Consumer complaint received 2017-07-15
Product: Checking or savings account 
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ

Complaint:
I filed a homeowner insurance claim with XXXX XXXX ( XXXX  ) Insurance Company due to a flooded and thereby destroyed kitchen. XXXX issued to me a check on XXXX XXXX, 2017 for {$7900.00} payable to me and to XXXX XXXX XXXX, the holder of my mortgage and therefore, the singular lien holder on my home. XXXX endorsed the check and forwarded the check to me. I endorsed the check and deposited the check into my checking account at Bank of America ( BOA ) on XXXX XXXX, 2017. BOA placed a 10 day hold on the check, for unexplained reasons. On day 1XXXX XXXX of the 10 day hold, the funds were still not made available to me. I called BOA, and after being placed on and off of hold for two hours, I was told that the check was rejected because XXXX had not endorsed the check. When I requested that they again look at the back of the check, they discovered that the check had indeed been endorsed by XXXX. After being placed on hold for another 45 minutes, I was told that the check had been rejected because XXXX was not listed on my checking account, much like a spouse would be listed as an authorized person on my checking account. In addition to the absolute absurdity of the explanations offered by BOA in trying to cover-up their arbitrary and capricious reasoning for rejecting the insurance check, I explained to BOA that I was nevertheless responsible, beginning on XXXX XXXX, 2017, for making payments for my mortgage, my automobile loans as well as " auto payment withdrawals '' for my car insurance, my life insurance policies for my grandchildren and certain other credit cards. Knowing that since my insurance check was rejected, that I would be unable to pay my mortgage and my automobile payment. I was also aware that once the " auto payments '' were withdrawn for my automobile insurance, life insurance payments for my grandchildren and certain other credit card payments, that there would be insufficient funds to pay these creditors. I asked BOA how they would handle the punitive charges of {$35.00} assessed by BOA for each payment made using non sufficient funds ( NSF ). I also asked about the consequences of the fees charged by my creditors due to NSF 's. I was told, " I hear you, but there is nothing we can do to help you ''. On my call to BOA on XXXX XXXX, I was told that my rejected check would arrive to my home possibly on XXXX XXXX or XXXX XXXX, but no later than XXXX XXXX. With the arrival of no check, I called BOA daily, requesting the escalation of each call to a higher level of management withing BOA. Today, XXXX XXXX, BOA told me that the check was rejected in order to protect me, in case the payer, XXXX XXXX XXXX Insurance Company, did not have sufficient funds. Really? The largest insurer in the State of NJ not having sufficient funds to cover a payment to me for {$7900.00}? Meanwhile, in BOA 's efforts to protect me from financial predators, I am unable to pay my bills.
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Today, XXXX XXXX, I was told by BOA that by law they did not have to deliver the rejected check to me until XXXX XXXX. How refreshing that BOA is more concerned about their rights under the law than helping their customer to avoid delinquencies in payments to creditors. This, in addition, to causing permanent damage to my credit ratings and credit report.
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Shame on you Bank of America. You bully your customers in order to protect your profits. If you choose to continue with this arrogant attitude, there will be no need for you to concern yourself with profits. Without customers, there will not be any profits. And, sadly, as you alienate more and more customers, there will come a time where you can no longer cost shift by continuing to add more and more punitive policies. This is not rocket science. With virtual currencies becoming more mainstream, who will need the non-services of Bank of America.

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