Consumer complaint received 2026-04-15 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Deposits and withdrawals
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL

Complaint narrative:
b'I am writing to respectfully submit a complaint and request assistance regarding my Bank of America Merchant Services account to Bank of Americas Executive Team after I became a victim of identity theft and fraudulent activity that affected my business account.\n\nThe issue began with fraudulent debit card transactions connected to the following activityXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXAs a result of this fraudulent activity, my account became negative in XXXX XXXX I later learned that this negative balance was tied to fraud that was eventually resolved and determined to be unauthorized activity. What has been difficult for me to understand is that, despite the matter being fraud-related, a reserve was later placed on my merchant account without a clear explanation or notice at the time.\n\nAfter I processed transactions on my account, the funds were reversed on XXXX XXXX XXXX When I contacted customer service for clarification, I received several different explanations. I was first told the issue was related to incomplete PCI compliance and that it would be corrected within a few days after completion. I completed the PCI requirement in good faith, but the issue remained unresolved. I was then told that my account had a reserve and that transactions would be placed on hold.\n\nIt was not until XXXX XXXX XXXX after nearly two weeks of waiting and after XXXX did not return my calls, that a supervisor explained the reserve had been placed on my account in March because of the negative balance caused by the fraudulent activity from XXXX XXXX.\n\nI am very disappointed by how this situation has unfolded and am hoping someone can help me better understand why this happened and whether anything can be done to fairly resolve it.\n\nWhat has been especially concerning to me is that I believed if the banking side had an active fraud investigation on my account, or if the account had become negative because of fraudulent activity, there would have been some coordination between departments to fully understand the circumstances before such a serious restriction was placed on my merchant account. Instead, it appears that a hold or reserve was placed months later without any meaningful communication or prior notice.\n\nI regularly receive emails regarding my accounts, but I never received any email, phone call, or other notice advising me that a reserve or hold had been placed on my merchant account. That lack of communication has made this experience even more confusing and upsetting.\n\nIn addition, because of the nature of the fraud issue, I was informed during the investigation not to use or transact on the affected bank account until the matter was completed, in order to make sure the account was not fully compromised. As a result, many of my normal business transactions had to be handled outside of my usual day-to-day business banking account. I followed those instructions carefully and in good faith, which is why it has been so discouraging to later face consequences on the merchant services side for a situation I did not cause.\n\nBecause of the reserve, I have now been told that income processed through my merchant device may be held for six months. I was also told that because my account is now negative due to a XXXX XXXXersal, I would need to pay that amount to bring the account positive. From my perspective, that leaves me in a very difficult position, where services I legitimately provided may now result in a loss to me personally.\n\nThis has been especially hard because my business has not had chargebacks or refund problems, I maintain strict policies, and my clients are legitimate business owners seeking real services. I have worked hard to operate responsibly, so it has been discouraging to feel that my business is being treated as a risk because of fraudulent activity committed against me.\n\nI have also been disappointed by the communication throughout this process. I received inconsistent information, did not receive timely follow-up, and waited nearly two weeks for a supervisor callback. I was hoping for more guidance, empathy, and support in resolving a matter that has already been stressful for both me and my business.\n\nI am kindly asking for assistance with the following:\n\t1.\tA clear written explanation of why the reserve was placed on my merchant account, including how the fraud-related negative balance led to that decision.\n\t2.\tA review of the reserve decision and the six-month hold, to determine whether any reconsideration may be possible.\n\t3.\tClarification regarding the XXXX reversal and why I am being asked to repay funds connected to this matter.\n\t4.\tA review of how this issue was handled, including the lack of follow-up and delayed response.\n\t5.\tConsideration of reimbursement or compensation related to the merchant device I purchased but have been unable to meaningfully use because of this situation.\n\nI have valued my relationship with Bank of America on both the business and personal side, which is why this experience has been so disappointing. My hope is not simply to complain, but to receive help, understanding, and a fair resolution. I truly want to believe this matter can still be addressed properly.\n\nThank you for your time and attention to this matter. I would sincerely appreciate a professional response, a clear explanation, and any assistance toward resolving this issue.'

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