Consumer complaint received 2024-11-11
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CA)

Email : XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX, IA XXXX [ OR Office of the Comptroller of the Currency or the Federal Trade Commission XXXX XXXX : Request for Investigation and Penalty on Unjustified Check Deposit Holds by Bank of America Dear [ Regulatory Authority Representative ], I am writing to formally complain about Bank of Americas practice of imposing extended hold times on check deposits, which I believe is a deceptive practice that withholds funds unjustly and potentially serves to accrue interest and profit on customers deposits. This practice has caused me financial harm, and I believe it affects many other customers similarly. I am requesting a thorough investigation, substantial penalties, restitution for affected customers, and the return of all profits derived from these unjust practices over the past 10 to 20 years. In addition to an investigation and enforcement of appropriate penalties, I respectfully request that this case be made publicly available to alert and protect other customers.

Summary of Incidents I have experienced three specific incidents where Bank of America held my deposits without a valid reason, denying me access to my funds for extended periods. These incidents are outlined below : 1. Incident 1 Refund Check Hold of 3-4 Business Days On XXXX XXXX, XXXX, I deposited a refund check of {$49.00} from XXXX  XXXX using Bank of Americas mobile app. Despite it being a low-risk transaction, Bank of America held the funds for 4 business days, delaying my ability to access my own money.

2. Incident 2 Insurance Reimbursement Check Hold of XXXX Business Days On XX/XX/year>, I deposited a {$1700.00} check from XXXX XXXX XXXX Bank XXXX XXXX XXXX app. Bank XXXX XXXX placed a hold on the funds until XX/XX/XXXX, XXXX total of XXXX business dayswith no clear explanation or valid justification.

3. Incident 3 Personal Check Hold Despite Verification On XXXX XXXX, 2024, I deposited a personal check from a relative for {$5000.00}. I confirmed with the issuer that the funds were available, but Bank of America claimed the check might be returned, holding the funds until XX/XX/year>. The issuers bank confirmed the check cleared the same day, highlighting Bank of Americas baseless delay. Hold till XXXX XXXX, XXXX, and then again extended hold till XXXX XXXX, XXXX. 

4. Incident 4 I deposited a check for {$1200.00} on XXXX XXXX, XXXX, The bank teller said if I wanted to cash the check or deposit it into the savings account ; which means the amount could be cash withdrawn immediately. My mobile APP also listed funds available for the next business day. Then again, they extended the fund holding till XXXX XXXX, XXXX. 


Violations of Consumer Protection Regulations Bank of Americas unjustified holds on deposits, without a valid explanation, appear to contravene the following regulations : 1. Expedited Funds Availability Act ( EFAA ) and Regulation CC By imposing unnecessary and extended holds on checks, Bank of America may have violated Regulation CCs requirements for prompt funds availability.

2. Truth in Savings Act ( TISA ) The lack of transparency and inconsistent explanations violate TISAs requirement for banks to provide clear terms regarding account policies, fees, and fund availability.

3. Unfair or Deceptive Acts or Practices ( UDAP ) Bank of Americas actions constitute unfair and deceptive practices, as defined by UDAP, potentially using delayed access to customer funds to accrue interest for the banks benefit. The Bank of America intentionally steals 4 to 7 days of interest and extends to the max of 14 days for each check that I deposit.

Requested Relief I respectfully request that your office investigate these practices and enforce appropriate penalties, including : 1. Substantial Fines and Penalties for violating consumer protection laws and misusing fund availability policies.

2. Restitution and Compensation for any interest lost, fees incurred, and inconvenience caused by these holds.

3. Return of Profits from Unjust Holds for All Affected Customers I request a full accounting and restitution of all interest or profits Bank of America has accrued from similar delayed fund practices over the past 10 to 20 years. All affected customers should be reimbursed for interest and gains made on funds delayed without clear and justified reasons.

4. Policy Revisions and Monitoring to ensure Bank of America complies with transparent and lawful funds availability policies communicated clearly to customers.

Thank you for your attention to this matter. I am willing to provide any additional documentation or information as required. 

Sincerely, XXXX XXXX