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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?

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    I am sorry for your loss, but could you tell us a few details about the check "that my mom left me"? Was this a check handed to you by her on her deathbed (and was it post-dated?), or was it a signed check found in her checkbook or other papers after her death, or was it a check issued to you by the executor of her estate? The reason for asking is that if the check that you deposited into your account reached your mom's bank after your mom's bank had been notified about her death, your mom's bank may have refused to pay it (and especially so for a check bearing a date after her death). – Dilip Sarwate Dec 11 '15 at 13:56
  • Note that the "business decision" may well be entirely unrelated to you. It's not impossible that they closed the account for another reason - such as stopping doing business in your area. – Joe Dec 11 '15 at 15:01
  • Clarification: Are they saying YOUR account is being closed, or your mother's? Maybe they are just putting a hold on her check to you if they got notice that she was deceased until the executor takes over the account? – JohnFx Dec 11 '15 at 15:20
  • also account or accounts? - You use both wording. – Ross Dec 11 '15 at 15:59
  • No these are my own personal checking and savings accounts. I live in Texas and my mom had a college fund plan made for me back when I was a kid. Because I went to college on scholarship I didn't need to use the money to pay for school so after I graduated I requested. – Evan Johnson Dec 12 '15 at 6:02
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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.

OCC Complaint Process.

This topic on how long a bank can hold a large deposit before making funds available may also be helpful.

  • I deposited the check back on November 10th and had most of the funds on hold until the 19th then the check cleared. What I'm saying is that that would be the only thing that would stick out on my banking activity to whoever looks over my accounts at BoA but my accounts were frozen this week on Monday the 9th. – Evan Johnson Dec 12 '15 at 6:11

protected by Ganesh Sittampalam Jun 12 '17 at 12:36

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