Consumer complaint received 2022-08-26
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: BANK OF AMERICA, NATIONAL ASSOCIATION

Complaint:
I opened my first business checking account with Bank of America in XX/XX/XXXX. XXXX XXXX XXXX XXXX XXXX XXXX. In XXXX of XXXX, I went to XXXX for a family emergency. During my visit on XX/XX/XXXX, I received a - {$800000.00} in my account and had no idea what was going on so I called Bank of America regarding this. They said it is due to chargebacks they have received and they have put a hold on the account while they review my account. When I came back at the end of XXXX, I received a letter in the mail stating As of XX/XX/XXXX, " We've made the decision to close your deposit account '' and told me what I cant do with the account. On XX/XX/XXXX, I received another letter saying They have closed my business checking account with {$6700.00} in it. I called customer service regarding the funds and they said I would receive it in 10 business days. A couple weeks later, I received another letter stating on XX/XX/XXXX, they will be reviewing the transactions and I should call their department for any questions regarding this matter. It's been almost 6 months now, I have not been informed about the funds in my account or when I will be receiving it. Every month, I keep calling them or going to the branch for updates and seeing if there is a way for me to help them resolve this issue to receive the funds as soon as possible. During the time I have called, they have said that a different upper department is handling the issue and I would have to wait for them to finish their investigations. They also indicated there was a {$500.00} overdraw in the account which I or any branch managers have not seen. I have requested a statement and not even the statement includes any amount about this. Since XX/XX/XXXX - XX/XX/XXXX, I have received letters " requesting reimbursements for the checks returned to them unpaid after deposited it '' which I have. These chargebacks are mostly back from XXXX. They have been a total of {$2500.00} and I have paid back every XXXX to the bank on time. On XX/XX/XXXX, I spoke to a supervisor, XXXX, about this issue. I have told him it's been more than 6 months since you guys stated you will close my account. My last real update was XX/XX/XXXX and no one can give me any updates, when I will receive my funds, or let me know if I can help them in any way to move this process faster. I also stated him, no one, especially me, can not run a business without any funds. I have fulfilled the customers orders with my own funds which includes paying for software, employees, etc. I did feel like XXXX did take my concerns seriously and wrote an email/message to them, the upper department, regarding this issue. XXXX also stated I should receive an update that following Friday, XX/XX/XXXX. Since that day, there has not been any updates on the funds or from the upper department, I have not been able to speak to XXXX or any supervisors, and my business has been on pause/hold since then.

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