Consumer complaint received 2025-10-20 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Money was not available when promised — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: SC

Complaint narrative:
To Whom It May Concern, I am writing to formally file a complaint regarding the mishandling of funds I deposited into my Bank of America accounts on XX/XX/year>, which has caused me significant financial loss, personal hardship, and unnecessary XXXX. 
On XX/XX/year>, I sold my home and received XXXX checks : {$430000.00} ( bank check from XXXX XXXX  buyers mortgage proceeds ) {$87000.00} ( bank check from XXXX XXXX  buyers down payment ) {$21000.00} ( check from my attorneys escrow account ) I deposited all XXXX  checks that same day into my Bank of America accounts the larger check into my checking account and the other XXXX into my savings account. The deposit slip indicated that the funds would be available on XX/XX/year>. 
Before making the deposit, I explained to XXXX Bank of America employees that the purchase of my new home was contingent upon these funds being available for closing. My home sale had left me and my special needs son temporarily homeless, and my purchase contract for the new property was set to expire on XX/XX/year>. I was assured by several employees that an escalation ticket would be submitted to request an early release of funds, and that I should continue to check in for updates. 
Over the following days, I called the Bank of America XXXX XXXX XXXX  repeatedly. Each representative confirmed that another ticket would be submitted to expedite the release, acknowledging my circumstances and assuring me that the funds would likely be released before my closing date. Relying on those assurances, I scheduled a closing with all involved parties attorneys, realtors, the seller, and my mortgage company. 
However, on XX/XX/XXXX, I was informed that the funds could not be released early and would remain on hold until XX/XX/XXXX. As a result, I missed my scheduled closing, lost my XXXX money deposit, and was forced to reschedule with all parties involved. The seller then demanded an additional {$4000.00} added to the purchase price due to his own mortgage obligations and the XXXX delay. 
On XX/XX/XXXX, when I again called to confirm that the funds would be available the next day, I was shocked to learn that the hold had been extended without explanation. Bank representatives refused to provide a reason. I immediately informed the seller and his attorney, and in response, they imposed an additional {$500.00} per day penalty to keep the contract open, with a final expiration date of XX/XX/year>. 
Despite being fully aware of my circumstances and the growing financial burden, Bank of America failed to take any meaningful action to resolve this situation. 
To make matters worse, my attorney verified that the escrow check she issued cleared and was paid on XX/XX/XXXX, the same day it was deposited. Yet Bank of America continued to place a hold on all funds, including the bank checks. 
As of XX/XX/year>, the funds remain on hold. I am now incurring significant and ongoing costs including the {$500.00} per day contract extension penalty, temporary housing and food expenses, storage fees for my belongings, and the emotional XXXX  and XXXX  associated with being homeless through no fault of my own. The outcome of this matter, of when I'll have access to my funds, is still yet to be determined. 
This entire situation was preventable. The delays and mismanagement of my deposits have caused me thousands of dollars in losses and extreme personal hardship. I am requesting that Bank of America : XXXX. Immediately release all withheld funds ; XXXX. Reimburse me for the financial losses caused by this error, including penalties, additional purchase costs, and housing expenses ; and XXXX. Provide a written explanation for why the hold was extended and why no action was taken despite repeated assurances. 
I look forward to your prompt response and resolution of this matter.

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 monetary relief