Consumer complaint received 2017-08-24
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:
Initial note : my problem was finally resolved, but it took 4 phone calls over 2 days and the threat of the Expedited Funds Availability Act for Bank of America to finally relent. This cost me a few hours out of my week and left me with {$10.00} in my checking account and the anxiety that I would not be able to pay bills for 10 days. Here 's an account : TueXX/XX/XXXX : I deposited a check from a work client in the amount of {$4000.00} to my Bank of America checking account. It was from a work client who has paid me over the past 18 months with probably 15-20 different checks drawn from XXXX XXXX XXXX. This was the highest amount yet from them, but only edged out another check by about {$300.00}. Note : It was still under $ 5k a.k.a. the legal standard for a " large deposit ''. I received the standard info that it 'd take a day for the funds to be released.
Wed XX/XX/XXXX : With no warning from the bank ( I was looking up a different transaction ), I spotted a HOLD line item and that they 'd be holding onto my funds until FridayXX/XX/XXXX at XXXX! I called the bank immediately. I was told by a representative that the reason for the hold was defined as " confidential '' -- and that meant that the hold was actually on the part of my client 's bank, XXXX XXXX. I asked what my recourse was, and she told me I 'd need to talk to my client.
I immediately emailed my client a somewhat uncomfortable-to-send note asking for their assistance in resolving the matter with their bank. My client 's organization has been around for 75 years and is very solvent, so I knew it would have to be some kind of oddity. My client graciously investigated immediately and within 45 minutes had confirmed with XXXX XXXX that they were not hanging onto the funds at all. Bank of America incorrectly blamed XXXX XXXX. That was unnecessarily embarrassing for me and my business relationship.
I called Bank of America back and asked to be escalated to a supervisor. Supervisor was kind, checked into it, and told me she 'd nudged the bank to expedite a release on the hold, but since it was still less than 48 hours that I should call back in the morning to check in. She could n't imagine the bank holding onto my funds untilXX/XX/XXXX.
ThuXX/XX/XXXX : I called Bank of America to check in. The representative parroted back the earlier directive that I 'd simply need to wait untilXX/XX/XXXX ... she would not give a reason why. She offered to send me to a supervisor ; she tried, but dropped the call.
After a few deep breaths, I decided to call a FOURTH time. I reached a representative, explained my situation, explained the easy-to-verify history with my client 's account, set the expectation that I either needed to know whether their HOLD met one of the legal exceptions for the Expedited Funds Availability Act ( https : //en.wikipedia.org/wiki/Expedited_Funds_Availability_Act )XX/XX/XXXX or they needed to at least release {$600.00} to me today. He put me on hold for a bit, then returned to the line to let me know they were making the full {$4000.00} immediately available. He said I showed a " clear account '' ( which meant they likely had no valid exceptions to lean on legally ). I pressed him ( nicely ) as to why the bank thought they were in the clear to hold these funds. He said he suspected others had not done their due diligence or that they were afraid of the larger amount ( again, this was less than $ 5k ).
I 'm incredibly relieved to have these funds available so I can make good on my other financial commitments. But I definitely suspect that Bank of America is doing this to others so that they can grab as much interest on our dollars before they make the funds usable by its customers.
I 'm very seriously thinking about shifting all of my finances to a local credit union at this point.

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