Consumer complaint received 2022-11-04
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (IL)

On XX/XX/XXXX I deposited {$450.00} into my Bank of America chekcings account via ATM. A few minutes later I XXXX  the funds to a recipient who is enrolled with XXXX through XXXX. I have exchanged several XXXX  transactions with this recipient! The next day the receiving recipient informed me that they did not receive the funds yet. On XX/XX/XXXX I phoned Bank of America 's customer service line to speak with a representative regarding the issue. I was told the funds were " under review '' and that once they were approved they'd be released to the recipient. The following Monday the funds were still " pending review ''. I phoned Bank of America customer service again. I was told the same information and I was not sold on the answer. I have NEVER had a XXXX  transaction take longer than one day to process. I spoke with customer representatives from Bank of America for over a week and no one could tell me why my funds weren't released yet. One representative informed me that XXXX  transactions can pend for up to 5 business days. I waited five days and the funds still were not released but I was told by another person the {$450.00} posted on XX/XX/XXXX that morning. Bank of America took the funds from my account and they never reached the XXXX recipient! I went into the branch and spoke with a banker about the issue at hand. She told me to contact XXXX and they will cancel and/or give me my money back. I called the number I was given in the bank of america Branch in XXXX XXXX IL. The system is completely automated and you can not speak to a live person. I found an email for XXXX  support and reached our via email. I got an email back stating, if I made a XXXX  transaction through my mobile banking app and was having issues contact your financial institution. So I went back to the branch and ask to speak with a branch manager. She informed me that she would have to call customer service because she is not able to credit funds in the bank. So I checked into my appointment with the manager and she spoke on the phone for about an hour and half and was bounced around to different departments. She informed everyone she spoke with I had made a XXXX  transaction that did not go through and I wanted the funds credited back to my account immediately. After the lady got off the phone she informed me that there was not much she can do. I called back of america customer service and filed a claim XXXX with the fraud department. I have spoken to several customer service representatives and no one has been able to successfully help me. It has been 2 weeks since I XXXX  {$450.00} and it is still " pending review ''. I have asked several bankers and representatives how and when can my funds to returned back to me that bank of america withdrew from my checking account. Those funds were for rent and a late fee was incurred due to an error bank of america created. I have attempted to contact corporate and was unsuccessful. Basically, bank of america stole {$450.00} from my account and it is no where to be found nor traced. I would like my funds back in my account. I was also told that once the funds were approved the recipient would get the money. If they were declined they would come back to my account in 14 days. I was instructed on several possible reasons for my " pending review '' and I was misinformed and mislead by everyone I spoke too. I hope this complaint resolves the issue I am having and I can get some leverage. Lastly, I was placed on hold for over an hour each time I phoned Bank of America and no one would picked up the line. I asked all of the representatives who " reviews '' XXXX  transactions and if I could speak to that department and no one could give me an answer.