Consumer complaint received 2018-07-30
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 XX/XX/2018 at XXXX, I deposited a personal check into my checking account through an ATM at a local Bank of America branch. After the deposit was completed, I reviewed the deposit slip and realized that a hold was put on the check and no portion of the check was made available immediately. The exact language on the deposit slip read " A hold was placed on your check ( s ) because check specific information indicates item may be returned ''.

Once I noticed that a hold had been put on the check, I immediately entered the branch and requested that my check be returned. My intention was to take the check to a local branch of the bank that the check was drawn off of ( XXXX XXXX ) to get the check cashed on the spot. I was told by a Bank of America employee, that it was not possible and I needed to call the number on the deposit slip to handle the issue with them. At this point, I left the branch and decided to wait a few days in hopes the check would clear.

On Monday XX/XX/302018, I checked my account balance and none of the money was available. I called the customer service number for Bank of America and was told that my funds would be available on XX/XX/2018 and there was nothing else that could be done. At this point I went to my local branch and talked to a Bank of America employee in person. I was told that nothing could be done on their end and that I needed to call Bank of America 's customer service line again.

At this point my frustration was growing. I called Bank of America 's customer service line and asked to speak with a manager. When I spoke with the manager, I was told that Bank of America had not received my funds from XXXX XXXX and it I was out of Bank of America 's hands. I then ask if XXXX XXXX had my funds and was told my money was most likely tied up in a " clearing house '' and I should XXXX  it and watch a XXXX video to better understand the process.

The manager 's response seemed very odd to me. I decided to contact the person who wrote the check to see if the funds had in fact came out of her account. She advised me that the funds had been withdrawn from her account on XX/XX/2018, which is the same day I initially deposited the check. She sent me text message with a picture verifying that was in fact the case.

At this point, it became very obvious that Bank of America was behind my funds availability being delayed and for no legitimate reason. I began to question if this policy was even legal. I went on to research the issue and everything that I read appeared to indicate that Bank of America was in violation of Federal Regulation CC.

I called Bank of America 's customer service line and again requested to speak with a manager. At this point, a manager named XXXX  ( BOA Employee ID : XXXX ), got on the line. I voiced my concerns to her about how none of my funds had been released despite the fact they were withdrawn on XX/XX/2018 from the XXXX XXXX   account the check was written from. She indicated to me that Bank of America determined that the check was determined to be " not my normal banking activity '' and a hold was hold put on the check and that " none '' of my funds would be released until XX/XX/2018.

I explained to her that I believe this to be a violation Federal Regulation CC as well as Bank of America 's deposit agreement and that at least a portion of my funds should be released. She again indicated to me, in a much more condescending manner, that Bank of America determined that a hold needed to put on the check and that they would not release any of my funds until XX/XX/2018.

I then ask her who determined that a hold needed to be put on the check and why, being that the funds were withdrawn from the account the check was drawn from on XX/XX/2018, which was four days prior to my call. She again indicated to me, in a even more condescending manner, that Bank of America determined that a hold needed to put on the check and that they would not release any of my funds until XX/XX/2018.

At this point, it became very obvious I was not going to get this issue resolved with her or any Bank of America employee for that matter. I took down her name and employee ID number and discontinued the call. I then proceeded to explore other alternative resolutions to the issue. That's when I stumbled upon the website for CFPB.

My major concern in regards to this matter is that I have automatic debits set to be withdrawn from my checking account on XX/XX/2018 and the funds will not be available to cover them, despite the fact they rightfully should be. When I addressed this concern with the first manager I spoke with, I was told my best option would be to cancel the debits and reschedule them for a date after XX/XX/2018. I explained to her that was not possible. She then informed that the debits may or may not be paid and if they were paid, I would be charged a {$35.00} fee by Bank of America.

At the end of the day, I believe Bank of America is unlawfully holding my funds causing me a great deal of hardship and that their actions are a direct violation of Federal Regulation CC. At this point, I feel as if I have exhausted all my options in regards to personally getting the issue resolved by directly dealing with Bank of America. They are basically telling me that they have my money and they will give it to me when they feel like.

I have attached a copy of the original deposit slip indicating the date and amount of the deposit as well the fact the deposit we will be held until XX/XX/2018.

I have also attached a screenshot of the deposit being withdrawn from the account it was drawn from.

Below is a link to Bank of America 's Deposit Agreement and Disclosures in which I believe Bank of America is violating.

https : //www.bankofamerica.com/XXXX

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