Consumer complaint received 2024-12-15 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: LA

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX [ CFPB Address ] Washington XXXX DC XXXX Dear Sir/Madam, Re : Complaint Against Bank of America I am writing to file a formal complaint against Bank of America regarding their handling of multiple cashier 's check deposits and subsequent actions that have caused significant financial and emotional distress. 

Issue Background : Delayed Availability of Funds : On XX/XX/XXXX, I received a cashiers check from XXXX XXXX, drawn on XXXX XXXX XXXX XXXX, and deposited it into my checking account at Bank of America. 

Upon depositing the check via the mobile app, I received a notification that the check would not clear for four days. Despite contacting customer service and explaining the urgency, I was informed that Bank of America needed to retrieve their funds first. 

I subsequently canceled the transaction and deposited the check at XXXX XXXX XXXX XXXX. However, on XX/XX/XXXX, Bank of America requested the check be returned to them, causing me to owe XXXX XXXX XXXX XXXX {$560.00}. I received a letter from XXXX XXXX XXXX XXXX threatening legal action if the amount was not paid within XXXX days. 

Improper Handling of Cashier 's Check to XXXX XXXX : XXXX XXXX # XXXX advertised a XXXX XXXX XXXX for sale. I contacted the dealership and confirmed the automobile was available. 

On XX/XX/XXXX, I went to the Bank of America XXXX XXXX XXXX in XXXX, Texas, and requested a cashier 's check in the amount of {$10000.00}, made payable to XXXX XXXX. 

On XX/XX/XXXX, the automobile was stolen from my residence, and a XXXX Police Department auto theft report was made. Officers were dispatched to my residence, and a XXXX Police Report was filed. 

While Bank of America was supposedly investigating the matter, the same automobile was sold to another individual who retained an attorney and obtained a standing judgment for {$48000.00} from the XXXX XXXX XXXX XXXX in XXXX. 

Despite the stolen vehicle and the standing judgment, Bank of America claimed they could not recover the funds from the {$10000.00} cashier 's check to XXXX XXXX. This contradicts their ability to reverse the cashiers check from XXXX XXXX XXXX XXXX. 

Bank of America also falsely claimed they did not have a police report, despite having received the same police report I uploaded in the initial complaint form. 

Issues : Delayed Availability of Funds : The delay in clearing a cashiers check, which represents guaranteed funds, was unreasonable and caused significant financial hardship. 

Improper Handling of Canceled Transaction : Despite canceling the transaction, Bank of America requested the return of the check, causing undue financial liability. 

Failure to Reverse Transaction : Bank of America did not process or acknowledge the reversal of the {$10000.00} cashiers check to XXXX XXXX. 

Lack of Support and Resolution : Bank of America 's customer service failed to provide adequate support and resolution, exacerbating the issue. 

Request : I respectfully request that the CFPB investigate Bank of Americas handling of these matters and ensure that : Bank of America covers the {$560.00} owed to XXXX XXXX XXXX XXXX due to their error. 

Bank of America processes the reversal and provides compensation for the {$10000.00} cashiers check to XXXX XXXX. 

Bank of America reviews and revises their policies on holding cashiers checks to prevent similar issues in the future. 

Bank of America provides a formal apology and compensation for the financial and emotional distress caused. 

Thank you for your attention to this matter. I look forward to your prompt response. 

Sincerely, XXXX XXXX XXXX

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