Consumer complaint received 2024-12-24 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
Overview of the Situation We maintain a {$250000.00} Home Equity Line of Credit ( HELOC ) with Bank of America. On XX/XX/XXXX, as part of a real-estate transaction, XXXX XXXX XXXX XXXXXXXX XXXX ( ZIP Code XXXX ) sent a {$180000.00} check to Bank of America to be applied toward our HELOC. This payment was intended to significantly reduce our outstanding balance and free up funds to cover ongoing remodeling expenses and other immediate financial obligations. Unfortunately, the subsequentand unexplainedhold placed on these funds has persisted for more than XXXX weeks, resulting in mounting financial pressures and a complete lack of clarity regarding why Bank of America will not release our funds. 

Payment Details Origination and Mailing of the Check On XX/XX/XXXX, XXXX XXXX issued a {$180000.00} check ( along with a HELOC payment coupon ), then mailed it to Bank of America via priority mail ( tracking number XXXX ). 
USPS tracking confirms the envelope arrived at Bank of Americas delivery location on XX/XX/XXXX and was picked up by an individual at the Postal Facility.

Bank of Americas Initial Posting On XX/XX/XXXX, Bank of America posted the {$180000.00} principal-only payment to the HELOC, thereby reducing the outstanding balance accordingly. 
Simultaneously, the bank placed a {$180000.00} debit hold on the account, effectively blocking access to those funds from that day onward. 
Consequences of the Hold Because of this hold, we have been unable to draw on the paid-down balance. We quickly exhausted the small remainder of the HELOC that was still available. 
As of XX/XX/XXXX, the hold has remained in effect for XXXX calendar days, leaving the account essentially maxed out, even though {$180000.00} should have been freed up for our use. 

Detailed Timeline and Communications XX/XX/XXXX Initial Alert We realized the funds were still on hold and reached out to customer service. 
A representative told us the hold would be lifted by XX/XX/XXXX, but offered no details on why the funds were being held. 
We emphasized that the funds came from a verified California title company account, with no contingencies or conditions. 
After about XXXX minutes, the representative said the request to remove the hold would be expedited, and the funds should be available by XX/XX/XXXX or XXXX. 
XX/XX/year> Confirming the Check Cleared XXXX about the ongoing hold, we contacted XXXX XXXX. 
XXXX XXXX confirmedwith a copy of the XXXX XXXX Bank checkthat the {$180000.00} had indeed been withdrawn from their account on XX/XX/XXXX. 
Therefore, Bank of America already possessed the cleared funds, making the prolonged hold even more puzzling. 
XX/XX/year> Escalating Through Customer Service Despite prior assurances, the hold remained in place on XX/XX/XXXX and XXXX. 
Another call to customer service failed to produce an explanation from either the agent or their manager.

When we asked for the managers manager, we were put on an extended hold and eventually told there was no further information. 
XX/XX/XXXX XXXX Visit My wife, who is a joint account holder, visited our nearest Bank of America branch for an in-person discussion. 
She spoke with XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX contacted the line XXXX credit support team on our behalf but was also unable to ascertain the specific reason for the prolonged hold. 
XX/XX/XXXX XXXX Expectations XXXX XXXX XXXX phoned us, saying the funds would be accessible by XX/XX/XXXX or XXXX. 
We checked on both dates ; unfortunately, the hold was still in place. 
XX/XX/XXXX Continued Follow-Up XXXX XXXX informed XXXX the Line of Credit ( LOC ) team claimed the release was scheduled for that day, though they gave no specific time or rationale. 
XX/XX/year>, and XXXX passedno change. By XX/XX/XXXX, the funds were still unavailable. 
XX/XX/XXXX Latest Communications We contacted XXXX XXXX again, who relayed that the XXXX team had confirmed the money is already released and suggested we keep checking back. 
By XXXXXXXX XXXX XXXXXXXX time on XX/XX/XXXX, no funds had appeared in our account. 
Another call to customer service indicated no definitive timeline for releasing the funds, suggesting it might not happen until XX/XX/XXXX. 
We requested a XXXX callback ; as of the end of the business day on XX/XX/XXXX, we have not received XXXX. 

Persistent Uncertainty and Conflicting Timelines Throughout this ordeal, Bank of America has provided contradictory timelines ( XX/XX/XXXX, XX/XX/XXXX or XXXX, XX/XX/XXXX or XXXX, possibly XX/XX/XXXX ) but no clear explanation of why it continues to withhold our funds. Despite confirmation that the money was pulled from the sending bank on XX/XX/XXXX, Bank of America has not offered any reason for why these cleared funds remain inaccessible. We are left in complete uncertainty as to the actual issue causing the holdwhether it is a processing error, a system glitch, or something else entirely. 

Current Status and XXXX XXXX XXXX 16 Days of Inaccessibility The {$180000.00} payment was posted on XX/XX/XXXX and remains held as of XX/XX/XXXX, totaling 16 days. 
XXXX XXXX XXXX XXXX confirmed the funds left their account on XX/XX/XXXX, yet Bank of America keeps them under an unexplained hold. 

XXXX Credit Card Payments We face multiple credit card deadlines soon, including a {$3000.00} payment due on our XXXX card. Without access to our HELOC, these bills will be difficult to cover, leading to additional interest charges and possible late fees. 
XXXX Invoices We have ongoing remodeling projects with contractors awaiting payment. Delays in paying these invoices could jeopardize our renovation timeline and professional relationships. 

Credit Card XXXX and XXXX XXXX XXXX XXXX continue to rely on credit cards to meet daily needs, resulting in further interest costs. 
Our XXXX XXXX has already dropped XXXX points ( to XXXX ) due to increased utilization, and additional charges will only compound this issue. 
XXXX XXXX Liquidation To make ends meet, we are forced to sell off retirement investments, sacrificing our long-term financial security and missing out on retirement benefits. 

Emotional and XXXX XXXX This prolonged and largely unexplained situation has caused significant stress and anxiety, particularly so close to the holidays. 
The uncertainty and conflicting information from Bank of America have only heightened our worry and sense of instability. 


Conclusion and Urgent Request for XXXX We are facing a critical crisis of both financial and emotional well-being due to the ongoing hold. The {$180000.00} payment has been confirmed to have cleared from the senders account as of XX/XX/XXXX, yet Bank of America persists in withholding our access to these essential funds. The lack of any credible explanationor even a consistent timelinehas exacerbated the situation, leaving XXXX powerless to manage our finances responsibly. We are now on the brink of missing critical payments, running up high-interest credit card balances, delaying payments to contractors, and eroding our retirement savings. 

We urgently implore Bank of America to release the {$180000.00} hold immediately and provide a definitive resolution. This matter has escalated to XXXX XXXX where our financial stability, creditworthiness, and peace of mind are at risk. We expect Bank of America to prioritize resolving this issue without further delay and to offer a transparent explanation for why these cleared funds were held in the first place. 

Thank you for your immediate attention to this critical issue. We remain available at any time for further information or clarification needed to expedite the release.

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