Consumer complaint received 2017-10-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: PA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
There are two primary problems with the checking account I have with Bank of America. The bank constantly rearranges charges on my account and then charges me several fees when my account becomes overdrawn despite me checking the status of my account and showing available funds. I eventually gave up calling about this long ago because it felt like the representatives I spoke to always found a way to explain away the charges and say they were justified. There was a time where I even had a screenshot of my account and how the charges were taken out. Then had a screenshot of my account showing how Bank of America rearranged everything when I suddenly got several overdraft fees following another larger withdraw that was suddenly shown to post before my earlier charges. The second problem is that the bank changed it policies on mobile deposits without any notification to account holders. I deposited a pay check into my account and was not provided any warning about how long processing would take. In fact the notice customers receive is that checks deposited before XXXX XXXX, will be available the next business day. After I deposited the account I received one notice that said XXXX funds would be available today, but the check will be available the next business day. Then I received a separate notice that said the bank is holding the check until XXXX XXXX, upon which the funds will not be available until after XXXX. I called customer service and was told that they were advised that this policy was recently implemented along with a co-policy not to release any of the funds regardless of reasoning on XXXX XXXX. I never received any form of notice in writing nor is this advertised in the mobile banking app. As a result my rent check will cause my account to overdraw. When asked what will happen to the check because the bank will hold my funds, the representative could not provide a response. And said there is nothing he can do, I would have to wait until the morning, but even then if I were to call back the policy that Bank of America staff were told will stand. So now I have to wait five days XXXX despite the mobile app saying funds should be available the next business day XXXX to have access to my money, and even then because of the bank 's policies I will incur several fees from the bank. I was told by the representative that he and the other agents at the institution have received countless calls of a similar nature by customers who are experiencing the same inconvenience, a point that supports that there has been no written notice provided nor does the mobile app provide a notice prior to customers making the deposit. I believe Bank of America implemented this policy similar to its others as a means to profit off excessive fees that it charges its customers, all the while working under the guise that this is for your security. I intend to change banking institutions once I have received my funds and begin the process of investigating the bank 's practices. I have been a customer of Bank of America for many years and have felt there was nothing I could do when faced with all the exhorbitant fees the bank would charge. I felt absolutely powerless. This newest policy is the last straw.

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