Consumer complaint received 2024-06-27
Product: Checking or savings account — Checking account
Issue: Managing an account — Cashing a check
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CA)

I am writing to formally file a complaint regarding the unwarranted hold placed on a check deposit by Bank of America on my wifes account. 

Account Details : Account Holder Name : XXXX XXXX XXXX XXXX Bank of America Account XXXX XXXX XXXX Check Amount : {$1900.00} Date of Deposit : XX/XX/year> Upon depositing the check on XX/XX/year>, my wife received the following message from Bank of America XXXX XXXX We placed a hold on a check you deposited by XXXX XXXX Deposit XXXX 
The full amount isn't available yet. 
PERSONAL CHECKING/SAVINGS ACCOUNT ending in XXXX Total deposit {$1900.00} Total amount on hold {$1900.00} Date of deposit XX/XX/year> Hold Notice : We've placed a hold on one or more checks to help verify funds. Review the availability information and hold reason for details. 

Details : XX/XX/year> at XXXX XXXX local time {$1900.00} We've placed a hold on your deposit because we have information indicating the check ( XXXX ) may be returned. 

Any amount not placed on hold will be available the next business day. 

Learn more about deposit holds and how to avoid them in the future. 
View account If we didn't tell you about this hold when you deposited the check ( XXXX ), and the check ( XXXX ) clear, we'll refund any overdraft or returned check fees charged because of the hold. To get these fees refunded, call the phone number on your statement. 

To help protect you and us from losses if a check ( XXXX ) is returned unpaid, all deposits are subject to a hold review at any time. It's important you know that deposit holds can result in a reduction of your available balance. For more information, please refer to your Deposit Agreement & Disclosures We'll never ask for your personal information such as SSN or ATM PIN in email messages. If you get an email that looks suspicious or you are not the intended recipient of this email, don't click on any links. Instead, forward to XXXX then delete it. 

Please don't reply to this automatically generated service email. 
Privacy Notice XXXX XXXX XXXX Bank of America , N.A . Member FDIC. 
2024 Bank of America XXXX. '' The reason provided by Bank of America for the hold was that they had information indicating the check might be returned. However, this is not accurate, as the check in question was issued by a government-funded agency, and there is no basis for the belief that it would be returned. 

Furthermore, Bank of America later stated that the hold was due to the account being new. However, the account has been open for more than XXXX days ; in fact, it has been open for over XXXX  months. According to Regulation CC ( 12 CFR Part 229 ), banks are required to make funds from certain types of deposits available within specific timeframes, and this does not justify the extended hold placed on this government-issued check. 

I request that the Consumer Financial Protection Bureau investigate this matter and ensure that Bank of America adheres to the regulations governing check holds and funds availability. The unnecessary hold on these funds has caused undue stress and financial inconvenience. I will be late on my rent as a result of this situation. 

I appreciate your attention to this matter and look forward to your response. 

Sincerely, XXXX XXXX