Consumer complaint received 2019-05-15
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Money was not available when promised

Complaint:
Bank of America Merchant Services is holding my paycheck in the sum of {$7800.00} dollars XXXX. 

On XX/XX/2019, I successfully completed a transfer of funds with my customer, XXXX XXXX, in the sum of {$7800.00} dollars. 3 business days later, when I still did not have funds on my account, I called BoA Merchant ServicXXXX representative : XXXX XXXX XXXX of Bank of America XXXX XXXX branch, XXXX XXXX of BoA XXXX, Texas. Both informed me that there is a security issue with my money, because it is more than a {$7000.00} dollar transfer. 

Background information : When I opened my Merchant Services account, I informed Bank of America that I will be transferring between $ XXXX {$10000.00} at a time from my customer. 

Back to the problem, BoA security department flat out LIED to me that the maximum agreed amount is {$7000.00}, and therefore, they are withholding my money from me. I spent over 3 hours on the phone with them, where, after a lengthy investigation they verbally confirmed that I was indeed correct, and they were at fault, and assured me that with the issue now resolved, the funds will be available for me at the latest, Monday, XX/XX/XXXX. It is now Wednesday, XX/XX/XXXX, and I still do not have any access to my money. 

To add to the insult, yesterday, XX/XX/XXXX, I received a XXXX Priority Overnight letter from Bank of America that was sent out on Monday, XX/XX/XXXX, that stated : " We have attempted to contact you several times to discuss the ( issue ), but have been unable to connect with you, '' this is a complete LIE. No one has EVER attempted to contact me via both phone and email. ALL of the phone calls pertaining to the matter I made MYSELF, and spent several hours on the phone with them resolving this issue. 

The letter goes further saying that : " funding to your settlement account is being held by the Security Department until we hear back from you ... '' again, a total lie because all was verbally " resolved '' on Thursday, XX/XX/XXXX. And it ends with " we have the right to suspend credits to your settlement account ''. The letter was signed by XXXX XXXX, a Credit Risk Monitoring Analyst, and was dated XX/XX/2019, while being sent a week later, priority overnight, conveniently on the very date the bank was supposed to release my money. They are clearly lying to me. 

After receiving this letter on Tuesday, XX/XX/XXXX, I called all the aforementioned representatives and their supervisors, left messages, and have not heard back from a single person. They are avoiding and ignoring me, and I do not see my paycheck! 

This paycheck not only belongs to me, but I am under contractual obligation to disperse a portion of the funds as a finder 's fee payment to the recruitment agency which has placed me with the customer. Bank of America has stolen my money, and are full of nothing but lies and are totally avoiding the resolution to the issue. I do not know what else to 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 monetary relief