Checking or savings account -- Managing an account -- Complaint #7242931

Complaint Overview

Complaint ID: 7242931

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: North Carolina

ZIP Code: 28105

Date Received: 2023-07-12T12:00:00-05:00

Date Sent to Company: 2023-07-12T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Hello, I made an in-person deposit in form of a United States Treasury check at my local Bank of America branch on XX/XX/XXXX and was assured the funds would be available the next business day. The teller swiped the check through their reader and verified the authenticity of the check. Later on in the evening of XX/XX/XXXX I received an email from Bank of America telling me that my funds would not be available until the end of the following week on XX/XX/XXXX due to them believing the item/check may be returned. That is simply unacceptable. We are talking about a somehow larger check, sure, but its a valid check from the US Treasury and not subject to significant holds under Regulation CC and if, on the rare occasion, an exception is invoked you better be very sure there are grounds for that and you arent placing an undue burden on the customer. A week and half hold for the full amount of the deposit of an, again, US TREASURY check is simply unacceptable, so I have to wonder why and how this decision was made. Apparently the person at the bank, who actually held the check and verified it, had no issues with it, so what happened here? Someone in the processing center came across this deposit and decided to just slap on a hold on it due to believing the funds wouldnt be available from the US Treasury? My account is in good standing and has always been so. My balances are typically in the neighborhood and have been in excess of this $ XXXX deposit, so its not like Im a new customer or someone who isnt known to the bank. Was it my foreign sounding name that caused someone to put this hold on my account, because I cant imagine what else it was? BoA didnt even attempt to mitigate the situation even somewhat by making a portion of the check available, but instead is holding the entire amount. BoA also did this after close of business at which point I couldnt go back into the branch and ask for the check back so I could deposit it at my credit union, who wouldnt have acted in this manner. There simply is no good reason to have this long of a hold on a properly endorsed check from the US Treasury, because surely if the check was fraudulent, law enforcement for the treasury wouldnt be waiting until the end of next week to notify BoA and myself of that l, and if the check cleared, it would happen also way before that, so for me to not have access to the funds before some arbitrary date is unacceptable.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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