Date Received: 2023-10-04
Issue: Closing an account
Subissue: Funds not received from closed account
Consumer Complaint: I have been customer with Bank of America for over XXXX years. The economy and interest rates has impacted our familys budget. Approximately XX/XX/XXXX we were notified by Bank of America without warning our checking and savings accounts worth {$10000.00} were to be closed and money would be returned but would not tell when. My wife tried to cash {$9000.00} inheritance check around XX/XX/XXXX and Bank of America has been holding check funds to present. The withholding of funds has impacted our ability to buy food, pay mortgage and service a construction loan to build a new home which may impact my credit rating. This seems to be a cold hearted business decision.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: WA
Zip: 98366
Submitted Via: Web
Date Sent: 2023-10-04
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-04
Issue: Fraud or scam
Subissue:
Consumer Complaint: Dear CFPS, I hope this email finds you in good health. I am writing to you today with a pressing and distressing issue that I have been facing involving Bank of America, a major financial institution. I believe that my story highlights a significant matter of public concern, and I am reaching out to your esteemed news station in the hope that you can help bring attention to this critical issue. On XX/XX/2023, I received a series of letters from Bank of America, notifying me that they would be terminating my banking relationship, which has endured for over XXXX decades. This sudden decision took me by surprise, as I have been a faithful and responsible customer throughout this lengthy period, maintaining a positive relationship with the bank. In response to their notification, on XX/XX/2023, I visited the Bank of America XXXX located on XXXX XXXX in XXXX XXXX, XXXX. My purpose was to obtain a cashier 's check for the funds I had diligently accumulated with them, totaling more than {$50000.00}, constituting my life savings. Given the economic challenges of our times, I also intended to utilize these funds to contribute to my car loan and mortgage, both of which are held by Bank of America. Regrettably, the cashier 's check issued to me by Bank of America was not endorsed, rendering it essentially worthless without a valid signature. Despite this critical omission, the bank allowed me to leave their premises with the un-endorsed check. Consequently, I deposited the check into my new bank account, which I had to establish due to Bank of America 's decision to end our relationship. To my astonishment, Bank of America chose to honor and pay this un-endorsed check, leading to an unfortunate sequence of events. My new bank, believing the deposit of an unsigned check to be fraudulent, promptly closed my account. This unexpected development has placed me in an extremely precarious financial situation, jeopardizing my ability to meet my obligations, including the car loan and mortgage that are also under Bank of America 's purview. Despite my persistent efforts, I have been unable to secure a resolution through the Bank of America Banking Center, numerous discussions with various managers, and my outreach to the CEO, various C-Level Executives, and the Public Relations department XXXX Bank of America 's actions have left me in a dire predicament, teetering on the brink of default on loans that are integral to my financial stability. As a helpless consumer, I am reaching out to your news station, hoping that you can investigate and shed light on this matter. Your involvement could not only assist me in finding a resolution but also bring attention to the potential pitfalls faced by others who may find themselves in similar circumstances. I am prepared to offer further details and collaborate fully with your investigative team to provide a comprehensive account of my experiences. Your assistance in addressing this issue would be invaluable, offering hope to a beleaguered consumer and potentially influencing positive change in banking practices. Please feel free to contact me at XXXX or XXXX for additional information or to discuss this matter in greater detail. Your consideration of my plea for help is greatly appreciated, and I hope that your news station can make a difference in this challenging situation. Best regards, XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 94583
Submitted Via: Web
Date Sent: 2023-10-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-04
Issue: Problem with a company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: The existence of a derogatory rating on my account is causing me significant concern. I am deeply worried about its potential impact on my credit. It has already resulted in the denial of a recent loan application and an increase in the interest rates on my existing credit accounts. I want to emphasize the severe financial and emotional distress that this negative rating has caused me and will continue to cause until it is resolved.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33634
Submitted Via: Web
Date Sent: 2023-10-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-04
Issue: Closing an account
Subissue: Funds not received from closed account
Consumer Complaint: I received a letter from Bank of America dated XX/XX/XXXX telling me that the account was closed bc I didnt follow certain guidelines. I called to inquire about the remainder of funds that was in the account and they told me I would get it whenever they finish their investigation which has no time limit. I have sent them documentation to prove that the funds are legitimately my funds and still they have yet to release my funds which is over {$10000.00}.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 30214
Submitted Via: Web
Date Sent: 2023-10-04
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-04
Issue: Closing an account
Subissue: Funds not received from closed account
Consumer Complaint: Here at bank of America I made a deposit for checking and savings account plan time plus, at XXXX XXXX XXXX XXXX XXXX And all unauthorized transactions action on account and debit cards in was frauded.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NC
Zip: 28213
Submitted Via: Web
Date Sent: 2023-10-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-28
Issue: Unexpected or other fees
Subissue:
Consumer Complaint: I can't include dates because these transactions were done without my consent or knowledge of use. It pertains to an EDD claim which was PUA claim during the pandemic. My account is now unaccessible due to Identification verification. As a result PUA monies I should of received are not received and placing me in a position of homelessness.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 95660
Submitted Via: Web
Date Sent: 2023-10-03
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-29
Issue: Problem with a company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: The existence of a derogatory rating on my account is causing me significant concern. I am deeply worried about its potential impact on my credit. It has already resulted in the denial of a recent loan application and an increase in the interest rates on my existing credit accounts. I want to emphasize the severe financial and emotional distress that this negative rating has caused me and will continue to cause until it is resolved.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33607
Submitted Via: Web
Date Sent: 2023-09-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-29
Issue: Other transaction problem
Subissue:
Consumer Complaint: Good Day .... Here is my tales of wow with Bank of America .... I set up a wire transfer with Bank Of America 's help to pay off my mortgage XXXX .... then BOA security canceled the transfer because they said I did not contact them in time .... I tried to contact them several times but they BOA never answered the number I was suppose to call then they disconnected my phone call .... tried again and same thing .... stayed on phone for a total of two hours trying to find support then disconnect... Finally got someone to help me today XXXX and sent the wire hope it gets there Monday XXXX when it is due .... But why was the wire originally canceled?? No one at BOA had a clue .... and I was speaking with the Dept. that canceled the wire .... At BOA the left hand does not know what the right hand is doing!! Oh by the way here are few other goodies that Bank of American did for me .... XX/XX/XXXX BOA declares me deceased and started repossessing my house... .had to show up at a BOA branch to prove I was still alive and my credit score dropped XXXX XXXX .... Here is another oldie but goodie .... back either in the late XXXX 's or early XXXX 's BOA somehow misplace {$100000.00} of my parents money .... took them almost a week to recover it .... Lost my Dad 's Death Certificate .... closed accounts still with outstanding checks .... the list goes on .... How is this possible?? Obama should have broken up BOA when he had a chance .... And usually there is no one to be able to speak to on the phone ..... If you go into a branch it is usually not a whole lot better .... Mistakes seem to be the order of the day with Bank of America!! Will be leaving BOA as soon as I am able .....
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CT
Zip: 06067
Submitted Via: Web
Date Sent: 2023-09-29
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-29
Issue: Closing an account
Subissue: Funds not received from closed account
Consumer Complaint: I had a bank account with bank of america savings as well as checking. Both had money in them totaling around {$500.00}. They decided to close my account and they issued checks. By the time I received the checks they were expired. I called to have the checks reissued which took me over 4 hours on the phone waiting on hold to only be transfered to 6 different departments to then get hung up on.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 94566
Submitted Via: Web
Date Sent: 2023-09-29
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-29
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I would like XXXX XXXX XXXXXXXX hold practices investigated. I think their practices may be biased and discriminatory ; intentionally delaying funds availability possibly leading to unpaid items and additional fees. I think BOA should be fined for this unfair business practice. XX/XX/XXXX I deposited a XXXX check that I received from my retirement account ( XXXX ). Initially there was no hold placed on the account, however the teller, did advise that the deposit XXXX go through an additional review and a hold may be placed in the account. XX/XX/XXXX I received a letter from Bank of America advising a hold was placed on my deposit because they received information indicating that the check may be returned. My deposit of XXXX will be available XX/XX/XXXX by XXXX local time. XX/XX/XXXX @ XXXX, I spoke with the branch XXXX, XXXX XXXX XXXX XXXX XXXX ). She read the notice and advised that Vanguards bank gave them this information leading to the hold. She advised me to call XXXX, get verification that the check cleared and I could speak with someone at XXXX, get them the verification and the hold would be released. XX/XX/XXXX XXXX XXXX with XXXX XXXX XXXX XXXX XXXX she verified that the {$9000.00} cleared their bank XXXX days ago XX/XX/XXXX. I did a XXXX way call between XXXX and Bank of America ( XXXX ) ( XXXX ) in hopes of getting my funds released since the check cleared Vanguards bank. XXXX advised that she cant review my account with a third party on the line so XXXX dropped off the call. I asked XXXX what was needed to verify and release the funds. She placed me on hold when she returned she advised that she would need to escalate this to the internal department to verify my account. They were verifying if Ive had insufficient funds, returned items, XXXX in the last 12 months, and a positive balance in the last 12 months. I asked what that had to do with the hold on my deposit. She advised it would be XXXX hours d escalation. I spoke with XXXX XXXX XXXX, she advised that she was reaching out to the analyst assigned my case but she was unavailable that the case should be reviewed in XXXX hours. XXXX hours is up to XX/XX/XXXX, when the funds should be released. As of XXXX est XX/XX/XXXX my funds are still unavailable after XXXX XXXX XXXX XXXX received confirmation from XXXX XXXX XXXX ) that the check cleared XXXX days ago. .
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 30213
Submitted Via: Web
Date Sent: 2023-09-29
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A