Consumer complaint received 2023-06-05
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/XXXX, I deposited a {$10000.00} check received from selling kitchen equipment to my friend 's company ( XXXX  ) at the ATM located at XXXX XXXX XXXX XXXX, XXXX, CA XXXX ( XXXX branch ). On XX/XX/XXXX, when I checked my mobile app, I saw that the check had cleared, so I went to the XXXX branch to withdraw the {$10000.00} in cash. There was one teller and several customers waiting. I was waiting around 20 minutes and approached the teller and asked to withdraw {$10000.00}. The teller was nice and he requested to confirm with Assistant Manager XXXX XXXX. She informed me that she could only provide {$5000.00} as she was facing a cash shortage and couldn't give me the full amount due to the increasing number of customers waiting. I explained that I needed the full {$10000.00} for business purposes, but she insisted that I either take the {$5000.00} or leave. She then returned to her position. 

In this situation, only the teller and I were left. The teller then tried to show me that there was actually only {$30000.00} in cash available. I was insisting that my money {$10000.00}, and the teller said nothing he could do. As the line of waiting customers continued to grow, Manager XXXX XXXX arrived and assured me that if I came back the next day, I would be able to withdraw the full {$10000.00} as promised. 

On XX/XX/XXXX, when I went in the morning, XXXX informed me that there seemed to be an issue with the check. She claimed that the signature was different, possibly because my friend and another co- founder were both involved in the business. She also mentioned the possibility of the check bouncing. Considering these factors, I decided to return home. However, I noticed that the funds had already been deducted from my friend 's account. Since then, I have been contacting customer service and inquiring about the situation, but all I hear is that the check hasn't bounced and will clear soon. I am aware that sometimes it takes up to 10 days for the bank to process large amounts, so I patiently waited. 

When I called on the XXXX, they informed me it would clear on the XXXX. On the XXXX, they said it would clear on the XXXX. Then on the XXXX, they said it would clear on the XXXX, which is now the XXXX day ( Actually XXXX day from XX/XX/XXXX ). If it still doesn't clear, they instructed me to visit the financial center on the XXXX. I went to a different financial center near my home and with the help of the branch manager, I learned about various situations. I discovered that XXXX Assistant Manager XXXX XXXX XXXX XXXX a hold on the check until XXXX due to the discrepancy in the signature. The manager I met at the financial center today made phone calls and sent emails, but there was nothing more they could do. They informed me that I would have to wait because XXXX XXXX is on vacation. However, even if I wait, it was clear that nobody could release the hold until XXXX. When I contacted customer service to inquire about who placed the hold, no one had noticed or informed me about it. While there may be valid reasons for a bank to place a hold on a check, it is incomprehensible why they would hold it until XXXX for no apparent reason. Furthermore, the hold was placed on {$10000.00}, but the hold amount is {$10000.00}. I consider this to be a personal abuse of power, and I will be filing a report against XXXX XXXX and XXXX XXXX of the XXXX branch. 

I consider this issue to be a case of personal authority abuse. I went to withdraw the amount because the Bank of America system cleared the check within a day. Furthermore, I received a cashier 's check for a different amount from a friend 's company ( XXXX ) and deposited it into my Bank of America business account to immediately pay off my credit card. 

I have been using Bank of America since 2007, and I have never encountered such a situation before. If there was a problem with the signature, it should have been a simple matter to request verification from XXXX XXXX. It is unreasonable for Bank of America to hold this amount until XXXX. The customer department at Bank of America did not understand the situation and assisted in filing a report. It is incomprehensible that an assistant manager, in violation of the bank 's own regulations, put a hold on the amount and claimed that nothing could be done because they were on vacation. 

Recently, small local banks have been going bankrupt, causing a lack of trust among consumers and leading to numerous issues. I am experiencing something that I used to see in the news. I believe this is a case of branch and assistant managers abusing their power.

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