Consumer complaint received 2022-02-22 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL

Complaint narrative:
Statement of Facts XXXX XXXX XXXX is a Florida XXXX, current and in good standing, maintaining a legal address in XXXX, Florida in XXXX XXXX. 
XXXX XXXX is the XXXX and sole shareholder in XXXX XXXX Co. 
XXXX XXXX XXXX is in business primarily as a General Contractor, development and consulting. 
XXXX XXXX XXXX maintains an unblemished record with the Florida Department of Professional regulations and I am and have always been a citizen in good standing. 
In XXXX of XXXX XXXX XXXX XXXX opened a business checking account at Bank of America located at XXXX XXXX XXXX XXXX. XXXX XXXX, in XXXX XXXX Florida. Account XXXX XXXX XXXX XXXX ( Account XXXX ) the primary account. 
In XX/XX/XXXX XXXX XXXX Co established a business credit card with B of A always paying timely. 
In XXXX of XXXX XXXX XXXX XXXX opened a second business checking account at Bank of America located at XXXX XXXX XXXX XXXX. XXXX XXXX, in XXXX XXXX Florida. Account Number XXXX XXXX XXXX ( Account B ) XXXX maintained a professional banking relationship with B of A XXXX XXXX XXXX provided a valuable service, the goods/services rendered were delivered and accepted, and a fair price was agreed to by both parties of one payment of {$55000.00} We agreed to a wire transfer payment to XXXX. 
XXXX agrees, the value derived from wire transfers such as immediate " real-time '' and final " irrevocable '' settlement, security, to justify the higher costs and provide the quickest availability of funds XXXX provided its name, bank name, routing number, bank address and account number. A payment order was created The sending party promptly sent the entire amount via wire transfer to Bank of America to beneficiary, XXXX XXXX XXXX ( account XXXX ) The payment order was accepted and executed, or that the sender 's account was debited with respect to the payment order. 
The payment order was not rejected by Bank of America The beneficiary 's bank, Bank of America also accepted the payment. 
On XX/XX/XXXX a deposit of {$55000.00} was wired into the XXXX bank account ( B ) and credited to this account, and naming XXXX XXXX Co as beneficiary. 
XXXX bank, Bank of America accepts the payment order, a {$55000.00} payment order is credited to the beneficiary 's XXXX bank account ( B ) and notice of the credit is sent to the beneficiary. The wire transfer is complete, constituting final settlement This is not an erroneous wire transfer. 
Bank of America has a duty to accept only verified and authorized funds transfers, the bank must be in strict compliance with pre-established security procedures. And we believe they did. 
The money on the recipient side has been disbursed, the credits became available for withdraw ; the money is in the hands and control of the beneficiary of the funds, XXXX. 
XXXX confirmed on XX/XX/XXXX, the originator pays its obligation to the beneficiary, XXXX, XXXX accepting payment, and any obligation for which the payment is made is discharged, settling the account in full. 
On XX/XX/XXXX XXXX moves {$3900.00} from account B to account A On XX/XX/XXXX XXXX moves $ 51K from account B to account A Artisan used their funds at their discretion. 
The deposited funds were available to XXXX and used by XXXX for 19 days, up until XX/XX/XXXX On XX/XX/XXXX XXXX funds are placed on HOLD, account balances being : Account A balance {$37000.00} Account B balance {$49.00} for a total of {$37000.00} XXXX, investigating the HOLD at the local branch level, manager has no information and will only supply an 800 number. 
XXXX further investigating the Hold threw the 800 number, on phone, being put from one department to another with no person possessing any knowledge of the HOLD. Eleven phone calls for 116 minutes. 
On XX/XX/XXXX XXXX goes to local branch, XXXX XXXX, Saturday ; speak with branch manager XXXX XXXX, informing him of an investigation. 
XXXX XXXX as principal and only signer on the XXXX XXXX XXXX accounts was not contacted or interviewed at any time. 
On XX/XX/XXXX XXXX denied internet access to XXXX accounts, No match found Monthly bank statements continued to arrive as scheduled : XXXX, XXXX and XXXX all show balances of : Account A balance {$37000.00} Account B balance {$49.00} for a total of {$37000.00} With bank statements showing correct balances, and believing investigation complete, Artisan issues a check, XXXX XXXX XXXX check for {$10000.00} returned FROZEN/BLOCKED ACCOUNT dated XX/XX/XXXX On XXXX XXXX XXXX receive letters from B of A dated XX/XX/XXXX stating Weve closed your account listed above and any remaining balance wont be returned to you, 111 days after deposit, 92 days after the HOLD was placed, no additional information is provided. 
XXXX bank statement for XXXX, ending XX/XX/XXXX arrives XX/XX/XXXX showing a {$0.00} balance, with a withdraw date of XX/XX/XXXX Account Closing Transaction - {$37000.00} on account A and on XX/XX/XXXX Account Closing Transaction - {$49.00} on account B The customer, XXXX, is now a victim, at a huge loss. 
To date, B of A has not interviewed XXXX XXXX, XXXX and only signatory of XXXX XXXX XXXX bank accounts. 
To date, B of A has not presented an explanation or documents as to why the funds were confiscated, even though the results of an investigation were requested. 
To date, recipient, XXXX has not been presented a legal order, ordering a refund the sender. 
To date, beneficiary, XXXX, did not provide his consent to have the money sent back to the sending account. 
To date, XXXX has not seen a police report alleging fraud. 
To date, XXXX is not aware of any pending legal action. 
To date, Bank of America has not responded to numerous requests for information Bank of America has converted XXXX XXXX XXXX funds for their own use and benefit

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