Consumer complaint received 2025-12-09 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Confusing or missing disclosures — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: VA

Complaint narrative:
I am writing to file a formal complaint against Bank of America regarding an unjustified and indefinite hold placed on a wire transfer of {$7500.00}, initiated from my savings account on XX/XX/year>. Wire Confirmation # XXXX While I understand banks must adhere to compliance regulations, Bank of Americas handling of this transaction has been opaque, misleading, and seemingly arbitrary. They have failed to provide a valid reason for the delay, have repeatedly missed their own quoted resolution timelines, and are holding my funds hostage without due process. 

The Timeline of Events : - XX/XX/XXXX : I initiated a wire transfer of {$7500.00} via the Bank of America mobile app. The source of these funds is legitimate ( proceeds from the sale of an investment property that was wired by a title company into my Bank of America account ). The recipient account is held at the XXXX XXXX XXXX XXXX XXXX ( XXXX ) a US-based institution. 

- XX/XX/XXXX : After noticing the funds were still " In Processing, '' I contacted the bank. They requested additional information regarding the recipient, which I provided immediately after the call. I was informed the hold was due to an " Economic Sanctions Review. '' The representative explicitly stated the review would be completed within 72 hours. 

- XX/XX/XXXX : I contacted the bank again. I was told to " check on Monday '' when their review timeline ends and that she would escalate the case so someone would review the file. 

- XX/XX/XXXX : I contacted the bank for third time and I was told to wait until tomorrow since no one has reviewed the file and 72 " business hours '' timeline for review ends. 

- XX/XX/XXXX ( Today ) : I contacted the bank for the fourth time. Despite providing all requested information eight days ago, the bank refuses to provide a status update, refuses to provide a timeline, and refuses to explain why a domestic transfer to a XXXX XXXX XXXX is being held without review or cause. 

The Nature of the Complaint : 1. Misleading and Deceptive Communication Bank of America representatives assured me on XX/XX/XXXX that this review would take a maximum of 72 hours. It has now been over a week since that conversation, and nearly two weeks since the transfer was initiated. When I call, I am given a scripted response to " call back tomorrow. '' This creates an indefinite loop where my funds are unavailable to me and unavailable to the recipient. This lack of a concrete timeline constitutes a deceptive practice.

2. Lack of Transparency and Justification The bank cites an " Economic Sanctions Review, '' yet refuses to provide details.

The Recipient : I have personally cross-referenced the recipient 's name against the XXXX Specially Designated XXXX XXXX XXXX ) list, and there is no match using any variation of his name. 

The Institution : The funds are going to the XXXX, a regulated US institution, not a high-risk offshore entity. 

The Source : The funds are verified proceeds from a property sale. By refusing to tell me what the specific issue is, Bank of America prevents me from clarifying any potential misunderstanding or identity mismatch.

3. Financial Harm and Emotional XXXX  This transaction was intended for a specific purpose. By freezing these funds indefinitely, Bank of America has placed me in a position of financial embarrassment and XXXX. I am being treated not as a long-standing customer, but as a suspect, without any evidence or explanation provided to me. I feel completely unprotected ; my money has essentially been seized without a clear path to resolution.

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