Consumer complaint received 2024-02-06 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
On XX/XX/XXXX, we visited the Bank of America ( BofA ) branch located at XXXX XXXX XXXX XXXX ; XXXX XXXX CA XXXX, where we maintained a banking relationship for over 30-years, to open a trust account. My father had passed away on XX/XX/XXXX and we received a check from XXXX XXXX XXXX XXXX XXXX in amount of {$190000.00} as part of a death benefit disbursement. We provided the branch with all the necessary documents such as death certification and trust documentation indicating that me ( XXXX XXXX ) and my sister ( XXXX XXXX ) were successor trustees of the trust. The bank personnel ( XXXX XXXX ) was very professionally and pleasant to deal with and opened the account # XXXX. XXXX deposited the check that was drawn on Bank of America XXXX MA. We did not receive a deposit receipt showing the deposit was made at that time but were told that the funds would be available on Tuesday XXXX. 

On Tuesday XXXX, we learned that there was an issue with the check and the Risk Management department had frozen the funds and needed to verify the issuance of the check. We provided the bank with the contact phone number XXXX. Upon following up with the bank personnel the following day, we were notified that the Risk Mgmt department needed to speak with a person at the Insurance Company. Then we were informed that the Risk Dept needed to speak with us so my sister XXXX XXXX had a conversation with them and they asked if had any additional information about the check. We provided them with the disbursement paperwork that we received with the check and were told that they would review everything and get back to us. 

On Thursday XX/XX/XXXX, I received a notice from BofA dated XX/XX/XXXX, indicating that there was a hold on the funds until XX/XX/XXXX and the reasoning " we've placed a hold on your deposit because we have information indicating the check ( s ) may be returned ''. 

On XX/XX/XXXX, I received a letter from BofA dated XX/XX/XXXX, indicating that they have made a decision to close the deposit account with no reasoning as to why. If BofA made a decision to close out the account on XX/XX/XXXX then where is the check? Are they waiting for the check to clear and then close out the account? 
Following the receipt of the letter, my sister ( XXXX XXXX XXXX visited the BofA branch where the account was opened and was informed by the branch manager that there was no hold on the account which is astonishing considering the letter that we just received. This is unbelievable to say the least. 

The behavior of BofA in this circumstance seems unreasonable as to their approach and a misrepresentation as to the exact reasoning for their decision making. They are sending mixed messaging which is exacerbating the situation and causing unnecessary distress leading to very dissatisfied customer experience. This begs the question, how are they treating other customers who make large check deposits? Is this a systemic problem?

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 non-monetary relief