• Report: #1116357
Complaint Review:

Bank of America

  • Submitted: Fri, January 17, 2014
  • Updated: Wed, April 16, 2014

  • Reported By: jwalkermk — Chicago Illinois
Bank of America
203 N. Lasalle Street Chicago, Illinois USA

Bank of America Risk Closure Unit Account closed. All Monies held for "review" No explanation given. Chicago Illinois


*Consumer Comment: So what happened..

*General Comment: Risk Closure Units...

*Consumer Comment: Something about your account/transactions had to have caught their attention...

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My savings and checking account was opened without incident. Everything at the LaSalle branch went as expected. I was given a temporary debit card, checks, and told everything was fine!

I deposited  about $5,000 in cash and checks and all of those monies are  being held.

When I attempted to use my debit card, it was declined. When I called the bank for more information, I was told my card had been canceled.

I was then told that the tellers could not see my account anymore and that I needed to call the Risk Closure Unit.

The Risk Closure group then dealt with me like I was a criminal. They were curt and rude during the entire conversation. I was advised that they could not tell me why my account had been closed. They also could not tell me when my funds would be released. I was then told that whenever the "review" of my account was completed, I would receive a cashiers check in the mail.

The representative showed no compassion for the fact the my hard earned money was now trapped for an unspecified amount of time.

Two days ago I received my permanent debit card with my name on it and an email stating, "Welcome to your new Bank of America checking account." All of these items have been voided, canceled or closed by the Risk Closure Unit. The tellers and customer service reps seem to have no clue what this seceret unit is doing.

At this time my money is still being held without explanation. Without a doubt BoA is collecting interest and using my funds in their investments. This seems fraudulent and completely unfair.

I was in no way notified that my account was closed ahead of time. No one called me to say my account had been flagged. I cannot cancel the checks as they have already processed them. I am also liable for any overdraft accrued during this process.

I am beyond upset. I am absolutely stunned at the unprofessional manner in which this matter is being handled and will never advise anyone to do business with Bank of America.

Please open an account with another financial institution. BEWARE OF BANK OF AMERICA.

This report was posted on Ripoff Report on 01/17/2014 12:30 PM and is a permanent record located here: http://www.ripoffreport.com/reports/bank-of-america/chicago-illinois-60601/bank-of-america-risk-closure-unit-account-closed-all-monies-held-for-review-no-explana-1116357. 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 General Comment


AUTHOR: Matt - ()

When these accounts are opened and then closed a day or 2 later is true. These consumers expressing thier incidents on here are being truthful with the stories, because i have been through the bullshit before. I can pass a chexsystems verification, thats not the problem, I cant pass the Early Warning Services ( EWS ) or known as Deluxe Detect. Only a handful of banks use EWS and only the banks back offices know about it, Managers, tellers, customer service are not knowledeable as to what EWS is. I opened an account at Regions bank and it was closed 2 days because of information supplied by EWS and then Regions put me on EWS showing no debt owed and i had to file a dispute to get it removed, and EWS records stay on for 7 years and they hard to fight and get off. 


These Banks here listed use EWS and will later close accounts.


PNC Bank

Fifth Third Bank

Key Bank



Arizona Federal CU



Members 1st Federal Credit Union 

Delta Community Credit Union

TCF Bank

SunTrust Bank

Wells Fargo



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#2 Consumer Comment

So what happened..

AUTHOR: Robert - ()

 This happened 4 months ago..so what was the result?

Generally when an account is closed within a few days of opening it is either an issue with your credit or the deposit you opened the account with.

If it is your credit, it could be things such as you being in ChexSystems meaning you had accounts closed at other banks and owe them money.  And yes, banks often will do a credit check AFTER you open up an account.  In fact they do them perodically even if you have had your account open for a while.

If it is the deposit, you didn't mention what you mean by $5,000 in cash and checks.  How much of this was cash, how much was checks.  What type of checks were they and did any of them get returned(for ANY reason).

Oh and no, contrary to your belief they did not just close out your account to "have fun" with your money.  Where by now I can bet that you know the reason...now if you agree with it is an entirely other matter.



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#3 General Comment

Risk Closure Units...

AUTHOR: Striderq - ()

All banks/credit unions have them. They review all accounts (all accounts, those just opened and ones that have been opened for years)> If/when the bank determines that it's in their best interest to not do business with you, they freeze the account, do their investigation and then release any remaining funds to you. No warning is given. If the bank told you "By the way we're going to close your account next Tuesday" then you would remove the money before then.

As Ken posted, something in your account transactions caught their attention. Could have been the amount of cash you deposited. Could have been where the checks you deposited were from. Could have been some problem with the account(s)the checks were drawn on. When you get your cashier's check you'll get a letter explaining why they did this.

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#4 Consumer Comment

Something about your account/transactions had to have caught their attention...

AUTHOR: Ken - ()

They don't really make much, if any money, on closed accounts.  If you TRULY don't have a clue as to why your funds are available and they won't even give you a hint, report this to your states banking commission.

I have a hunch you're NOT telling the whole story.  Most banks are more than happy to open a new account.

"I deposited  about $5,000 in cash and checks and all of those monies are  being held."

How much of that "about $5,000 was in cash and how much in checks?

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