Consumer complaint received 2017-01-02
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Bank account or service
Sub-product: Checking account
Issue: Deposits and withdrawals

Complaint:
My Issue with Bank of America, California, XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX Name : XXXX XXXX Account number : XXXX Address : XXXX XXXX XXXX, XXXX CA XXXX Phone : XXXX email : XXXXXXXXXXXX Date XXXX/XXXX/2017 ( attachments provided to substantiate claims ) Issue : Bank of America 's policies and procedures of processing deposits, is totally unethical and should be changed and the bank should be sanctioned. In this day and age of electronic processing, it should n't take 11 days to process / clear a deposit, it should be done overnight, including weekends and holidays. The internet is up XXXX Chronology of events : XXXX - Saturday - I was notified by my daughter, who is on my account that a check I had written, Check # XXXX, for {$15000.00} to XXXX XXXX University had overdrawn my account XXXX - I checked my account online, and it showed - XXXX, indicating that the check had been honored, as there had been only XXXX in my account XXXX - I immediately went to my reserve bank, XXXX, to send {$15000.00}, by EFT, but since it was Saturday, they would n't send it till Monday, XXXX, so I decided it would be faster if I just wrote myself a {$15000.00} check on the XXXX account, and do an electronic Mobile deposit from my smart phone. So I made a {$15000.00} mobile deposit. 
Whenever I do a Mobile deposit, it always says on the screen that funds will be available the next day, for Debit or cash withdrawal. I assumed everything was taken care of. 
XXXX Tuesday - my daughter informed me that she still got the negative balance notification. I thought that was strange, since I had deposited the money 3 days earlier. 
I called the bank, using the number on the notice, but the offices were closed for the holidays. 
XXXX Tuesday - XXXX clears my check for {$15000.00} deposited to BofA ( XXXX Tuesday - BofA bounces my check to XXXX, though I do n't find out about this till I speak to a BofA representative the next day ) XXXX Wednesday - After puzzling over these BofA emails, I went down to my local B of A bank to find out what was going on. The lady ( assistant VP for the branch was very nice. ) The national office was closed, but the local branch was open. 

She looked up my account. Of the {$15000.00} I deposited on XXXX, they put a hold on {$4800.00} for 5 days till XXXX, and a hold on $ XXXX for 11 days till XXXX XXXX! 

This is unconscionable! The $ XXXX check written from XXXX to BofA is cleared by XXXX on XXXX, and BofA is going to put a hold on $ XXXX till XXXX, and a hold on the remaining $ XXXX till XXXX XXXX? This is totally unethical! The representative also told me that they bounced the check, returning it back to XXXX on XXXX. She commiserated with me and said she would waive any fees, if any appeared. 

I was outraged and concerned. I had made several end of the year donations to charities, and now I was concerned that they might bounce too, because of the " holds '' BofA was putting on my funds. She said an EFT may be faster. 

XXXX Wednesday, I transferred an additional $ XXXX via EFT from XXXX to BofA It was sent by XXXX on XXXX. 

XXXX BofA shows this EFT as " processing '' So now there is $ XXXX in my BofA account ( although $ XXXX is still on hold till XXXX ), way more than I need or want in that account PLUS I have to ask XXXX XXXX to please resubmit the bounced check, an embarrassment to me. 

I acknowledge this all started because I overdrew my account. HOWEVER, they appeared at XXXX to honor the bounced check, as I believe I am a preferred customer, but they did n't HONOR MY DEPOSIT, done in good faith to cover the check. I find their behavior unacceptable. I want their policies changed, an apology, and I would like them sanctioned. 

Additionally, BofA California does not provide an email to register complaints, thus I must file with the Consumer Financial Protection B

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