Checking or savings account -- Managing an account -- Complaint #16685930
Complaint Overview
Complaint ID: 16685930
Company: Bank Of America, National Association
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: Michigan
ZIP Code: 48236
Date Received: 2025-10-19T12:00:00-05:00
Date Sent to Company: 2025-10-19T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
Summary of Events : On XX/XX/year>, I deposited seven business checks into my Bank of America business account totaling {$19000.00}. The individual checks were for the following amounts : 1. {$1400.00} 2. {$1400.00} 3. {$1200.00} 4. {$1400.00} 5. {$1400.00} 6. {$2100.00} 7. {$10000.00} After the deposit, the bank placed a hold on the entire amount. My hold notice listed Hold Codes A and D. Code A refers to a generic protection from losses reason but does not include any specific explanation as required by 12 CFR 229.13 ( g ). Code D refers to a large deposit hold, but that rule ( under 229.13 ( b ) ) applies only to the portion of a single check exceeding {$6700.00} not the entire deposit. In my case, only one check was for {$10000.00}, meaning the first {$6700.00} should have been made available within two business days, and only the remaining {$3500.00} could legally have been delayed for verification. However, Bank of America withheld all {$19000.00}, including the smaller checks, without specific justification. Attempts to Resolve : After the hold was placed, a teller at the branch referred me to a local business specialist, who advised that the hold could be reviewed for early release after 24 hours. I also called Bank of America customer support that same day ( XX/XX/year> ) and was told the same thing that I could request early release after 24 hours. On XX/XX/year>, I called the customer support number again to request early release. At that point, I was informed by multiple representatives that an early release was no longer possible, and no one could tell me why the hold had been placed. Instead, I was referred to the banks website for generic information about deposit holds, without a specific explanation or documentation. This refusal to provide an explanation violates 12 CFR 229.13 ( g ), which requires banks to provide a written notice describing the reason for any extended hold.
Frequently Asked Questions
What is Complaint #16685930 about?
Complaint #16685930 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 2025-10-19T12:00:00-05:00.
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.