Consumer complaint received 2024-03-16 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IN

Complaint narrative:
On XX/XX/year> my account with Bank of America ( BOA ) was closed and a check ( copy attached in files below ) of my remaining funds was issued and sent to me through mail. I deposited the check into my XXXX  account ( deposit receipt attached in files below ) on XX/XX/year>. The funds were delayed for 10 days as it is the norm. On XX/XX/year>, the funds were cleared however a hold was placed on the funds by XXXX pending an investigation which involved XXXX reaching out to BOA to confirm the funds. XXXX informed me that they require a " receipt of indemnification '' form from BOA to conclude their investigation and release my funds. I visited a BOA branch and they were able to provide me with a receipt of the check showing all the information ( copy attached in files below ) as well as my bank statements showing that the funds did come from my account however they told me that they never provide indemnification forms or even know why XXXX would be withholding my funds because the funds had already left their accounts at that moment and they couldn't do much to help. Since then it has been back on forth between XXXX and BOA. I set up an appointment with a XXXX XXXX on XX/XX/year> to discuss what other solutions were available for me. They kept requesting the same document as before. I then set up another appointment with BOA on XX/XX/year>. The new manager informed me he would put in a request with the back office for the receipt of indemnification and that it should be ready two days later on XX/XX/year>. It wasn't ready on the XXXX and they informed me to return the next day XX/XX/year>. When I returned, they provided me with their account closure department number and advised me to call the number and they will instruct me on what to do next. When I called, BOA informed me that the best way they can help me is for XXXX  to reject the check and return the funds to the original creditor ( BOA ) and that they will reissue me the check and that they can't do much more because the funds had already left their account and that it is XXXX  who has suspended the funds. However, whenever I reach out to Chase, I am informed that they can't move on with their investigation to release the funds without receiving a receipt of indemnification form from BOA and the funds will be suspended indefinitely without knowing the final date. BOA also provided me with their check verification phone number for XXXX to call and verify the check and the funds. I provided the number to XXXX but I do not know why they wont call them to verify. BOA keeps assuring me that the funds have already cleared from their end and that it is XXXX that is holding these funds and they aren't exactly sure why. These are my savings and I need them to pay bills and support my family. Please help! I have been back and forth between these XXXX banks with no end in sight.

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