Consumer complaint received 2019-12-26
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:
Imagine having a business bank account open for 5 months, and after the first 30 days, all of your deposits are available the next day, as promised. The bank account has never had any NSFs, nor any returned deposits. One day you deposit the same $ XXXX check to your account, which has been deposited multiple times before. The check is from the same customer, drawn on the same bank, and the same amount, as all of the times before. The online banking system and mobile app, show the deposit, and clearly states " Credit pending ( available to cover items posting on the same day as the deposit '', available next business day for withdrawal and debit card purchases '' ).

Imagine writing a check that same day, to one of your customers, and paying some of your bills, knowing that you have more than enough in the bank to cover the transactions, but the bank returns the checks as NSF, because they decided to place a 5 business day hold on your deposit, AFTER the fact, and with no notice to you at all. Imagine not having access to your operating funds for days, the embarrassment of the returned checks, and the fees that the bank charged. This has been my experience TWICE now! 

This happened again last week, and XXXX XXXX, the " Regional Market Leader '',  apologized, and assured me via email, that " he shared my concern about the lack of communication regarding the random holds, and committed to being diligent in digging into why this keeps happening. '' On XX/XX/XXXX, I deposited the same monthly check, that I have deposited for the past 6 months. Once again, the " system '' placed a hold on the deposit. The online system states that the funds will not be released until XXXX. I alerted my branch office about the hold, and the staff verified that there were more than enough funds to cover the deposited item, from the bank from which it was drawn. When presented with this information, XXXX XXXX refused to release the funds. This blatant disregard, and lack of urgency in me having access to my operating funds, has placed me and my company in a position of not having funds to cover my company payroll. 

I know that banks place holds on deposits to protect themselves, and we the consumers. What is unacceptable, disingenuous, and should be illegal, is the fact that they place holds on deposits, after the fact, randomly, and with no notice to the customer at all. There is no clear policy of when or why the holds are placed. I did not get an email, text, phone call, or letter, that a hold was being placed on any of my deposits. I know that the banks have lots of attorneys on staff, and really don't care about the small business customers, but I would love to know if there is anyone else out there, who has had the same experience, and if there is any action initiated against this deceptive practice.

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