Consumer complaint received 2025-07-22 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:
Subject : Formal Complaint Regarding Withheld Funds by Bank of America - Account Number [ Your Bank Account Number Here ] Dear Consumer Financial Protection Bureau, I am writing to file a formal complaint against Bank of America regarding the unwarranted and prolonged holds placed on deposited funds, which is severely impacting the operations and financial stability of my small business, XXXX XXXX XXXX. We are a newly established, licensed drywall contractor based in XXXXXXXX XXXX 

On XX/XX/year>, I deposited a check for {$1200.00} from one of our clients, XXXX XXXX XXXX, a General Contractor located in XXXX California. On Saturday, XX/XX/year>, our account was only credited {$250.00}, with the remaining balance being held for verification. 

Subsequently, on XX/XX/year>, I deposited a second check from XXXX XXXX XXXX for {$9500.00} ( Check Number : XXXX ). According to the deposit receipt, {$6400.00} was scheduled to be released and available for withdrawal on XX/XX/year>, with the remaining {$2400.00} to follow on XX/XX/year>. However, the initial release date was extended by Bank of America to XX/XX/year>. As of today, XX/XX/year>, the release date has been further extended to XX/XX/year>. 

To verify the status of the funds, I contacted the Accounting Department of XXXX XXXX XXXX on XX/XX/year>. XXXX, their Billing XXXX, confirmed that Check # XXXX for {$9500.00} has already been cashed by Bank of America, and the full amount has been successfully withdrawn from XXXX XXXX XXXX XXXX business bank account. This direct confirmation from the payer 's bank indicates that the funds are legitimate and have already been transferred to Bank of America. 

As a new and small construction company, XXXX XXXX XXXX often relies on self-financing our operational costs, including staff wages, material purchases, and various business expenses. We are not yet in a financial position to secure significant lines of credit or financing from banks or other financial institutions. The willful and inexplicable withholding of these verified funds by Bank of America is profoundly frustrating and appears to be ethically unsound by general business standards. 

The prolonged and repeated holds on these funds, despite the client 's confirmation of the check being cashed, are bringing our small business to a grinding halt. Our dedicated staff, who worked diligently to complete the project, are now also suffering the consequences through delayed payments and the inability to cover their personal bills. This situation places an undue burden on our employees and severely damages our ability to maintain operational fluidity and project timelines. 

We urge the Consumer Financial Protection Bureau to thoroughly investigate this matter and XXXX Bank of America to immediately release the full amount of funds that have been confirmed as received and cleared from our client 's account. Timely access to our earned capital is essential for our business to operate and meet its financial obligations. 

Thank you for your prompt attention to this critical issue. We look forward to your assistance in resolving this matter swiftly.

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