Checking or savings account -- Managing an account -- Complaint #11163875
Complaint Overview
Complaint ID: 11163875
Company: Bank Of America, National Association
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Funds not handled or disbursed as instructed
State: Louisiana
ZIP Code: 71111
Date Received: 2024-12-15T12:00:00-05:00
Date Sent to Company: 2024-12-15T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX [ CFPB Address ] Washington XXXX DC XXXX Dear Sir/Madam, Re : Complaint Against Bank of America I am writing to file a formal complaint against Bank of America regarding their handling of multiple cashier 's check deposits and subsequent actions that have caused significant financial and emotional distress. Issue Background : Delayed Availability of Funds : On XX/XX/XXXX, I received a cashiers check from XXXX XXXX, drawn on XXXX XXXX XXXX XXXX, and deposited it into my checking account at Bank of America. Upon depositing the check via the mobile app, I received a notification that the check would not clear for four days. Despite contacting customer service and explaining the urgency, I was informed that Bank of America needed to retrieve their funds first. I subsequently canceled the transaction and deposited the check at XXXX XXXX XXXX XXXX. However, on XX/XX/XXXX, Bank of America requested the check be returned to them, causing me to owe XXXX XXXX XXXX XXXX {$560.00}. I received a letter from XXXX XXXX XXXX XXXX threatening legal action if the amount was not paid within XXXX days. Improper Handling of Cashier 's Check to XXXX XXXX : XXXX XXXX # XXXX advertised a XXXX XXXX XXXX for sale. I contacted the dealership and confirmed the automobile was available. On XX/XX/XXXX, I went to the Bank of America XXXX XXXX XXXX in XXXX, Texas, and requested a cashier 's check in the amount of {$10000.00}, made payable to XXXX XXXX. On XX/XX/XXXX, the automobile was stolen from my residence, and a XXXX Police Department auto theft report was made. Officers were dispatched to my residence, and a XXXX Police Report was filed. While Bank of America was supposedly investigating the matter, the same automobile was sold to another individual who retained an attorney and obtained a standing judgment for {$48000.00} from the XXXX XXXX XXXX XXXX in XXXX. Despite the stolen vehicle and the standing judgment, Bank of America claimed they could not recover the funds from the {$10000.00} cashier 's check to XXXX XXXX. This contradicts their ability to reverse the cashiers check from XXXX XXXX XXXX XXXX. Bank of America also falsely claimed they did not have a police report, despite having received the same police report I uploaded in the initial complaint form. Issues : Delayed Availability of Funds : The delay in clearing a cashiers check, which represents guaranteed funds, was unreasonable and caused significant financial hardship. Improper Handling of Canceled Transaction : Despite canceling the transaction, Bank of America requested the return of the check, causing undue financial liability. Failure to Reverse Transaction : Bank of America did not process or acknowledge the reversal of the {$10000.00} cashiers check to XXXX XXXX. Lack of Support and Resolution : Bank of America 's customer service failed to provide adequate support and resolution, exacerbating the issue. Request : I respectfully request that the CFPB investigate Bank of Americas handling of these matters and ensure that : Bank of America covers the {$560.00} owed to XXXX XXXX XXXX XXXX due to their error. Bank of America processes the reversal and provides compensation for the {$10000.00} cashiers check to XXXX XXXX. Bank of America reviews and revises their policies on holding cashiers checks to prevent similar issues in the future. Bank of America provides a formal apology and compensation for the financial and emotional distress caused. Thank you for your attention to this matter. I look forward to your prompt response. Sincerely, XXXX XXXX XXXX
Frequently Asked Questions
What is Complaint #11163875 about?
Complaint #11163875 was filed against Bank Of America, National Association regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2024-12-15T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.