Consumer complaint received 2023-02-18 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem making or receiving payments
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
I have a moving company " XXXX XXXX XXXX '' and used XXXX for a couple of years. When I opened a new account with Bank of America ( I had an account before with XXXX XXXX  and never had any issues with the merchant ). It was a suggestion from BofA to work with XXXX as a merchant Service. I agreed, signed papers and continue my business. XXXX XXXX started to freeze the transactions for weeks. My account was passed to a risk department. The person who handled by XXXX XXXX XXXX She never sent me emails all communications were via phone calls, her number is XXXX. So the transaction money kept be frozen. In XX/XX/XXXX I got a call from her ( XXXX XXXX XXXX and she told me that if I want to keep using their merchant service, I had accept their terms or find a new merchant. I was frustrated, because my business was running, and it was a peak of a season, I couldn't stop my business in the middle and find a new merchant. I agreed for the new terms. The new terms were that I have to agree for them XXXX XXXX XXXX department hold a security deposit of Some % of my current transactions, that was {$15000.00}. XXXX XXXX said that XXXX department had to hold that {$15000.00} for ONE year. After ONE year the deposit would be released. It was in XX/XX/XXXX. I agreed. So, in XX/XX/XXXX I contacted BofA to find out when my {$15000.00} would be released. They couldn't find it on their end but connect me with a couple XXXX representative, XXXX XXXX XXXX : XXXX and XXXX XXXX email : XXXX : XXXX. After a long search XXXX finally found out that RISK department hold the deposit, but they don't disclose the amount. Moreover, XXXX told me that ONE year deadline would pass after XX/XX/XXXX. I contacted him by email again on XX/XX/XXXX and he said that he would escalate it to the risk department. He got back to me on XX/XX/XXXX and said that he sent all my information to the risk department and they should contact with me directly. It was XX/XX/XXXX. Since then I sent XXXX a few follow ups and he replied back to me XX/XX/XXXX saying that the request to release the balance was sent to the RISK department and they should contact me directly. Moreover, he said that he contacted with his management to see what the next steps would be. Ok, I agreed that it could take time, but not 3 months! No response from the risk department. They are very ghosty, no emails, no phone numbers, no information about them. XXXX XXXX, who placed the deposit on hold only contacted with me by phone, not emails, no recorder traces of that deposit, but it was hold. Now, I have concern how legit were your actions? I got a call from an XXXX representative, didn't catch his name, he asaid he would resolve it. But since then no him no anyone else. Also, he mentioned that the case was opened by XXXX XXXX was dropped, without notifying me. All of them just disappeared. 
I need the money back and make the bank be responsible for their actions.

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