I am a new small business owner and I recently opened a small business account through BofA. I receive wire transfers from a liaison with the company I contract for to process invoices. Through BofA’s Analytical Department, an “888” hold placed on my account and was told that the hold would be released on the 4th of January, to contact them for further information. I called back the next day during business hours and was put on hold and then transferred to a gentleman who began asking me about my business and what was it that I did. I asked him if I could get his information and he told me that I needed to shut up and listen to him or he would discontinue the phone call. He told me that the wire transfers were not legit and was a pat of some scam and I told him knew nothing about the money being sent was in anyway a part of some scam. He mentioned that I might be visited by police or contacted and he couldn’t guarantee that these things might happen,but in the meantime, BofA was discontinuing their business with me my account would be frozen and all of the money, my personal money and the money from the wires would be seized and given to the “victims.” I asked him what victims and what proof did he have that this was the case and what did I need to do at this point, he told me that I should not have anything else to do with my liaisons and it was up to me. He said he could not legally tell me how to go about it and that he was just providing me the information. I asked a few more questions before he hun up. Yesterday, I went in to the local branch to ask about the account and a correspondence sent to me, this was after almost two weeks of waiting for something from BofA explaining to me about the information that was told to me from the gentleman I spoke with and had not received anything in writing. After getting my information I was told by the banker that he called “Accounts Closed” I believe, I am no longer a customer that I would not be able to take my money out of the now closed account and to contact “risk management “ for details of their business decision. I recorded 17 minutes of the phone call I had with the gentleman. I receive emails daily of my current account information and it showed that I was still in the negative and I was under the impression that it was stil on hold until the 4th of January, but was told that it had been closed? No information about the conversation I had with him or that my account was frozen. I do not know what to do at this time and am concerned about tax season approaching. The only correspondence from them was that notice with a refund $105 which was three overdraft fees reversed and credited back to my seized money. Please help!

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    Skimmed due to large amount of irrelevant detail, but in general if the bank is closing the account due to suspicious activity they cannot keep the funds, a court order as part of a criminal investigation could lead to seized funds. – Hart CO Dec 29 '18 at 16:37
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    Time to contact an attorney. BTW, what country are you in? – BobT Dec 29 '18 at 16:41
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    Bob T, I am in the United States. I reside in Las Vegas, Nevada. – Jinnijazz Dec 29 '18 at 18:04
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    So you found out that your new job/contract had a completely inaccurate job description, and was in fact to be a "money mule". In the future, think before accepting an offer that seems too good to be true. In any case where a business pays for services, whether it is employment or an arrangement with a subcontractor, you need a competitive advantage -- either training or experience in the line of work. When someone comes and says "anyone can do it, no experience needed", that is a sign of fraud. Especially when you aren't meeting the other party. – Ben Voigt Dec 30 '18 at 7:02
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    "Move this money around and be willing to avoid asking any questions" is not a skill that will earn you a living. Instead it will get you into bad company. – Ben Voigt Dec 30 '18 at 7:04

The answer to the question in the title is: yes they can.

If they suspect that you are using the account for criminal purposes they will freeze the account while an investigation is carried out. This investigation may involve the police. They will not tell you any details of the investigation.

At the end, you will get your money back if they determine that nothing illegal has taken place. But they may still close your account because they don't want you as a customer if you are doing suspicious things.

Alternatively, the money will be refunded to wherever it came from, and you will never get it back.

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