Date Received: 2023-09-20
Issue: Managing an account
Subissue: Funds not handled or disbursed as instructed
Consumer Complaint: Re : Urgent Request for Temporary Credit - Claim Number XXXX From : XXXX XXXX - XXXX To : Consumer Financial Protection Bureau ( CFPB ) - XXXX Cc : XXXX XXXX XXXX with XXXX XXXX XXXX, XXXX XXXX Claims Act - XXXX, XXXX, XXXX XXXX - XXXX Date : Sat, XX/XX/2023, XXXX XXXX Dear Consumer Financial Protection Bureau ( CFPB ) and Bank of America XXXX XXXX XXXX, I hope this communication reaches you in good spirits. I am reaching out regarding claim number XXXX, a transaction dispute that I filed a week ago. Having been a dedicated client of Bank of America, contributing significantly to the bank 's cash flow with more than {$10000.00} monthly, I find it prudent to assert my entitlement to swift and equitable service, especially during challenging times like these. Given the considerable financial rapport I hold with the bank, it would be fitting to regard me as a top client and grant me a temporary credit for the disputed transaction. Furthermore, I believe it is essential to note that all clients, irrespective of their financial standing, should be accorded a temporary credit immediately after successfully filing a transaction dispute. This practice will not only fortify trust between the bank and its clientele but also ensure that clients can manage their finances without unnecessary strain during the investigation period. This interim credit represents not just an assurance of my fiscal steadiness but is also emblematic of Bank of America 's longstanding dedication to client contentment. While I trust your team 's proficiency in efficiently settling such matters, this temporary credit would immensely assist in stabilizing my financial stance during the investigation. I would be grateful for your expedient attention and an update on when the temporary credit would be reflected in my account. Eagerly awaiting a prompt resolution. Warm regards, XXXX XXXX XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: VA
Zip: 223XX
Submitted Via: Web
Date Sent: 2023-09-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-20
Issue: Problem with a lender or other company charging your account
Subissue: Transaction was not authorized
Consumer Complaint: I got scammed early this XXXX for {$900.00}. So we filed for a claim from the Bank of America. They told us to wait for 45 days but after that they said they cant do anything.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MA
Zip: 026XX
Submitted Via: Web
Date Sent: 2023-09-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-20
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: 33155
Submitted Via: Web
Date Sent: 2023-09-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-20
Issue: Problem with a lender or other company charging your account
Subissue: Transaction was not authorized
Consumer Complaint: On XX/XX/2023 there was a charged on my bank of America business account for {$710.00}. I contacted Bank of America and let them know this charge was fraudulent my card were missing and the transaction was unauthorized. On XX/XX/2023 Bank of America sent a letter denying my claim. They have not provided any factual information showing the charge was valid ( because it was not valid ) they have not reached out for more information on the dispute they did not take into account my police report nor my federal trade commission report. Bank of America is attempting to hold me liable for a fraudulent transactions with no valid reason as to why.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: SC
Zip: 29456
Submitted Via: Web
Date Sent: 2023-09-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-20
Issue: Problem when making payments
Subissue: Problem during payment process
Consumer Complaint: I established a Bank of America Credit card to take advantage of the zero-interest balance transfer promotion they were offering. The first payment I made to the credit card went through with zero issues. Fast forward to this month 's payment which was due XX/XX/XXXX and I log in to make the payment XX/XX/XXXX only to find that I MUST enroll in online banking AND re-establish my account to draft the payment from. That portion didn't bother me much as I know online portals update. The part that made it extremely difficult was that they had to re-verify my checking account to make the payment ( as of XX/XX/XXXX it is still not verified because I have to report small deposits made as of XX/XX/XXXX FIVE days after attempting to make payment, and I am still unable to pay my bill ). I reached out to the Bank of America Chat immediately on XX/XX/XXXX since I knew my bill was due soon and had not experienced this when I made the very first payment the month prior. The rep told me that Bank of America would " honor '' my payment at the time it was made online even though the account had not been verified yet ( which was a lie-because it never allowed me to submit a payment since the account isn't verified ). I asked for alternate methods of payment since I was having issues online. I was provided in the chat with an XXXX number ( thankfully I saved in my phone ) and was not provided anything else other than " you can stop by a branch ''. I ASKED for the communication to be sent to me for future reference and was told they could not send the chat over. I was also told that they could not send me anything in writing listing out the other ways to make payments. I believe their practices fall under UDAAP because they do not clearly indicate how the payment process works. If they change how payments are processed/set up they have a responsibility to communicate that to their customers. Thus, creating a lack of understanding of how they operate and abusive practices by creating a stressful situation where someone may be trying to pay their debt and then end up with late fees, etc. They also try to FORCE you into signing up for estatements which is not a good option for all people.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: SC
Zip: 29073
Submitted Via: Web
Date Sent: 2023-09-20
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-20
Issue: Trouble using your card
Subissue: Credit card company won't increase or decrease your credit limit
Consumer Complaint: Since 2020, my small business had a credit card with Bank of America with a XXXX limit. This card was used strictly for business purposes. The account was paid on time each month ( never late ) and then completely paid off in a lump sum payment of {$15000.00} and currently has no balance. My business never had one late payment on any debt owed. Shortly after the entire balance was paid, Bank of America sent me a letter stating that they had reduced my limit down to {$1000.00} due to a derogatory public record or collection and too few accounts paid on time. This was a complete fabrication. There have been no accounts, business or personal that have not been paid on time. There has not been one late payment on my credit either business or personal in over 10 years. The Derogatory public record they are referring to, was on my credit report from several years prior to applying for the business credit card and that record would have been a part of their decision when approving the credit line. In other words, they approved the credit card and gave me a {$20000.00} limit with the derogatory record on file. When speaking to the representative, they based a decision to negatively affect my business credit score because we only paid the minimal balance each month even though it was paid on time and we had just sent them a {$15000.00} payment to pay the balance in full. My business credit is being negatively impacted
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 30248
Submitted Via: Web
Date Sent: 2023-09-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-20
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I deposited my paycheck via mobile deposit with Bank of America on XX/XX/XXXX in the amount of {$900.00}. This is the same check I deposit weekly, always on Friday morning, by the same issuing bank ( XXXX XXXX Bank ), always in the same exact amount. The funds are always available to me the following day ( Saturday ). Bank of America placed a hold on the entirety of the funds that will not be removed until XX/XX/XXXX, which is 11 days after the deposit, despite the fact that XXXX XXXX Bank released the funds for the deposit on XX/XX/XXXX to Bank of America and the funds cleared with both banks on XX/XX/XXXX. I called BOA on Saturday XX/XX/XXXX when the funds initially did not appear in my account to inquire about the hold. I was informed that because it was a Saturday, there was nothing that could be done to remove the hold and if I had called on a business day, I could speak with someone to remove the hold, but that my funds would be released on Tuesday XX/XX/XXXX. I decided to wait until Tuesday. On Tuesday XX/XX/XXXX, I still did not have access to my funds so I called BOA again. They informed me that the check was going through a " verification process '' and the hold can not be removed until XX/XX/XXXX. I asked the deposit to be cancelled and they informed me they could not cancel the deposit. I asked to speak to a supervisor and the representative kept me on hold for over an hour as I waited for a supervisor. She claimed she was having issues transferring the call to the supervisor, but that the supervisor would call me directly within a few minutes. I received NO CALL from a Bank of America XXXX. I called back in a few hours and spoke to another representative who was immediately rude to me. I asked for a supervisor and she denied my request. I asked her if she could review the notes from the previous call so that I did not have to explain the situation again since I was on hold for over an hour waiting for a supervisor. She informed me that Bank of America does not take notes on their calls as they hope to resolve the issue on the customer 's first call. Eventually this woman transfers me to a supervisor. I speak to the supervisor and she informs me that the hold can not be removed, but that I can ask my employer to place a stop payment on the check and reissue it. I ask my employer to do this, and they agree, except when they go to place the stop payment, they see that the funds have already cleared with the issuing bank, which prevents them from being able to cancel the check. So we received confirmation from both banks that Bank of America has had verification of funds since XX/XX/XXXX and is negligently, unethically and illegally withholding funds for an additional 8 days despite having verification and access to said funds. I proceeded to talk with two representatives via online chat through BOA 's mobile banking website, both of whom provided me with the same copy and paste response of " glad to hear the funds have cleared the bank, the hold will be released on XX/XX/XXXX '' along with several rapid fire copy and paste paragraphs and the conversation abruptly ended before I could even read anything, never mind respond to these representatives, who are named XXXX and XXXX, both located in XXXX, NY. Bank of America at the very least acts unethically as one of the largest federal banking institutions in the country and should be held to a much higher standard. These practices are unacceptable.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MA
Zip: 01876
Submitted Via: Web
Date Sent: 2023-09-20
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-19
Issue: Managing an account
Subissue: Cashing a check
Consumer Complaint: On XX/XX/2023, I deposited a check via an ATM at Bank of America. I was initially informed that the funds would be available by XX/XX/2023. However, on XX/XX/2023, I received an email from the bank stating that the release of my funds would be delayed until XX/XX/2023. To my surprise, on XX/XX/2023, I received a letter ( dated XX/XX/2023 ) from Bank of America notifying me that they were closing my account. The letter did not provide any specific reasons for this action, and when I inquired further, I was only told it was a " business decision. '' I have made multiple attempts to contact Bank of America 's customer support, both over the phone and by visiting a physical branch, but have not received any satisfactory answers or resolutions. This situation has caused significant distress and inconvenience, as the check I deposited was intended to cover my college tuition. Due to the bank 's actions, I have faced numerous challenges in meeting my financial obligations. I placed my trust in Bank of America to handle my finances responsibly, and I am deeply disappointed and frustrated by the lack of transparency and support I have received.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 94530
Submitted Via: Web
Date Sent: 2023-09-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-19
Issue: Written notification about debt
Subissue: Didn't receive enough information to verify debt
Consumer Complaint: Complaint Regarding Difficulty Obtaining Settlement Information from Bank Of America credit card department. I am writing to express my profound dissatisfaction with the service I have received from Bank of America in relation to my recent settlement through a third-party debt manager concerning my Bank of America credit card account. As a holder of both XXXX XXXX and XXXX licenses, I am obligated to report specific financial information to FINRA. One critical requirement is to provide detailed information about my outstanding debts and settlements within 30 days. To fulfill this obligation, I reached out to Bank of America multiple times, seeking assistance in obtaining a letter that would include vital details such as my initial amount owed, the settlement amount, and confirmation that the settlement was paid in full. However, my experience in attempting to acquire this seemingly straightforward documentation has been nothing short of a frustrating ordeal. Instead of prompt and accurate assistance, I encountered a series of errors and a lack of competence on the part of Bank of America representatives. Firstly, I received incorrect fax letters that contained inaccurate information. To make matters worse, one of these fax letters was sent to the wrong recipient, exacerbating the situation and potentially compromising my financial privacy. When I inquired about the limitations of Bank of America 's pre-populated letter templates, the representatives were unable to provide a satisfactory explanation. It was only after speaking with Supervisor XXXX XXXX that I learned that Bank of America 's standard settlement letters can not be modified to include custom information, such as the specific amounts involved. Supervisor XXXX XXXX also informed me that the settlement amounts could be found in my last bank statement, which I had never received. Despite the urgency of my request and the critical need to submit this documentation within a 30-day window, XXXX XXXX could only offer to mail the statements to me, a process that would take an additional 10 days. Unfortunately, she was unwilling to expedite the mailing or fax the necessary information, further delaying my ability to fulfill my regulatory obligations. I find it deeply concerning that such a simple and crucial request has been met with such inefficiency and a lack of urgency. This situation not only reflects poorly on Bank of America 's customer service but also puts me in a precarious position regarding my professional responsibilities. I kindly request that you investigate this matter promptly and take the necessary steps to rectify the situation. Specifically, I require the accurate and complete documentation regarding my credit card settlement to be provided to me without further delay, preferably through expedited means. I trust that Bank of America will treat this matter with the seriousness it deserves and take immediate action to resolve it. I look forward to a swift resolution that will allow me to meet my obligations to FINRA without any further impediments.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11106
Submitted Via: Web
Date Sent: 2023-09-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-19
Issue: Trouble using your card
Subissue: Can't use card to make purchases
Consumer Complaint: The Bank of Americas so called senior resolution specialist omitted the fact that their employees misled me on multiple fronts after they blocked my card for no reasons.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 14850
Submitted Via: Web
Date Sent: 2023-09-19
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A