Consumer complaint received 2017-11-28
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
My bank ( Bank of America ) is holding a deposit I made at an ATM until XX/XX/XXXX in violation of Title 12, Chapter 41 of the US Code and Title 12, Part 229 of the Code of Federal Regulations, the Expedited Funds Availability Act of 1987.  They are also violating their own deposit account agreement or contract with me. 

I deposited my first check with Bank of America on an account younger than 30 days on XX/XX/XXXX. I was informed that it was subject to a mandatory hold period until XX/XX/XXXX at  the time of the deposit at the ATM. I went into the bank to discuss and they indicated there was nothing they could do and for future deposits, to cash the check with a teller and deposit cash. I am a XXXX XXXX XXXX employee and the check was a check issued by the XXXX XXXX XXXX. I called on Saturday, XX/XX/XXXX, and spoke with several people with Bank of America, and finally spoke with a manager who advised that she would put in a request for them to release the funds once they had cleared. I called again on Monday, XX/XX/XXXX,  and was informed that they did not see a " ticket '' for that request, but that if approved, it would go through no later than XX/XX/XXXX. 

I reviewed my deposit account agreement with Bank of America, which says in relevant part on page 31 : Special Rules for New Accounts If you are a new customer, the following special rules may apply during the first 30 days the account is open. Funds from electronic direct deposits to your account are available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first {$5000.00} of a days total deposits of cashiers, certified, tellers, travelers, and federal, state and local government checks are available no later than the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you and deposited in person to one of our employees. The excess over {$5000.00} is available by the fifth business day after the day of your deposit. If your deposit of these checks ( other than a U.S. Treasury check ) is not made in person to one of our employees, the first {$5000.00} will not be available until the second business day after the day of deposit. Funds from all other check deposits are generally available by the fifth business day after the day of your deposit. However, we may place longer holds on certain items for other reasons, such as large deposits. '' In addition, pursuant to Regulation CC as interpreted by the Federal Reserve applying the EFAA, if I made a deposit of a government check at an ATM, it should be made available to me no later than 2 business days after the deposit. Being generous with the weekend, today is that day and they are refusing to release my funds. I went in person today and spoke with a manager at the branch at XXXX XXXX XXXX in XXXX, IL, and was told there was nothing they could do.

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