• Report: #1156281

Complaint Review: Bank of America

  • Submitted: Fri, June 20, 2014
  • Updated: Fri, June 20, 2014

  • Reported By: alj0122 — atlanta Georgia
Bank of America
Nationwide USA

Bank of America BOA HELD MY FUNDS FOR TWO ADDITIONAL WEEKS AND CLOSED ACCOUNT FOR NO REASON ATLANTA Nationwide

*Consumer Comment: There is something missing..

*General Comment: Info...

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I deposited a 2 checks into my business account of nearly $70k that could be verified by all parties involved including the maker, issuer and my customer. Bank of america held my funds, then closed my account without giving me a valid reason. I was only told that they could closed any account without given a reason per the deposit agreement given to me at the time of opening the account. 

 

I was then asked to send a notaried statement from all parties involved in the transaction.  My customers went into 2 diffrent bank of america Branches to proved the transaction. Only to be told it still had to be reviewed.

I called Risk management several times a day and was told my funding would be available @9am the next morning only get a call back from a manager saying the date quoted was an error and bank of america didnt have a release date of my fundings.

Days later and nothing. No realease date and no can tell me anything. They continue to hold $70k of my funds.


This report was posted on Ripoff Report on 06/20/2014 11:27 AM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-of-America/nationwide/Bank-of-America-BOA-HELD-MY-FUNDS-FOR-TWO-ADDITIONAL-WEEKS-AND-CLOSED-ACCOUNT-FOR-NO-REA-1156281. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

There is something missing..

AUTHOR: Robert - ()

 Okay a bank is not going to just close out an account of someone who has $70,000 just for grins and giggles.  So there is something else going on here that you are not saying.   Now, whether or not you know the entire story or are intentionally leaving things out that is something only you know.

However, it does seem to go back to one(or both?) of the checks.

 that could be verified by all parties involved including the maker, issuer and my customer.

- The way you write this the maker and customer are different people.  Why is the maker(signer) of the check not the customer?  If this is a loan where the issuer is a bank and the maker was an employee of the bank, again why are you making them out to be two different people?

I was then asked to send a notaried statement from all parties involved in the transaction.

- Again, unless you say that the bank is somehow just picking on you for no reason..there is something more here.  The only reason your bank would be going through all of this is if the issuing bank notified them of possible issues.  Now, if a bank suspects fraud they are not going to release any information.

As for them closing your account.  They are right they have the legal right to close your account at any time and for any reason.  Oh and this is the same policy EVERY bank has. 

Other telling items are things such as if this was a normal deposit amount for your Business account?  That is if your biggest check up until this point was $2,000....$70,000 may raise a few red flags.  Do you have a good history with your account or do you have things such as multiple overdrafts?  How long has this account been opened, and how long have you been in business.  Have you ever had a deposit get bounced backk?  Was the reason fraud related? 

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#2 General Comment

Info...

AUTHOR: Striderq - ()

Apparently there was some problem with one or both checks. Once the investigation is completed you'll be told the reason for the account closure.

As far as the items being verified, that really doesn't carry any weight. Most banks won't do anything on modifying a deposit hold until the check(s) have been paid for at least one business day.

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