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Report: #1478601

Complaint Review: Bank of America - Media Pa

  • Submitted:
  • Updated:
  • Reported By: Patricia — Media Pa United States
  • Bank of America 102 w. Baltimore Avenue Media, Pa United States

Bank of America Kevin Sweeney Arnold Johnson HELP ME: Bank of America is holding my money hostage!!!! Media Pa

*General Comment: Check Regulation CC: limits on deposit holds

*Consumer Comment: They are right

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HELP ME: Bank of America is holding my money hostage!!!!

I deposited an insurance check for $2600 on May 3rd at the Media, Pa Bank of America. I was assured the funds would be available on Wednesday May 8th. My son had been saving for nearly twelve months to buy himself a car. I told him if he saved half I would give him the other half.

On Friday May 3rd we went and looked at a car and he fell in love with. That very day I recieved the check for $2,600 from my insurance company. My son made arrangements to pick the car up the following Friday, TODAY. On Wednesday May 8th I went to check my balance in my account and make sure everything is squared away for picking the car up on Friday morning.

At this time I was told my funds had a 15 business day hold on it!!!!! OUTRAGEOUS. I said what in the world would cause a 15-day Hold On a check written from an insurance company. I explained to the bank officials I was purchasing a car for my son and we were picking up the car on Friday morning. I demanded they clear my funds before Friday.

I didn't know or care what or why this happened. I just needed them to release those funds by Friday. I spoke to manager after manager after manager and everybody's going to check into it and get back to me by 4pm today. NOT 1 SINGLE MANAGER called me.

Fortunately the gentleman we are purchasing the car from said he would hold the car BUT he would only hold it till Monday night. BANK OF AMERICA RELEASE MY MONEY!!!!!! DO THE RIGHT THING AND FIX YOUR MISTAKE!!!!!! Can anyone make any suggestions on how I can get my money Monday morning???

This report was posted on Ripoff Report on 05/11/2019 01:19 PM and is a permanent record located here: https://www.ripoffreport.com/report/bank-america/media-pa-kevin-sweeney-arnold-1478601. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#2 General Comment

Check Regulation CC: limits on deposit holds

AUTHOR: - (United States)

POSTED: Sunday, October 13, 2019

Regulation CC:

“If the total check deposits into one account on the same business day is over $5000, then $200 must available on the first business day, $600 on the second, $4800 on the 3rd, and the remainder must be available on the 7th business day.”

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#1 Consumer Comment

They are right

AUTHOR: Stacey - (United States)

POSTED: Saturday, May 11, 2019

To make sure the check is not fraudulent they have the right to hold the check until it clears the insurance's bank. So you jumped the gun and did not wait until the check cleared. This is normal banking process and you should be grateful because if the check did NOT clear you would be on the hook for that money. And NO I do not work for them.

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