Date Received: 2023-08-08
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: My wife and I opened up a ira account at Bank of america in XXXX ca. With XXXX money she received from her job at XXXX XXXX, I am on this account as beneficiary. The amount of {$120000.00} was deposited. We received a deposit slip, a ira adoption agreement, the account summary information, and a business card from the bank teller. After my wife 's died I went to different bank of America 's to let them know that my wife passed away and that I was benificerary on this account and I wanted to know the balance of the account. They took all the information from me they needed to identify me and the ira account one bofa branch told me this account was closed and would not give me no information about the account! Another branch told me they could not find this account even though I gave them the account number from the bank form I gave them they told me it was nothing they could do. I was sent to different departments no one would tell me where the money is. There had been others with similar issues as this with this bofa XXXX california. Please help for this money is needed I am handicapped, unemployed and trying to hold on to my home can some one please help.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 95242
Submitted Via: Web
Date Sent: 2023-08-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-08
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: To Whom It May Concern, I am writing to address a concerning issue regarding the closure of my Bank of America checking account on XX/XX/XXXX due to suspected fraud activity. As a college student, I held multiple checking accounts and initially dismissed this closure, unaware of the potential implications. Having recently relocated to Florida, I had yet to realize the prevalence of fraudulent activities in the area. The situation escalated when my credit application was denied despite having a credit score of XXXX. The grounds for denial were linked to the recent closure of my checking and/or savings account by a bank. In response, I promptly reached out to Bank of America to rectify the situation. I conveyed my lack of knowledge about the account closure and sought guidance on how to resolve the matter. The bank representative assured me that no closure was recorded on their end at the time and advised me to dispute the claim through XXXX. Following the representative 's guidance, I initiated a dispute with XXXX. After a month, XXXX informed me that they had contacted Bank of America and were only able to remove the derogatory mark from my report with the bank 's approval. My attempts to communicate with Bank of America yielded little progress, as no one could provide me with information about owed amounts or a pathway forward. In pursuit of a resolution, I visited my local Bank of America branch on XX/XX/XXXX, hoping for more effective in-person assistance. However, it became evident that even within the branch, communication with the corporate offices remained necessary. Despite conversations with customer service representatives, I was informed that the issue would persist on my XXXX record for 5-7 years, an outcome I find unjust as I had not committed the action leading to the account closure. I persisted in my plea for fairness, yet left the branch that day without a satisfactory resolution. Undeterred, I returned to the branch on XX/XX/XXXX in an effort to secure written documentation from Bank of America outlining the outstanding amount. On this occasion, I encountered the same branch staff member who, upon contacting the Recovery department, was informed that my account had not been closed by them. No derogatory reporting was visible on my file, prompting a suggestion to contact the RISK department. Upon review of my XXXX report, it was noted that the contact number led to Bank of America 's RISK department. Contacting the RISK department, the representative could not locate any information pertaining to my case, advising me to consult the Recovery department. However, this recommendation was met with resistance, as the worker sought to escalate the matter to a supervisor in the RISK department. The supervisor deemed it premature to take action and conveyed that a resolution could not be achieved for the next 5-7 years. I find this outcome profoundly inequitable, as the circumstances leading to the account closure were beyond my control. I reported the fraudulent activity to Bank of America and continue to face unwarranted consequences. As a young individual committed to responsible credit management and personal growth, I implore you to reconsider this decision, allowing me the opportunity to move forward positively, just as I had been doing before this incident. Sincerely, XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33169
Submitted Via: Web
Date Sent: 2023-08-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-08
Issue: Closing an account
Subissue: Company closed your account
Consumer Complaint: Bank of America chose not to do business with me. They have yet to notify me of why stating they do not have to provide me with a reason. Next they stated my account was closed. The account was not closed so my deposits still went into that account. They will not release any of my funds and keep telling staff to not provide me my funds or any information regarding my account. They stated it would take 10 days to close. They have stated it closed on the XXXX but no check was issued out. Today on the XXXX a man named XXXX in the risk account closure XXXX stated theyll close my account when they close it. No set date ever has to be made nor information provided. I would like the funds off that account and for Bank of America to be held accountable for their lack of information and understanding towards a consumer.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11003
Submitted Via: Web
Date Sent: 2023-08-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-08
Issue: Problem caused by your funds being low
Subissue: Overdrafts and overdraft fees
Consumer Complaint: My account was taking over from fraud for about two years now and I have been calling all of this time I sent in documents and police reports for the last two years and BofA is still telling me pending XXXX XXXX dollars they know the problem but just choose to give me the run around and each time I call Im being told something different!
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: SC
Zip: 290XX
Submitted Via: Web
Date Sent: 2023-08-08
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-09
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Difficulty submitting a dispute or getting information about a dispute over the phone
Consumer Complaint: On XX/XX/2023 I received an alert from my credit monitoring service stating I was 30dpd on a credit card. I knew this was an error as I have a 100 % payment history with all my accounts and a near perfect credit score. I logged into the service and saw it was Bank of America. I logged into my Bank of America account and saw I already had an autopay setup for the {$19.00} payment due ( total due in full ) for XX/XX/XXXX. As soon as I received the statement I logged in online and scheduled the payment. I have a $ XXXX line of credit with BofA and a {$19.00} balance. I immediately called Bank of America. My mind was baffled as a prime customer why I didnt receive a courtesy call and where was the statements?? I am enrolled in paperless statements and the one I received is the one I scheduled the payment for to be pulled on the due date. I did not get a paperless statement for the previous month nor a call. I was told a complaint would be submitted to upper management and the rep I spoke with had the authority to request the late reporting suppressed from my credit reporting. He told me it would take up to 30 days to update. Perfect, I thought this was resolved until I called the following weekend on XX/XX/23 to confirm the actions in which I was told took place was actually done. I was told by that rep that the conversation was notated but she doesnt see that the letters/dispute was entered. She consulted with a manager in which I was told she would process the request to remove the reporting and I would receive two letters via mail confirming so. I told them I was in the process of purchasing another home and how urgent this was. I was given credit bureau dispute number XXXX and SRA # XXXX. Now on XX/XX/23 to date I havent received the letter I was told would be sent stating theyve sent the request to remove the 30 day reporting from my credit reports. I called and spoke with a manager XXXX who proceeded to tell me the prior information I was told was incorrect that they cant send anything to me in writing and ultimately its up to the credit bureau if they update it and the decision was not in their hands. I educated him that Bank of America is the creditor reporting and theyll update to what theyre told and he told me this wasnt the case. This leads me to believe that all that was done was a standard dispute initiated and not a request to remove the reporting due to the negligence or system error on bank of Americas side. I asked for a higher level manager as I want it removed from my credit and for them to honor what was originally told to me on the first conversation on XX/XX/XXXX. Banks need to be held accountable to the information given and I shouldnt receive multiple different information from one rep to the next.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NV
Zip: 89052
Submitted Via: Web
Date Sent: 2023-08-09
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-08
Issue: Opening an account
Subissue: Didn't receive terms that were advertised
Consumer Complaint: We received an advertisement from BoA inviting us to open a business checking account. Advertisement promised a welcome bonus of {$1000.00} for keeping a balance of at least {$20000.00} for 60 days of account opening or {$1500.00} for keeping a balance of {$50000.00} for 60 days. We opened a new business account on XX/XX/2023 and made a deposit of {$10000.00},- on XX/XX/2023. On XX/XX/2023 we made a second deposit of {$10000.00}, - and on XX/XX/2023 we made a 3rd deposit of {$50.00}. On XX/XX/2023 the balance was {$20000.00} After BoA charged a cash deposit fee of {$7.00} the balance was {$20000.00} which is also the current balance as of today. No deposits or withdrawals have been made since XX/XX/2023. On XX/XX/2023 I had an appointment with a financial advisor at our branch in XXXX XXXX. I showed her the letter which promised a bonus of {$1000.00} and asked her why the bonus had not been deposited after over 90 days. She went with the letter to the branch manager and when she returned she started to write on my original copy without asking if that was ok with me. She advised me that we would not receive the bonus until XXXX, XXXX, 2023. She also showed me on her computer screen that we had an average balance of {$19000.00} during the past 90 days. When I asked her how this was possible and how the average balance of {$19000.00} was calculated, her answer was I dont know, the system determines the average balance. I asked her to print this out and she replied I cant because its something internal Then she called the branch manager who advised me that we would not receive the bonus if we wouldnt leave the {$20000.00}, - in the account until XX/XX/2023. The branch manager printed out a statement from her computer and wrote the average balance onto the upper right corner.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AZ
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-08-08
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-08
Issue: Unexpected or other fees
Subissue:
Consumer Complaint: Bank of America froze my account then said I owe XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MI
Zip: 48340
Submitted Via: Web
Date Sent: 2023-08-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-09
Issue: Fraud or scam
Subissue:
Consumer Complaint: With regard to my situation of being defrauded out of approximately {$30000.00} during the Bank closing of my home and the funds transfer from XXXX XXXX to Bank of America, it's been established that although a freeze on the fraud account at Bank of America was initiated by XXXX XXXX , Bank of America FAILED to follow regulatory guidelines and freeze the fraudulent account. This resulted in a loss of approximately {$30000.00} to my family and I. As an update to my case, someone named XXXX from Bank of America reached out to me on XX/XX/XXXX at XXXX, the incoming number was XXXX. I again explained my situation and asked XXXX why the Bank of America fraud account was NEVER frozen when a SWIFT RECALL was placed by XXXX XXXX and why the Bank of America fraud department is not willing to work with law enforcement. I tried to add law enforcement to the call, but as soon as the call was connected to the detective assigned to my case, XXXX abruptly hung up the call. Again, I can not understand how a professional transaction between XXXX XXXX and Bank of America on the closing of my home has left me and my family defrauded like this. I was defrauded out of approximately {$30000.00} because Bank of America failed to follow OCC guidelines and Banking Regulations. As per OCC guidelines, Bank of America should have frozen the fraudulent account initiated by XXXX XXXX and should have risk management in place to detect and prevent fraud. Operational Risk : Fraud Risk Management Principles | OCC ( treas.gov ) Bank of America to pay XXXX XXXXXXXX in fines, customer refunds over junk fees, fake accounts ( XXXX ) The detective working on this case has successfully subpoenaed the fraudulent Bank of America account statement and information pertaining to the activities of the account. From the statement of the fraudulent account, where my funds were transferred to, it is crystal clear that Bank of America NEVER froze the fraud account. The negligence of FAILING to freeze the fraud account and work with law enforcement has resulted in my family and I losing a substantial amount of money. My funds were left unattended in a fraudulent account where the fraudsters continued to log onto the account online, withdraw substantial money from the branch and continue to withdraw money from ATMs after we frantically issued a swift recall from XXXX XXXX. I am a working Mom with XXXX children and I honestly can not afford this kind of monetary loss. I am again asking representatives of Bank of America to contact me, the detective assigned to my case and XXXX XXXX and work with us.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11040
Submitted Via: Web
Date Sent: 2023-08-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-09
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: Im accordance with the fair credit reporting act these accounts have violated my rights under 15 USC 1681 section 602 states I have a right to privacy. Under 15 USC 1681 604 A section 2 a consumer reporting agency can not furnish an account without written instructions. Under 15 USC 1666 B a creditor can not treat a payment on a credit card account under an open consumer credit plan as a late payment for any purpose
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: IL
Zip: 60615
Submitted Via: Web
Date Sent: 2023-08-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-09
Issue: Incorrect information on your report
Subissue: Personal information incorrect
Consumer Complaint: I noticed on my XXXX Credit Report that there was an address that I have never lived in. This one address is XXXX XXXX XXXX XXXX, CA XXXX. I have never lived in this address. I don't know this address. I don't know anybody who lives in this house. Please remove it from my credit score.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 08520
Submitted Via: Web
Date Sent: 2023-08-09
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A