A massive bank is now freezing customer accounts which is prohibiting users from gaining access to their money up to weeks.
The-Sun reports that Bank of America froze several checking accounts due to suspicions of illegal activity.
The Bank of America customer took to Reddit to ask for help regarding their banking situation.
They explained that they have one personal checking account with $40,000 in it, and two business accounts with $800,000 between them both.
They sold their small business for around $1 million earlier in the year.
Their post says that they logged into the Bank of America app and that the “screen is grey-ed out and it says my accounts are frozen” for all accounts.
The Reddit user called Bank of America, and was told that their account is under review and they will receive a letter in the mail or a call soon.
“Its been 2 weeks and 3 days. I call every single day and hear the same thing. I went in personally to the branch – and they say the same thing.”
They came up with a potential reason for the situation: “The only thing I can think of is that I have made a few sports bets by putting money into PayPal from this personal checking account, and when I’ve won money I’ve deposited it from PayPal into the personal checking account.”
Reddit users explained how the accounts were likely under investigation for suspicious activities related to the sports betting, and that the bank legally has to freeze their accounts.
One user wrote: “They are checking your account for illegal activity. I’m not suggesting there is any, but they are looking at your account for that reason.”
Another user suggested the following: “Open a CFPB complaint against BofA and move your money out of a large bank… Go to a credit union, even a larger one like PenFed or DCU. Both are easy to join.”
Other Banking News Today
Bank of America now announces unexpected branch closures filed with the Office of the Comptroller of the Currency (OCC).
So far in 2023, Bank of America has closed around 150 locations since the beginning of the year.
In October, it was announced that Bank of America would also close down 21 in-person locations across the US.
Colleen Haggerty, senior vice president of media relations with Bank of America explained the closings come as the pandemic has shifted operations to a more digital approach.
“The pandemic significantly accelerated banking behaviors toward digital self-service platforms instead of traditional foot-traffic banking,” Haggerty said in an email in early November, The Daily Breeze reported.
“For example, 90 percent of our clients now interact with us digitally – including nine out of every 10 checks are deposited outside the walls of a branch via mobile deposit and at ATMs,” he continued.
However, earlier this year in June, Bank of America announced it will be opening up locations in nine new markets over the next four years.
The new branches will be dedicated to Bank of America’s new “high tech and high touch approach” as the company invests in new digital capabilities to modernize its financial centers, according to a June press release.
“Our financial center strategy is designed to serve our clients when, where, and how they choose to manage their financial lives,” said Aron Levine, President of Preferred Banking at Bank of America.
“Although more clients are using our digital banking capabilities, many still visit our centers for in-person conversations about some of their more complex financial needs.
Our redesigned centers make it easy for them to meet with professionals for tailored solutions and advice on their life priorities and financial goals.”
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