Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #5818287
Complaint Overview
Complaint ID: 5818287
Company: Bank Of America, National Association
Product: Money transfer, virtual currency, or money service
Sub-Product: Traveler's check or cashier's check
Issue: Fraud or scam
State: Texas
ZIP Code: 76226
Date Received: 2022-07-27T12:00:00-05:00
Date Sent to Company: 2022-07-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I deposited a cashier 's check to my Bank of America account, and noticed a hold was still in place two days later, even though it was a cashier 's check drawn on a reputable XXXX bank- XXXX Bank. I contacted Bank of America customer service and was told the hold could not be released. I escalated my request, and was told the hold could not be released. I was told " a cashier 's check is considered more risky. '' I asked, " more risky than what? It's a check drawn from the funds of a bank. '' The representative said " more risky than a regular check from a checking account. '' Though I explained the nature of a cashier 's check, the representative was unable to do more that repeat her statement. In addition, the check was for under {$5000.00} and I have hundreds of thousands on deposit at Bank of America. Bank of America is fraudulently claiming these funds are " risky '' so that they can hold the funds and collect interest on them in the interim. I understand risk of fraud, but they know these funds are guaranteed, or certainly have the power to find out two days after a counter deposit. Banking clients should be the ones collecting interest on our own funds- especially when they are clearly guaranteed by a banking institution, not Bank of America. They are hiding behind a veil of policies that are actually a money-making scheme. This should be investigated.
Frequently Asked Questions
What is Complaint #5818287 about?
Complaint #5818287 was filed against Bank Of America, National Association regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2022-07-27T12:00:00-05:00.
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 (Money transfer, virtual currency, or money service) 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.