Consumer complaint received 2019-06-19
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On XX/XX/19 just after XXXX XXXX. I made a personal check deposit for {$1000.00} at a BoFA Branch ATM which is the same branch i do most of my deposits and withdrawals from. 

I completed the check deposit. I received a receipt that stated the amount had a temporary hold. In the past I have cashed 1 check from the same person at the same banking institution/account for {$250.00} about 3 - 4 months ago - BOFA put a ten day hold on that check then as well never allowing me to pull funds from the check until a full 10 business day had past. 

My account at the time then and now is not a NEW account. I am well aware of most of the regulations and subsections in Federal Regulation CC that permits a bank to put up a 9 day hold on check deposit - my account is not " NEW ''. 

I tried to resolve this issue the following day XX/XX/19 @ XXXX XXXX PST by calling BoFA directly from the app on my XXXX  phone. I waited forever in line and then was connected to XXXX who was working out of a BoFA Call Center located in XXXX XXXX. 

The entire call lasted 13 mins and 29 seconds. I explained my situation to XXXX. 
I then asked for legal reasoning or backing for holding my check for 10 business days. 
I explained that i never received any information that appropriately explained why there was a 10 day hold. I made him aware this was the second time a 10 day hold was being placed on a check i needed cleared because it was a loan and needed to be able to feed my kids. 

XXXX informed during the conversation that the bank was acting within it's right legally to withhold the check and make none of the funds available PER Federal Regulation CC, he could not however state which section or subsection applied to me specifically and or how the bank planned on defending this type of complaint. 

I made him well aware i was going to submit a complaint to the CFPB for unlawfully holding a check that was deposited for emergency funding. As of right now i have {$0.00} in my bank, i have no money for food and Bank of America has chosen to make getting the money i need desperately a very difficult thing. 

I made sure that i READ through most if not all of the Federal Regulation CC Section 229 which is specific to Banks and Deposits and the laws Congress passed to made funds available to the consumer in a reasonable period of time. 

Section 229.10 & Section 229.12 of Federal Regulation CC are specific to this case. 

The fact that BoFA can not ACCURATELY tell me when i call WHY my money is being held and then states an entire federal regulation code as the banks backing for illegally placing a 10 day hold on the funds. 

I have seen that at a minimum BoFA needs to make certain amounts available in increments as bank business days pass after the check has been deposited. 

End result - There is no backing for what they are doing. please assist.

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