Consumer complaint received 2025-03-25 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Other transaction problem — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
I am writing to formally request an immediate resolution regarding wire transfers made to my business account ( Account # : XXXX ) ( XXXX XXXX and XXXX ) with Bank of America that have been mishandled. Background Details : Wire Transfers : On XX/XX/XXXX, and XXXX of XXXX, my husband, XXXX XXXX, initiated three wire transfers from his XXXX XXXX account to my business account ( XXXX XXXX and XXXX XXXX ) : {$5000.00} {$6200.00} {$10000.00} ( Total : {$25000.00} ) Issue : Bank of America flagged these transactions as fraud and never deposited the funds into my business account. The bank initiated a fraud inquiry and subsequently decided to close my business account in the first week of XX/XX/XXXX. Although I was informed the remaining balance would be sent via check, I only received a check for {$500.00} ( the prior balance in the account ), while the {$25000.00} from the wire transfers has neither been deposited nor returned to the source account. Steps Taken So Far : My husband initiated the recall process through XXXX XXXX starting XX/XX/XXXX. Bank of America requested a " Hold Harmless '' letter, which XXXX submitted. Despite multiple follow-ups from both XXXX and myself, Bank of America has failed to : Return the funds to the source account ( XXXX XXXX XXXX XXXX Provide clarity on the status of the funds. Impact : Due to this issue, I lost a critical business order, which has severely impacted my business operations and growth. The lack of timely resolution and unresponsiveness from Bank of America has caused significant financial and emotional stress. Request : Immediately return the {$25000.00} to the source account ( XXXX XXXX ). Provide a clear timeline and resolution plan for this issue. Improve communication and expedite the resolution process to prevent further losses. I request your urgent attention to this matter. Please escalate this issue to the appropriate team or department and ensure the funds are returned promptly. Thank you for your immediate action. I look forward to your response. Sincerely, XXXX XXXX XXXX, XXXX XXXX and XXXX XXXX, XXXX. 


Bofa  Response in other compliant ( XXXX ) : On XX/XX/XXXX, through XX/XX/XXXX, wire transfers for {$5000.00}, {$6200.00}, and {$10000.00} posted to your Business Adv Fundamentals account ending in XXXX. After a careful review, Bank of America made the decision to end your deposit relationship and close the account ending in XXXX. The enclosed letter dated XX/XX/XXXX, was sent to the address on file to advise you of the banks decision and to explain the restrictions that may be placed on the account during the closure process. On XX/XX/XXXX, the enclosed letter was sent to inform you that we closed the account ending in XXXX and enclosed a cashiers check for {$220.00}. The letter also explained that any remaining balance would not be returned to you. As permitted under our Deposit agreement, the remaining balance was frozen while we reviewed the transactions and validated the source of the funds. On XX/XX/XXXX, a XXXX XXXX XXXX for {$570.00} posted to the account ending in XXXX causing the account to remain in an open status. On XX/XX/XXXX, the account was officially closed by Bank of America and a cashier 's check for {$570.00} was mailed to the address on file. During a telephone conversation with us on XX/XX/XXXX, we discussed the wire transfer activity and the account closure. Additionally, we advised that Bank of America had not received documentation from the remitting bank and recommended you contact the sender, XXXX and/or XXXX Bank directly , regarding the status of the return or for further assistance regarding this matter. Weve also included the following documents, which you may find helpful : Wire notice Account closure letter Hold Harmless letter Copy of cashiers check Heres our response Based on our review, we found no indication of bank error in the management of your account or its subsequent closure. At this time, any remaining balance will not be returned to you. We can only recommend you file a claim with the maker/senders bank to assist with recovering the funds. The relationship between a bank and the client is a contractual one, and under the terms of the Deposit Agreement and Disclosures publication ( the Agreement ), we may close your account at any time without advance notice. The Agreement also reflects that we have the discretion to freeze some or all the funds in the account and in other accounts you maintain with us, and/or delay transactions, without liability to you, until such time as we can complete our investigation of the account and transactions. Please refer to the sections titled Account Closures, Transaction Delays and Conversions/Changes to Account Settings and Freezing Your Account and Delayed Transactions in the Agreement for more information. While we are sensitive to the effect this matter has had on you, we do not believe it is in the best interest of the bank, or you, to renew our relationship by opening new deposit accounts in the future. If the bank inadvertently allows new deposit accounts to be opened, please understand that they may be closed at any time and without warning. Thank you for sharing the details of your experience. We regret any inconvenience you may have encountered because of this matter and any service provided that did not meet your expectations. 

At this point Over the phone conversation bofa told us, if hold harmless letter is not possible to generate, they asked us to write an email to " XXXX '' XXXX did this option also but no response from bank of america. 

This is XXXX response : I am contacting you today regarding your wire recall requests. At this point we have reached an impasse with Bank of America. They previously stated they would accept a hold harmless letter or an email in the format in which they requested. After extensive research it was determined our fraud department will not generate a hold harmless letter because there is no fraud. We have sent multiple emails to Bank of America in the format they requested and they are still asking for a hold harmless letter. You and I have been working together for the past sixty four days and due to Bank of America 's lack of ownership we have been unable to progress. It is suggested that you send a formal complaint letter to Bank of America regarding your experience and their unwillingness to work with XXXX regarding the return your legitimate funds.

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