Consumer complaint received 2022-05-25
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
Federal regulations do not work! the act to make funds available is a joke or banks can choose if they want to follow that act or not. 
On XX/XX/XXXX a check was deposited into Bank of America ATM, the deposit slip stated the check will be held- none of it would be made available. That was an issue because we tried to mobile deposit on the XXXX and couldn't. We live over an hour to the nearest ATM or banking center. 
Because none of the check was available to cover expenses the account had a negative balance In 2022 until the time near or around the deposit we had a bank error once in XXXX it was only one day and we quickly corrected. 

We have banked with bank of America for XXXX  years and have never had a deposit returned or went consecutive days with a negative balance. 

In addtion the check was drafted from the Attorney  trust account it was written on on XX/XX/XXXX, the attorney has documents to support that the funds were released from their bank. 
The attorney ask if there was someone at the bank he could call so at least they could make some of the funds available. 
I was told, there wasn't. 

I have called bank of America every day for a week. 
When we made our deposit we got a receipt showing its bank owned ATM, the amount of the check AND this is most important showing the hold would expire XXXX at XXXX am. When I called yesterday they told me it would be released today. 
I was told this morning possibly another 24-48 hours Because this check was from a refinance and we had done that to get XXXX. We were on a list and had to pay by certain date. I called the bank prior to depositing this and ask for their hold process the rep told me there isn't one, it could be 3 days it could be five. 
Mind you, we have a direct deposit into this account and make weekly mobile deposit of {$920.00} So this is an account that actively has deposits and that is not new and other than this issue not overdrawn. 
The bank has only given us this reason, the clearing house can't verify the funds. Today is 6 BUSINESS days and the ACH can't verify in that time?. The account was a trust so the funds had to be verified before they could disperse. The check cleared the attorney account on the XXXX So somewhere something is wrong with the system. 
I can't get anyone to help me The bank did not honor the original hold date or provide a more reasonable explanation as to why funds were delayed and made none of the check available through the entire process. 
The bank has a deposit agreement that states they may hold longer but the first day you would would have at least XXXX of the deposit. ( didn't happen ) they note if they don't make funds available they notify when you make a deposit. In this case the XXXX which they also did not honor. WE will mail or make you aware the next business day, which they did not provide a different date until the XXXX saying it would expire on the XXXX which it didn't do either. Regardless they didn't uphold their agreement for making anything available. the reason for the hold. they thought it could be returned.

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