Checking or savings account -- Managing an account -- Complaint #7281726
Complaint Overview
Complaint ID: 7281726
Company: Bank Of America, National Association
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Problem making or receiving payments
State: New York
ZIP Code: 10029
Date Received: 2023-07-20T12:00:00-05:00
Date Sent to Company: 2023-07-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
recently I applied for a Bank of America merchant account for my small business and I purchased a mobile unit to accept credit cards that the bank charge {$99.00} for it I did 3 transactions and the bank told me that they were suspicious only because the address were the same. the addresses are same, the first 2 transactions were my other business paying with the business credit card to XXXX XXXX XXXX XXXX with the merchant account that also own and operate both businesses from the same office address, but to Bank of America its suspicious. this compliant is about the 3rd transaction and was last transaction before they suspended the account it was for {$1500.00} and the bank ask me for the 3 invoices for the transactions which I supplied to them containing all the information they ask for then they the close account. and the last transaction and return the {$1500.00} back to the card because the event was cancelled. The Bank did not credit my business account with the {$1500.00} that was return to the cardholder leaving the business checking short {$1500.00} even though the got the money they did not take the transaction fee of XXXX percent, but they still own the business money which their holding for 6 months, they told their excuse is if it becomes a charge back, however there won '' t be a charge back because the cardholder already got the money back, they refuse to Credit my Business with the Money for 6 months
Frequently Asked Questions
What is Complaint #7281726 about?
Complaint #7281726 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 2023-07-20T12:00:00-05:00.
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.