Consumer complaint received 2019-05-23
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
Bank of America is using deceptive practices and failing to communicate information concerning services such as mobile check deposits. On XX/XX/2019, I deposited a check received from my retirement savings plan via mobile deposit. I use the mobile deposit options regularly and deposited when I arrived home from work a little before XXXX this day. Normally, the deposit is normally available the next business day. Once deposited, it indicated the deposit date was same day although no funds were available immediately which I understood. A few moments later, the deposit indicated a hold was placed and that my funds would not be available until XX/XX/2019. This was unacceptable. I waited 7-10 days to obtain the check for my 401k savings plan due to my air conditioning being out. I needed these funds for repair, being that my home warranty would not cover. I immediately contacted BOA and spoke with a representative who advised me that normally, the hold wouldn't last that long and funds may be deposited sooner but he couldn't guarantee what date. I explained to him that I have never had this happen before. He was nice. After talking to him I had another question so I called back and spoke with another representative. She informed me that the funds are placed on hold to allow them time to validate the check. She suggested that I take the check in to a branch the next day and present a copy of the check and said that once verified, they should be able to make the funds available. I advised her that I would do so. The next day, today on XX/XX/XXXX I went to BOA on my lunch in XXXX tx on XXXX XXXX. I spoke with XXXX who was nice but after spending 30 minutes on the phone wth customer service and consulting with his manager, advised me that he could not help me. As I returned back to work, I contacted BOA by phone again and spoke with XXXX who advised me that the reason they couldn't make the funds available is because my payee had previous problems funding the account. This makes no sense. I have received several payments from my 401k company and never had a problem. He confirmed that funds would be available on XX/XX/XXXX. I explained to him my problems with my AC, I am in Texas and we are almost in the 90s and I have a XXXX year old and an elderly parent in my home. I needed the funds asap. He transferred me to his boss who said she couldn't help me. This experience has been frustrating to say the least. This information was not presented to me on the mobile app and I was not even advised of this hold or given the option to deposit or not. I then asked if they could cancel and I could go cash elsewhere but they refused. This experience has been horrible. I want BOA to pay for my AC bill - I cant even stay at my home. I have to wait another week to for my funds to be available and this is ridiculous. I want to be compensated financially and apologized to publicly. I want for BOA to release my funds asap and provide me additional fee of XXXX for pain and anguish and to help me because I have not relatives to stay with for another week.

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