Consumer complaint received 2023-08-03
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TN
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
On XXXX I deposited a check in the amount of {$530000.00} into my Bank of America business checking account from XXXX for a vehicle that I sold them. I was given a deposit slip that stated {$5300.00} of the check will be available on XXXX and the remaining {$47000.00} will be available on XXXX. On XXXXXXXX  I noticed that I couldnt login into my online banking portal. I called BOA to see what the matter was and they informed me that my account was locked and in a closing status. BOA informed me that the check I deposited was unauthorized and they were closing my account on XXXXXXXX  I called XXXX and spoke with a lady name XXXX in there Customer Relations department. She informed me that no one at XXXX nor their bank ( XXXX XXXX ) unauthorized this check. She emailed me a copy of the draft showing that the funds were paid to BOA on XXXXXXXX I called BOA and they informed me to have XXXX give them a call. I called the Customer Relations department for XXXX again and spoke with the same lady. I informed her of what BOA had told me to do. She gave me a call back about a hour later and informed me that BOA wouldnt speak with her without me giving authorization. I called BOA back with XXXX customer relations analyst on 3way in which we set on the phone for another hour just to be told that BOA couldnt talk on a 3way call. The XXXX analyst gave me a XXXX phone number and extension for BOA to reach out to XXXX. I waited until XXXXXXXX  to call BOA back about the closure of my account in which they informed me that the closure date has been pushed back to XXXX. I asked about my funds that were in the account and also the check either being mailed to me or sent back to XXXX and BOA informed me that nothing will be done until the closing process is finished. I asked them for proof that XXXX told them that the check was unauthorized and they wouldnt provide it. Each time I called BOA they were very rude to me it even had gotten to the point they will put me on hold for a hr then hang up the phone on me. I called BOA on the XXXX and they are now telling me the account will be closed on XXXX. When I ask for proof that they were told the check was unauthorized they tell me that they cant provide it until the account is closed. BOA keeps telling me to take it up with XXXX but XXXX is saying theres nothing they can do u til they receive their funds back. XXXX said they will issue me another check immediately after that {$53000.00} comes back to there account. BOA keeps procrastinating and withholding the funds so this matter cant be resolved. I informed BOA that I cant pay my employees payroll or bills because they are withholding funds. This is causing a strain on myself and my business. I have audio of BOA representatives saying that XXXX said the check was unauthorized. I also have audio of XXXX representatives saying they didnt say the check was unauthorized

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