How Long Does a Wire Transfer Hold Last at Bank of America?

When you initiate a wire transfer at Bank of America, there are certain circumstances under which the bank may place a hold on the transaction. This can be frustrating for those waiting to access their funds. In this article, we'll explore how long a wire transfer hold can last and what steps you can take to resolve any issues that may arise.

Resolution Timeline

According to Bank of America's policies, in cases where a dispute arises over a wire transfer, the bank or credit union must resolve the issue within 45 days. However, this timeframe can be extended to 90 days if certain conditions are met. These conditions include transactions conducted in a foreign country, within 30 days of account opening, or debit card point-of-sale purchases.

Temporary Credits

During the investigation process, the bank may require you to provide written confirmation of any errors found. If this is the case and you fail to respond within ten business days, the bank is no longer obligated to temporarily credit your account. In some instances, the bank may not issue a temporary credit at all.

However, if the bank is unable to complete its investigation within the required timeframe (ten or 20 business days), it must typically issue a temporary credit for the disputed transaction amount minus a maximum of $50 while it continues to investigate. After the investigation is complete, you have the right to request any information used in making the decision and the bank must provide this promptly.

Reporting Findings

The bank has three business days to report its findings to you once the investigation is complete. If an error is found, the bank must correct it within one business day of determination.

Responsibility for Unauthorized Transactions

To hold you responsible for unauthorized transactions, your Bank of America account holder must demonstrate that if you had notified them before the end of the 60-day period, the transactions would not have occurred. Waiting longer can result in having to pay the full amount of any transactions that took place after the 60-day period and before notification.

Notifying Your Bank

If you notify your Bank of America account holder after two business days, you could be responsible for up to $500 in unauthorized transactions. Additionally, if your statement shows an unauthorized withdrawal, it's essential to notify them within 60 days to avoid potential losses.

Limiting Losses

To minimize losses due to lost or stolen cards, it's crucial to report the issue to Bank of America within two business days of discovering the loss or theft. This will limit your liability to $50 or less, regardless of the amount charged to your account.

In summary, a wire transfer hold at Bank of America can last anywhere from 45 to 90 days, depending on the circumstances surrounding the dispute. By understanding the resolution timeline and temporary credit policies, you can better navigate any issues that may arise during this process.

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