Consumer complaint received 2022-12-06
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On Thu XX/XX/XXXX, I received a commission check from a closed real estate transaction as XXXXXXXX XXXX XXXXXXXX. The check was in the amount of {$56000.00}, and was issued by XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX and drawn on XXXX XXXXXXXX XXXX. On a work day ( and with 2 out of 3 local B of A branches currently closed ), I deposited the check through B of A app on my XXXX. As usual, B of A placed a hold on the funds, this time for 7 days ( until XX/XX/XXXX ). I spoke with B of A on XX/XX/XXXX, and they advised to check after XXXX XXXX, when check should be " out of processing '', and to call them again after XXXX XXXX opened at XXXXXXXX XXXX ( EST ; XXXXXXXX XXXX PST ) to try and get the hold released. I had gone through this process with large deposits, and B of A, previously, without issue. I called B of A Small Business at XXXXXXXX XXXX PST, and spoke with a representative in Florida. She asked me numerous questions I'd never been asked before, regarding the maker of the check, and whether I'd ever received a check from this maket before ( over 17 years in real estate, I had, XXXX time ; but apparently not within the past 12 months ). She indicated to me that the funds had not been " authorized for release '' yet - by the maker- and that " the system '' would not authorize an early release of the hold. I asked to speak to a Supervisor ; at some length, a self-identified Supervisor ( who identified himself as " XXXX '' ) cam on and quickly - more forcefully - reiterated the position, telling me that the maker of the chceck had not yet authorized the release of the funds ( to B of A ) ; that the maker had indicated a 7-day hold on the funds ; that the funds, once received, would have to be processed by the Federal Reserve ( and then authorized for release to B of A - by the Federal Reserve ) ; that there was no way the process could be completed prior to Thu XX/XX/XXXX - at the earliest - and that the release of the hold on the funds, to me and to my account, XXXX possibly take longer. At XXXXXXXX XXXX, I called XXXX XXXX XXXX, the maker of the check, and spoke with a representative, who verified that neither XXXX Escrow, nor XXXX XXXXXXXX XXXX, had place any restriction, or hold, on the release of the funds, and that in fact, on their end, deposit of the check had already cleared ( from B of A ). At XXXXXXXX XXXX, I called B of A Small Business again, and got voice mail cue ; I received a call back from B of A Small Businessat XXXXXXXX XXXX, and spoke with another representative who, while consulting notes from prior calls on XX/XX/XXXX and on XX/XX/XXXX, reiterated the postions stated earlier by " XXXX XXXX ( " XXXX '' ). I told her that I had spoken with the maker of the check, and had been advised that no restriction on release of funds on that check had been placed by either XXXX Escrow or XXXX XXXX, and that the issuer already showed the check having cleared ( with B of A ). I was now told this made no difference ; that even though my call and the issue had been " escalated '' within B of A, there still was no possibility of getting the hold removed, or the funds released to my account, any earlier than at least Thursday, XX/XX/XXXX - at B of A 's discretion.

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