Consumer complaint received 2020-01-09
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Traveler's check or cashier's check
Issue: Unexpected or other fees

Complaint:
My XXXX year old daughter tried electronically depositing a {$12000.00} cashiers check into her checking account via the Bank of America app and electronic check deposit feature. After several attempts it would not allow her to deposit check. We have since found out it was because of the amount being over {$10000.00}. We were not aware of this nor does it notify you of this as being the reason for not being able to deposit the check. My daughter had to leave to go back to college in XXXX, XXXX which is in a state that does not have any Bank of Americas near her. She asked me, her mother, to deposit this check for her. We bank at Bank of America and have for years so of course it wasnt a problem. I went to Bank of America Location/ATM on my way to work at hospital, stuck my debit card in ATM and deposited check. I thought it would give me the option or list all our accounts to deposit into, but unlike when I login online where it shows all accounts it only showed my account to deposit into. I went ahead and did so since she needed this money and has been waiting for this money. 

Her rent usually is paid through my account anyway and we transfer funds back and forth all the time to cover her expenses while she is away at college. I noticed immediately on the deposit receipt a hold was being placed on deposited cashier check until XX/XX/XXXX @ XXXX. I called customer service explaining the situation and why I had to deposit the check, as well as explained about her electronic payment that was already sent for her rent payment that would now be overdrawn because of the hold. The customer service representative said it should clear since I dont have an overdrawn account, checks sent back or redeposited, or bad deposits ever. I was ok with that but still not happy with the unreasonable hold time put on this deposit. I called the customer service number again after reading on the FDIC website about the Regulation CC-Funds Availability Chart and what the hold times are and what is actually considered to be reasonable. 

There is NOTHING that states 8 days is reasonable. Even if the amount is over {$5000.00} the first {$200.00} is to be made available the next business day which would have been XX/XX/XXXX and {$4800.00} the second business day which would have been XX/XX/XXXX and the remaining amount of {$7000.00} in 7 business days which would have been today XX/XX/XXXX not XX/XX/XXXX as stated on deposit receipt. This was a cashier check deposit not a personal check, it was deposited into an existing account not a 30 day or less account, it was made at a Bank of America ATM at a Bank of America location, the cashier check was from a local XXXX XXXX, which based on the XXXX XXXX XXXX can be electronically cleared in 2 business days, the cashier check was current and purchased on XX/XX/XXXX. 

I called the issuing XXXX XXXX  that is 8 minutes from the Bank of America location and they confirmed this check was legitimate and cleared. She stated if your Bank of America had any questions of its validity they could have called and asked about the check and they would have explained to them it is not fraudulent. That was not done even after I went into the Bank of America and spoke to the Manager. She took my debit card, brought up my account and said Im sorry there is nothing I can do about this hold. She said she is not authorized to release holds nor call the issuing bank the cashier check is issued from. She handed me my card back and asked if I have called the customer service line. Yes I have called the 1800 customer service line multiple times and get a different person and state each time I call. They said to come speak to you the manager. She gave me no further information other than you will need to wait till the XXXX. 

I asked this manager, is it because I dont have thousands of dollars in my account to cover these guaranteed funds written on XXXX XXXX  account, and is considered to be a promissory note, safe and the same as cash or because the cashier check is from a XXXX woman whos name is clearly XXXX and a friend/co-worker of mine for 10 years? That is discrimination. She was so quick to tell me she couldnt do anything! She was clearly basing it on my checking account balance and nothing else. She didnt even look to see what kind of check it was or ask me any further information. She didnt listen to my story and couldnt give me a reason for the 8 day excessive hold time on a cashier check opposed to the reasonable hold times put in place by our government of 7 days or why no amount was made available the next business day or 2 business days or even 5 or 7 business days later. 

Discriminating against someone should not be tolerated. We are long time customers whom have multiple accounts including a business account and have deposited checks in accounts over {$200000.00} in the past 2 years and also have direct deposit in this account in question for many many years. 

Making rules as you go, not knowing the rules put in place to protect the consumer to prevent deceptive abusive acts or practices, and assuming if someone doesnt have thousands of dollars in their account and depositing a Cashier Check for {$12000.00} of their daughters is reason to believe that, check specific information indicates item may be returned???? This was printed on receipt. 

It is wrong no matter how you look at it. It is the Banks responsibility to step up and do the right thing when a Cashier Check deposit is made and follow the Regulation CC - Funds Availability Chart when an ATM is unable to recognize the difference between a personal check and Bank issued Check? There certainly is a difference and it needs to be made mandatory for Banks to be held accountable for failing to do their Fiduciary Duty when a customer brings to light a deposit was made, and it was a Cashier Check deposited not a personal check. If their is fraudulent issues with Cashiers Checks, then a better system or marking on these guaranteed funds needs to be implemented and a customer should not have to be the one to suffer or wait unreasonable hold times or fund availability on the 1st and 2nd business days because a Bank is assuming a check is fraudulent or doubting collectibility. Even with that being said, it states 7 business days for hold. 

I received 5 different reasons from 5 different supposed supervisors when I called the Bank of America customer service line. No one knows the rules put in place making it difficult to believe anything any of them say. The last thing said by customer service was a ATM deposit made at XXXX central time is not considered the 1st day of the deposit? Really? Why is it then, everything that I have read, states any ATM deposit made before XXXX  ( at some banks ) or XXXX is considered a same day deposit and funds may not be available until the next business day? 

Now how is it this {$12000.00} Cashier Check is not considered to be deposited on XX/XX/XXXX at XXXX XXXX  when thats what my receipt states? The representative last evening on XX/XX/XXXX stated my XXXX business day of deposit was XX/XX/XXXX? Banks were open and doing business on XX/XX/XXXX and this check was deposited way before XXXX or XXXX on XX/XX/XXXX. 

To make matters worse my daughters rent payment was NOT paid, it was returned, and she was informed an eviction notice is issued, a return check fee of {$35.00}, and 2 {$12.00} fees were assessed by Bank of America and who knows what the Apartment Complex is going to XXXX? She has never had a returned rent payment, but because the customer service representative at Bank of America gave false information about this electronic payment and it being cleared, based on the account not having a return check or bad deposit ever. 

I want these fees and any fees assessed by her apartment complex paid/reversed and a letter written to her Apartment Complex rectifying all of this from Bank of America. How many customers do they do this to on a daily basis? Its awful and they need to be held accountable. They are holding {$12000.00} for their own gain and that is wrong. Funds that have already been cleared they are holding onto in their own account. That to me sounds illegal, deceptive and bad business practice. 

Thank you

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