Consumer complaint received 2024-01-23
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (FL)

On XX/XX/XXXX, my account was placed on hold. Reason given was an " invalid check ''. When I enquired, no one could give me any further details as to what an " invalid check '' meant. Funds in the account at the time were from two cleared checks ( ck # XXXX {$7300.00}, ck # XXXX {$260000.00} ) and other cash balance. I was advised that in order to obtain those funds, the issuer of the check had to request a recall of the check. Funds were cleared and sitting in the account. I then went to the issuer of the check and advised them of the procedure as advised by the bank. The issuer of the check then contacted the bank and was told the account was on hold for fraud. The issuer of the check then contacted the police department and an investigation ensued. There were a total of four checks given to my company for the purchase of merchandise on their behalf. When questioned, I gave the issuer a full acount of all funds including the two checks totalling {$9900.00}. Proceeds of the first two checks were wire transferred to a third party who was a legitimate part of the purchase transaction. The following two checks ( XXXX & XXXX ) were placed on hold by the bank. The reason given was " fraud ''. I advised the issuer of the last two checks to proceed with the recall so that the issue could be resolved. The issuer of the check then proceeded to do a recall of one check # XXXX for {$7300.00}. The issuer of the other check for {$2600.00} ( same issuer ) decided not to pursue a recall on check # XXXX for {$2600.00} but chose to make a claim through their insurance for a loss of funds. The insurance claim was paid by my company. The insurance company then contacted me and demanded I make the payment of {$2600.00} to them as I was named the person responsible for the loss. I paid the claim in full and the matter was settled. I have a settlement letter from the insurance company confirming this. I have also copy of the claim, signed and notarized by the issuer of the check. 
After this matter was settled, I returned to the bank to make a claim for the balance of fund in the account. I presented all settlement documents showing that I had paid the insurance claim in full for the check amount which was still on hold in a frozen account. The bank refused to release the funds to me. I have spoken to several officers at the bank, the fraud department, risk department, legal department and many others since XXXX, XXXX. On XX/XX/XXXX, I was asked to return to the bank branch for the result of a five day review of the funds in the frozen account. Since XX/XX/XXXX, I was told at least a dozen times, that the funds were " in review ''. When I returned to the branch on XX/XX/XXXX, I was told the funds will not be released to me. I then asked what will become of the funds in the account? I was told that after five years, the funds will be turned over to the state as unclaimed funds, and that I would then have to make a claim with the state. Presently the account has a total of {$3000.00}. In addition to proceeds from the check, there is cash which is also not being released to me. I countered that waiting five years to turn over the funds as " unclaimed funds '' is not factual as I have been making claims on the funds for the past two and a half years and I have legitimate documents proving that the funds belong to me. The bank is still refusing to release said funds to me.