Consumer complaint received 2018-05-08
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On XX/XX/XXXX, I was to receive a direct deposit for my payroll. Due to a glitch with either my payroll company or my job, the direct deposit didnt process and I received a paper check in the amount of {$990.00}. I was concerned about the best way to deposit it ( my rent was due and I needed access to funds ) so I called Bank of America ( my financial institution ). I spoke with an associate who informed me that if I made the deposit on my banking app before XXXX XXXX Friday that i would have access to $ 200-300 of my funds and that the rest would post Monday night at XXXX. I deposited my check ; no funds were available. I waited until Saturday morning ; no funds available. I proceeded to make several calls to Bank of America customer service. At least three individuals with whom I spoke informed me that my best bet was to go into a Bank of America branch and try to cash the check and then deposit the cash into the ATM. Though I expressed my concern with this practice, I was repeatedly told that it was my only way. I proceeded to take a XXXX to the closest branch that was still open. When I tried to cash the check, I was of course told by the branch that the check could not be cashed as it was already presented for deposit. The head teller at the branch told me that my best bet at that point was to take the check to the bank it was written off of and cash it there. Since that bank was closed, I was informed that the only thing I could do is wait and or try to deposit the check into the ATM. When I deposited the check into the ATM, it showed me at the deposit went through and that {$300.00} was available to me immediately. As multiple associates had told me that the worst-case scenario would be a double deposit that would work itself out Monday night and that I just needed to make sure I only spent the amount of initial deposit, I felt things were fine. Later that night when I went to go use my card, it was declined. I saw that my checking account was overdrawn ( - {$670.00} ). Since Friday, I have made over 20 calls to Bank of America. No one has been able to help me. On yesterday I was told more incorrect advice that after Monday night I would at least have {$300.00} of the available deposit and have to wait on the rest of it, but that all would be well. Today when I woke up it appears that both deposits cleared, one deposit was returned, and a new and full hold was placed on my account for the entire amount of the check. According to Bank of America, I now have to wait until XX/XX/XXXX to see any funds from this check. Ive only done exactly what I was told to do by my financial institution and they offer and Ill solution and no assurance that I can access my funds. I am now looking at eviction, my phone being shut off, and a complete immobilization of my life because I can not access my paycheck that was issued by a reputable nationwide payroll company. I have been a Bank of America customer for 10+ years and they have offered no information as to why this check was subject to such a long hold ( that was placed on it before the double deposit ) and absolutely zero efforts to try and help me.

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