Consumer complaint received 2025-04-14 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: PA

Complaint narrative:
On XX/XX/XXXX I opened an account at Bank of America to help manage my business funds. This account was opened online. I funded the account with a transfer from a second ( primary ) business account. I have been using this account periodically to transfer money, pay bills etc. I like that I have more payment options so I planned to make this account primary and all of my direct deposits from my XXXX payors was switch to Bank of America as of XX/XX/XXXX. I have been in the bank to deposit cash, checks, and also withdraw money without any problems or concerns from any bank member. I received my EFT refund check from the IRS for the amount of {$340000.00} on XX/XX/XXXX and deposit it into the bank of America account The check was present with my business name and my personal name on the check as the sole member of the LLC of the U.S Treasury department. I was informed that this check would need to sit for 7 days. I waited 7 days and during the 7 days of waiting I have used the account to pay bills etc. I called on the XXXX day to make a wire transfer for my payroll to my payroll company at XXXX on XX/XX/XXXX. On Friday XX/XX/XXXX I recieved my second U.S treasury payment check and presented this to the bank but this time they indicated they could not deposit on process my check. I asked why to the teller and I was informed that my account has become restricted due to the amount of the check. I waited 7 days for this reason so the account can clear. Then I was told that my account is new and this was the reason. I explained that it was opened XX/XX/XXXX. The teller wanted to hold my presented check and I refused and demanded to have it back. It was given to me, but then asked for it to make a copy. I said absolutely not. They told me they needed another 48 hours to review my account because it was restricted as of XXXX on Thursday XX/XX/XXXX. I came back to my office to call the Fraud department and they informed me that my account was restricted because I have no ownership documents on file. I quickly returned to the back at XXXX and made calls and they informed me that I needed a signature page that needed to be uploaded to the system. I gave them the documents to upload and they mentioned that I should bring the documents back to them on Monday. I verbalized that I have payroll checks that needs to pay and utilities that need to clear for Fridays payroll. Some staff were paid direct deposit and others were paid through check. It was close to closing and they werent able to get it done in time. After I disagreed for sometime I heard a teller say just scan in our system and we will upload it Monday. It is Monday XXXX and I contact the back, they then proceed to tell me that it is still being reviewed. I asked if the documents were in the system. The bank says yes it is in the system and its under review for 48 hours which brings us to XXXX tomorrow. I noticed that two employee checks has already been rejected and returned, and the one employee is reporting me to labor and industry, and filing suit. I explained to the bank that I need this done today. I called the Fraud department again today ( Monday ) they informed me that there is no forms uploaded in the system. So I contacted the local branch and the local branch verbalized again that the documents are there but they are under review. I explained that the fraud department does not see anything on my account. The local branch told me that I must sign a signature card to the business account and that it must be mailed out to me and then I must sign it and mail it back. I mentioned to this local branch that when I was in on Friday, I was informed that this signature card is populated electronically. They placed my on hold as they review. While on hold I called the fraud department again and asked about the signature card and they confirmed that it is an electronic card that I must fill out at a local branch. I told the representative from the fraud department that I am on hold and they said that it must be mailed. The representative then must have a gotten an email because then she proceeds to say, I was just notified by a colleague that you must wait 48 hours while the account is in review. All of this is going on while my checks are being returned and clients are reporting me for bad checks. I have presented information that they asked for and they are still refusing to release my funds. I have no access to even my direct deposits that are going from my Payors from XXXX , I am unable to provide adequate care because my staff is upset that their checks are being rejected. I am not able to operate my business and this has put a financial burden, XXXX  and stress that should not have carried out this long. I feel this has been discrimination to the fullest.

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