Consumer complaint received 2026-05-28 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Deposits and withdrawals
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX To whom it may concern : My name is XXXX XXXX, and I am the owner of XXXX XXXX XXXX XXXX. I am contacting this bureau to explain my situation regarding Bank of America, where I have been a customer since 2025. On XX/XX/XXXX and XXXX of the current year, my company received two wire transfers into my BoFA business account ( XXXX ) ( XXXX ) : one in the amount of {$49000.00} and the other in the amount of {$51000.00}, without any issues. These payments were intended to cover services rendered and materials provided to XXXX XXXX XXXX XXXX and its owner, XXXX XXXX. XXXX XXXX XXXX XXXX sent those wire transfers from its business account at XXXX XXXX ( XXXX ). Subsequently, I was able to use those funds to pay for employee wages, materials, and various other expenses, leaving a remaining balance of {$48000.00} distributed across the two accounts I previously mentioned. The worst began on Friday, XX/XX/XXXX. I went to use my account to make a transfer and realized that it had been restricted. I took the time to call Bank of America, and they told me that the account was under reviewthat nothing could be done over the phone, and that I would have to visit any branch in person. On XX/XX/XXXX, following a phone call, I went to the branch located at XXXX XXXX XXXX XXXX, XXXX, FL XXXX. They attempted to assist me, but without success ; the only information displayed on their screen was a phone number they needed to call, but since it was Saturday, no one was answeringand, quite obviously, they would not be open on Sunday, nor on Monday, as it was XXXX XXXX. Consequently, my only option was to return on Tuesday, the XXXX. On Tuesday, XX/XX/XXXX, I went to my appointment at Bank of America at the previously mentioned address, where I was assisted by the branch manager, XXXX XXXX. I explained my situation, and she was able to contact the number displayed on the screen. It appears that the department in question had placed a restriction on my account due to two wire transfers I had received ; according to them, I was required to wait for a processing period before I could access my funds. This struck me as illogical, however, since the wires had already been pending for several days, and I saw no valid reason for the delay. Furthermore, XXXX XXXX owner of the paying companywas also present with me in case any additional information or documentation was required. The manager, XXXX, told me that the only way this situation might be resolved was for XXXX XXXX to go to XXXX XXXX to find out what had happenedor, alternatively, to call XXXX wire transfer department to determine the status of the issuebecause, according to XXXX, Bank of America required additional information regarding the wire transfers and was waiting for XXXX to send them that information. On that same day, XXXX XXXX visited his XXXX XXXX branchlocated at XXXX XXXX XXXX XXXX Unit XXXX, XXXX, FL XXXX he was assisted by the XXXX, XXXX XXXX. XXXX XXXX told him that he saw no issues and emphasized that once a wire transfer has been sent, there is nothing left to verify. Refusing to lose hope, XXXX XXXX placed a calland, in fact, a recording of this call exists. This call was made to XXXXXXXX XXXX XXXX at XXXX, where he received the same response : that there were no issues with his account, and that the wire transfer had already been released and verified. The operator could not understand why Bank XXXX XXXX such a large institutionwas unable to resolve the matter internally, especially given that they are well-versed in handling these types of situations. On Wednesday the XXXX, I visited the Bank of America branch in XXXX and demanded that they call again topleaseresolve this issue. It seemed illogical to me that my accounts would be restricted with practically no justification, given that the wire transfers in question went through without any problems, and I have the corresponding funds reflected in my account. The business bankers placed the call again, but we received the exact same response from the Bank of America Risk Department ( XXXX ). I consider this to be an act of abuse, as I operate a small business with numerous financial obligations to meet; if this situation is not resolved as soon as possible, I could even face bankruptcy.

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