Checking or savings account -- Managing an account -- Complaint #5668489
Complaint Overview
Complaint ID: 5668489
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: 483XX
Date Received: 2022-06-14T12:00:00-05:00
Date Sent to Company: 2022-06-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I have been a loyal customer of Bank of Americas for over 20 years. Yesterday, I went into the branch to cash a check and was told by a representative that funds would not be available until the next day. Later in the day, I deposited the check via the mobile app. Upon making the mobile deposit, a notice appeared on the screen saying that {$250.00} of the check would be available the next day and the remainder of the check would be available the day after that. It asked if I would like to proceed and I clicked yes. To my surprise, I checked my account the next day to learn that the check was now being held until XX/XX/XXXX. Roughly two weeks later. Similarly, I deposited two {$500.00} money orders within the last month and they both were held in excess of two weeks. I always thought that money orders were as good as cash. Its mind-boggeling how these checks and money orders are being held for excessively long periods of time on my accounts and this just became the case. In the past, I could walk in and cash checks or deposit for next day availability. I have in excess of {$6000.00} being direct deposited monthly. I do not feel like a valued customer and I do not know of any other bank falsely advertising holds on checks and changing the dates once the checks have been deposited. I am strongly considering ending my banking relationship with Bank of America. Debits have been denied due to these holds and its costing me fees due to these transactions being denied because Bank of Americas hold. With all the modern technology of todays society, I dont understand why it takes two to three weeks to clear a check besides cause undue hardship.
Frequently Asked Questions
What is Complaint #5668489 about?
Complaint #5668489 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 2022-06-14T12:00:00-05:00.
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.