Consumer complaint received 2016-04-12
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MA
Product: Bank account or service
Sub-product: Checking account
Issue: Making/receiving payments, sending money

Complaint:
I used Bank of America XXXX to pay an individual on XXXX/XXXX/2016. The online system said that the XXXX should receive the check 2 days after my electronic instruction ( receipt by XXXX on XXXX/XXXX/2016 ). Since it was for payment to an individual, a paper check was sent in the mail by the bank. I got a call today XXXX/XXXX/2016 from the XXXX wondering the whereabouts of his money. I told him that I presumed that he got my check and cashed it since my account was debited the {$200.00} owed on XXXX/XXXX/2016. After some searching by the XXXX, the check was located today at XXXX 's company. He will deposit the check today. However, I question why my account was debited in advance of presentment and payment of this hard copy check. So, I called Bank of America to find out why. They told me that when I send money to large institutions like mortgage companies or utilities, they usually accept wire transfer payments so if the instruction is sent today, they receive their money as a wire transfer tomorrow. For hard copy checks that are sent by the bank, the amount is debited from the XXXX 's account on the day that the XXXX system estimated that the XXXX would receive the check. Had I written out a check myself and put it in the mail, my account would only be debited at presentment and payment of the check. I asked B of A if the Payee had died in the interim, would my account have been permanently debited the {$200.00} and B of A would have been {$200.00} richer. They informed me that if the check was not cashed within 90 days, they would refund those funds to my account. Well, it appears to me that the bank is using my money for up to 90 days for free while I do n't have access to that money for up to 90 days. I would also question whether the bank 's system is smart enough to ensure that after 90 days my uncashed check would be credited back to my account. It was at that time that I expressed my dissatisfaction with their internal policies and that the process was unfair and heavily weighted toward the bank 's advantage. It is at that point in the conversation that they offered a solution -- which was to treat my outgoing hard copy checks as " draft only '' checks ( I would presumably have to know enough to ask for and receive this preferred treatment of my funds ). They assured me that these " draft only '' checks would not be debited unless and until the check was presented for payment and paid. 
So here is my question : Is this a legal practice in which banks may choose to engage? Because it seems to me that this is just another way to manage the " float '' at the general public 's expense. Instead, the banks treat these funds as if they were already theirs. Can you please enlighten me on the legality of this practice? Thanks in advance. 
Best regards, XXXX XXXX XXXX XXXX XXXX XXXX cell

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