Consumer complaint received 2026-05-20 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD

Complaint narrative:
We urgently request assistance regarding an ongoing banking situation involving my XXXX XXXX Co-Owner of XXXX XXXX XXXX XXXX, Bank of America, and XXXX XXXX XXXX Bank. This situation has placed our business in severe financial distress even though neither XXXX XXXX XXXX XXXX nor our client, XXXX XXXX, has done anything wrong. Neither XXXX XXXX XXXX XXXX ( XXXX XXXX, Co- Owner nor XXXX XXXX committed fraud. We believe this all stems from XXXX & XXXX 's XXXX banking officers XXXX XXXX and XXXX XXXX, releasing funding before having all the required documentation. The issue began after our client, XXXX XXXX, received XXXX XXXX funding through XXXX XXXX XXXX Bank and wired approximately {$85000.00} to XXXX XXXX XXXX XXXX pursuant to our signed purchase agreement. The payment was contractually due upon XXXX funding. After receiving the wire, Bank of America froze our accounts on XX/XX/XXXX because XXXX XXXX XXXX Bank apparently notified them that the wire was fraudulent. Then BOA made the decesion to close our account and have since told us they would be sending us our funds of approximately {$150000.00} and as of today they once again moved the date on us and at present have no timeframe for sending the funds. This has created an immediate and serious business crisis. We are not simply experiencing inconvenience or difficulty. We are unable to operate our business. We are unable to pay vendors and employees from these funds. Store openings are being delayed. Our reputation is being harmed and we have nothing to show our vendors regarding what is happening because the bank will not give us a letter explaining the situation. Instead of working and generating income, we have spent the last two weeks trying to resolve a problem that has nothing should have nothing to do with us. XXXX XXXX XXXX XXXX is a legitimate operating small business that has been operational and banking with BOA since 2022. We assist independent business owners with retail store development, including site selection, lease coordination, store setup, vendor procurement, and training specializing in the Mail & Print industry. We have a verifiable track record with BOA, physical business operations, customer contracts, vendor relationships, active store projects, and an online presence. We have provided documentation to both financial institutions. We have cooperated fully and provided supporting documentation, including purchase agreements, LOI documentation, lease drafts, company records, and business verification materials. Representatives connected to XXXX & XXXX Bank have also reportedly contacted the landlord 's broker involved in XXXX XXXX 's lease negotiations and received confirmation that the lease transaction and underlying business activity are legitimate. We have even offered to voluntarily return the approximately {$85000.00} wire transfer to XXXX XXXX XXXX Bank if that would resolve the issue and remove any fraud concern. However, neither XXXX XXXX XXXX Bank nor Bank of America has allowed us to pursue that option. We are being given no meaningful path to resolve the matter. At this point, it appears XXXX & XXXX Bank may be waiting to receive a fully signed lease for XXXX XXXX 's new store location. However, commercial lease negotiations with a large landlord can take time. The landlord owns many shopping centers, and the timing of lease comments and execution is controlled by the landlord. A normal commercial lease process should not be treated as evidence of fraud. We respectfully request immediate assistance, oversight, or intervention to help ensure that this matter is fairly reviewed, that the false fraud classification is corrected, and that our operating funds are released immediately. We are trying to cooperate and find a reasonable solution, but we can not continue to have our business paralyzed when we have done nothing wrong. We need our funds immediately or our business will be ruined. We also that over {$150000.00} would be mailed through the mailing system once the account was closed which is very dangerous. We have requested that the bank let us come in with the proper ID 's and paperwork to get our funds and they declined our request.

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