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AVOID Bank of America when they close your checking account they will freeze hold the funds pending closure
All banks have a right to choose not to do business with you. Fine. But when most banks such as say Wells Fargo close your checking account, they give you notice and allow a month long "wind down" period where you may finish up your banking and withdraw funds.
Not so Bank of America.
When this bank decides to close your checking account it immediately freezes your activity in and out, holds all funds, and then a special department known as Risk takes its sweet time closing the account, often giving false estimated closure dates and then pushing the closure date back by a few days at a time. This process could go on for weeks even months.
During all this you will never be able to speak to this Bank of America Risk department directly, and as such, this insulated concealed "Risk Department" isn't even aware that you are complaining. Meantime no one at the bank customer service or in branch will be able to help you. Eventually the bank may cut you a check and mail it to you, or it may not and may decide to seize your funds.
Because of the way Bank of America handles deposit account closures they should be avoided at all costs.
There are many horror stories online involving this closure of bank accounts but the way Bank of America handles it means that they must be avoided at all costs. Unless you want to someday possibly be sitting around waiting for some Risk department you cannot even talk to to return YOUR money, just avoid Bank of America entirely.
Not so Bank of America.
When this bank decides to close your checking account it immediately freezes your activity in and out, holds all funds, and then a special department known as Risk takes its sweet time closing the account, often giving false estimated closure dates and then pushing the closure date back by a few days at a time. This process could go on for weeks even months.
During all this you will never be able to speak to this Bank of America Risk department directly, and as such, this insulated concealed "Risk Department" isn't even aware that you are complaining. Meantime no one at the bank customer service or in branch will be able to help you. Eventually the bank may cut you a check and mail it to you, or it may not and may decide to seize your funds.
Because of the way Bank of America handles deposit account closures they should be avoided at all costs.
There are many horror stories online involving this closure of bank accounts but the way Bank of America handles it means that they must be avoided at all costs. Unless you want to someday possibly be sitting around waiting for some Risk department you cannot even talk to to return YOUR money, just avoid Bank of America entirely.