XX/XX/2021 the Bank of America internal investigation was completed & closed and the PPP funds were available. I let the branch manager know that I was headed to the branch to make my first self disbursement for payroll. I was able to self-disburse and deposit with no further issues and left the branch. 

On XX/XX/2021. I logged into my Bank of America app to find both my accounts had been closed with no warning or explanation. I called Bank of America looking for clarification and asked to speak with a supervisor. The supervisor asked me if I had a business I explained again that I am a 1099 employee I asked him if he or anyone at the fraud department was trained in PPP loans or disbursements, he confirmed that no one in his department including him are trained in federal disbursement of funds. He said that I needed to wait a few days for the account to process and become fully closed. I did not receive a reason, nor a tentative date for my funds to be sent. 

In addition to the lack of training, knowledge and procedures, the unprofessionalism was incredible. Ive never felt more profiled or discriminated against in my entire life. When I walked into the Bank of America Branch I could see the way the teller and the branch manager were looking at me judging. Rather than asking me questions and trying to understand, the teller and branch manager both assumed, drew their own conclusion. I would have been more than happy to answer any questions, but instead they assumed and flagged the account for fraud. I truly feel that seeing as I am younger person and of XXXX descent, the teller and branch manager both profiled me, sent my accounts into fraud investigations which I believe ultimately led a chain reaction of my accounts being unfairly closed. Bank of America continues to withhold federally approved funds, specifically made for payroll, living expenses, needs, bills. I am extremely upset about the situation, and if this is the way Bank of America treats their longterm customers, I am no longer interested in ever doing business with them again. 

I really need help, I dont have the resources to hire an attorney and dont have the means to even pay my rent because of this situation.

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