Earlier this week I had tried to buy food with my debit card but the transaction was declined. I immediately contacted my bank (BoA) and was told there was a note left with a number to call. I called the number and it was a voicemail from the account closures department. I had left a message to the number that way they could call me the next day. I had gone to one of the branches to get more information about why my accounts were being closed and told to contact the same number left on the note. The next day the account closures department called and told me that I would be receiving a letter in the mail that my accounts would be closed the next week and was told that a cashier's check would be issued next week as well and to expect it in the mail around ten business days. When I asked why they were being closed I was just told that it was a business decision and couldn't give me any further details. In the two years I banked with BoA I never had an overdraft or any negative marks on my account so the only thing that would stick out was a check that I deposited for $26k that my mom left me after she passed. As of now I have about $32k total that is just sitting and cannot do anything with it and am frustrated because that's nearly all my money and cannot wait for almost two or three weeks to get a check in the mail when I have bills and other things to pay for within that time. I also can't transfer anything to my other bank or any other bank because of the holds. Are there any other alternatives to receive my money sooner or will I have to just wait it out?
I'd suggest you contact the Office of the Controller of Currency, who regulates BOA and file a complaint. This whole deal seems shady.
According to the OCC FAQ, the fact that they closed the account is in their prerogative. However, I would think they are obligated to quickly return your funds, but can't find anything specific to that.
The banks are very sensitive to having complaints filed against them, so if nothing else this may encourage them to be more helpful, even if your complaint isn't actionable.
This topic on how long a bank can hold a large deposit before making funds available may also be helpful.