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I deposited a $20,000 check into a business account and was told the funds would be available the next day. They were not.

"Risk Management" department's reason was "A hold was placed on your check because check specific information indicates item may be returned." Of course I CAN'T TALK to risk management, customer service is allowed talk to them, but the actual consumer may not!?! I called over and over after the deposit and always received the same answer, "We don't have the funds yet." I went to the bank on 8/29/19 and spoke to Brittany Masin, Assistant Vice President of the branch on Eastern in Las Vegas with proof that the check in question had cleared the account of the writer, 3 business days after my deposit and she could care less. She said that B of A didn't actually have the funds yet, "just because it has been deducted from the writer's account doesn't mean Logix has released the funds to B of A." WHAT?!? I went home and called Logix and spoke to Tommi in the Burbank, California customer service center and she confirmed that what B of A was saying was ridiculous.

So I called B of A yet again and spoke to Regina Gongonra, same story. So then I called back and spoke to Dedra McNeal (like I don't have nothing better to do but chase MY MONEY), I insisted they put in writing that the funds were NOT on their books yet - - - they absolutely refused to put that in writing to me. So evidently the money left the writers account is mystically floating in the universe somewhere, but isn't on B of A's books until their nine day hold is over, and they relinquish the funds to me.

Their mantra throughout was, "Federal law allows us to hold funds on checks for 7 to 10 days." I hope they are enjoying the use of my funds. I'm closing all my accounts once my funds are available.

Reason of review: Poor customer service.

Preferred solution: MY MONEY.

Bank Of America Cons: Kept my money 6 days after writers check had cleared, Lied about my money being collected from issuers bank already.

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Guest

checks clear in 1-2 business days. So a 1-2 day hold isn't unreasonable.

The REAL reason for longer holds, which should be illegal, is that bank deposits earn float from the fed. BofA gets to sit on that deposit for 8 days earning fed funds and not passing any of it on to you.

Guest

Yes, I spent most of my Saturday dealing with a similar frustrating situation! In our case, a check we typically deposit monthly from one of our other accounts into our BOA account to pay bills was, for some reason placed on a 9 day hold when it never has been before.

To make matters worse, all of the funds showed up as available 2 days after I deposited the check so I then proceeded to pay a bill which got returned by BOA for insufficient funds! Meanwhile, since the issuing account is our account, we actually have a copy of the cash checked which cleared that account days ago and the amount was deducted from that account.

So, basically, our money is in limbo for 9 days? So infuriating!

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