Consumer complaint received 2022-05-19
Product: Checking or savings account 
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: DE
Tags: Servicemember

Complaint:
On XX/XX/2022 I deposited a check for {$6000.00} into my business checking account, from a car dealership that refunded my money for a down payment on a vehicle that turned out to be a lemon. The check went on hold and my funds was suppose to be available on XX/XX/2022. Now on XX/XX/2022 my funds went on another hold now they say my funds will be available on XX/XX/2022 cause they couldnt verify the funds. I contacted the car dealership that issued me the check they contacted there bank and told me that the funds was taken out of there account so how and what are they trying to very. I contacted Bank of America on XX/XX/2022 now they tell me that they made the decision to close my account and my account will be closed out completely on XX/XX/2022 so I asked well whats going on with my funds either yall send the funds back to the original account or yall give me my funds! They tell me that the check didnt clear cause they couldnt verify the funds and it was returned, I had two different customer service representatives tell me that! Now on XX/XX/2022 I call Bank of America customer service again they now tell me that my account is closed out and they will send out a check for the balance thats in my account so I asked whats the balance they told me I say ok. I call them back on XX/XX/2022 they tell me the check was mailed out give it about 5-7 business days on XX/XX/2022. On XX/XX/2022 I received a letter telling me that i will not be issued out any funds. I snapped out I called the number on the letter and cursed them out, who are you to tell me that yall are not going to give me my hard earned money back! they tell me that they froze MY funds and when they are done verifying the funds they will let me know but as of now they have no time limit on when that will be. I called them back on XX/XX/2022 I told them they need to get whoever has my funds on this phone now! They tell me that they dont have a number only thing they can do is emailed them to request for an update to when I will receive my funds! Then tell me they can hold My funds and they dont have a time limit on when they will release it! I have been calling them everyday and everyday they tell me the same thing they still dont have an update, they cant tell me why they froze my funds! No one have any answers on to why they are holding on to MY money! On XX/XX/2022 they sent an request for an update still have not gotten one on XX/XX/2022 another request was sent for an update. On XX/XX/2022 I wrote Bank of America corporate office to file a complaint. As well as I am taken legal action. If my account was closed out on XX/XX/2022 how are you holding on to MY funds! we have no business relationship anymore I have no dealings with Bank of America so my funds should have been returned to me!

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