Complaint Review: bank of america - acworth georgia

What you have basically presented is the following scenario.

You deposited a check to your Chase Account, Chase presnted it to the paying bank(BofA), BofA deducted the check from your attornies account, BofA is now holding the funds to send it back to Chase.

Unless you have left out something, this will not happen. The paying bank can not just simply refuse to release the funds to the requesting bank.  They basically have the choice of accepting the check and releasing the funds, or rejecting the request for things such as NSF or a close account. But in the case of a rejection they would not debit the amount of the check from the account holders balance.

Things to keep in mind is that checks are processed electronically, especially between major banks. There are also 10's of thousands of checks processed EVERY DAY if this was "standard practice" there would be thousands of complaints.  The only way it could appear to be happening is if Chase was waiting for an electronic notification from BofA that the check was valid, that BofA has not sent. But this may or may not be the case. However, even in this case it doesn't mean that BofA is holding the funds, it is still Chase that has put the hold on your funds.  Having a banker at Chase contact someone at BofA should solve it in about 10 minutes.  If it doesn't then I would complain against BOTH banks.

Something else to think about, how would Chase know when to expect your funds to be released if they were not the ones holding it? If you are saying that they are telling you it is BofA, then what you need to do is go in on Tuesday and talk to a banker. Tell them you want it put in writing that they are not holding your funds, and it is BofA.

I predict one of two things will happen. Your funds will "magically" become available, or they will give you some "Song and Dance" as to why they can't which could include  them saying that they are the ones who infact put the hold on it. Of course if they give you that statement, then go to your local news media and blow the whistle on BofA.

But at this point the reality is that by the time your "complaint" get's looked at your funds will have been released and it would be a non-issue.  So the point of this was to explain the process and who is doing the hold.  You can believe what you want, I am just telling you the process and Federal Regulations.  Even if the banks were reversed the statement would have been the same.  

 Hello Chase is not holding my funds Bank of America is refusing to release the funds after the check has cleared Chase has been nothing but helpful contacting Bank of America to find the status but Bank of America refuses to give a status. My lawyer did check his account and the funds were deducted from his account the day of the deposit January 11th.

Chase has said not to expect my funds until January 23rd and this is essentially how Bank of America operates I have since filed a complaint with the Consumer Finance Protection Bureau.

There seems to be some missing information as to exactly what happened or how you deposited the checks.

Chase bank VERIFIED that they are the ONLY BANK to not communicate and RELEASE FUNDS after checks have cleared.

- Did you deposit the check into your Chase account? If so you are very likely being given incorrect information and the hold is actually being put on by Chase.

When a bank presents a check to the issuing bank that bank can not decide to "hold" the funds to release them. They either complete the transfer of the funds, or they reject the check due to things such as NSF, Closed Account, or being a fraudlent check.

But there are Federal Regulations, in this case Regulation CC AKA "The Expedited Funds Availability Act" that allows your bank, in this case Chase(?) to put a hold on the availability. Yes, even if the funds have "cleared" the other bank. Depending on the exact circumstances they may actually be able to put a hold

on it for up to 10 business days.   Factors in the availabiltiy include the type of deposit(Check, Cash, Cashiers Check), the amount of the deposit, and your account history(such as how many overdrafts you have had).  

If you didn't deposit the check into a Chase account, I am not exactly sure what Chase has to do with this?