Consumer complaint received 2024-04-10 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Cashing a check
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
I have purchased a certificate of deposit from XXXX XXXX  in XXXX, and the CD matured at the end of XX/XX/XXXX. I chose not to renew, so XXXX XXXX  closed my CD account and issued an official bank check to me containing {$100000.00}. On Saturday, XX/XX/XXXX, my wife and I went to a Bank of America branch located at XXXX XXXX XXXX XXXX, XXXX, CA, XXXX, and opened a joint checking account. The account application was approved within XXXX hour, and we deposited the bank check from XXXX XXXX  into our newly opened BOA account. 

Fast forward to XX/XX/XXXX, Sunday morning, we received an email stating that our BOA ID had been locked, and we needed our account number to reset the password. However, we did not have the account number, so we waited until Monday, XX/XX/XXXX, and went to another branch to discuss this issue with a banker. At the branch, we were told that the account was in the process of closure ; however, no information regarding the bank check was communicated. On the same day, we called BOA customer service. The phone agent informed us that BOA suspected the official bank check we had deposited was counterfeit, so we could not have the account reopened. They also stated they could not return the funds to me because they deemed the check counterfeit ( without verifying with XXXX XXXX  ). We then called XXXX XXXX  and were told that XXXX XXXX  had not replied to BOA 's inquiry of legitimacy yet, so they were very surprised that BOA deemed the check counterfeit. XXXX Bank suggested we make a stop payment request and submit a declaration of loss statement, and we followed these instructions. We also requested BOA to start a secondary review. 

On Tuesday, XX/XX/XXXX, we called XXXX BXXXXnk again to follow up on the stop payment request. We were told that BOA had cashed the check anyway, so XXXX XXXX  could not do anything at this point. BOA told us again that if we failed the secondary review, BOA would return the funds to XXXX XXXX. However, XXXX XXXX  told us that they could not accept the refund since my CD account in XXXX Bank had been closed and suggested we call BOA to find out how BOA would return the funds. We called BOA again, but the phone agent could not disclose any information regarding how to refund, nor how long the secondary review would take. 

I am furious about the whole situation. I don't understand why BOA would put my account in the process of closure on Sunday without bothering to verify with the issuing bank. After all, this is an OFFICIAL BANK CHECK. If the legitimacy of the check is in question, shouldn't BOA call XXXX XXXX  first ( this is what the XXXX XXXX  agent told us )? After all, the funds were already on hold. If BOA suspects the legitimacy of the check, then why did they cash it anyway? If the check is legitimate, why close my account? Most importantly, they can hold onto my money for however long in the name of a secondary review. Or worse, take my money, saying the check is fake without any evidence. This is nonsense.

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