Consumer complaint received 2019-04-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CT
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Closing an account
Sub-issue: Can't close your account

Complaint:
I am an executor of an estate. I attempted to close decedent 's account, a saving account and a checking account. It took 4 visits to Bank of America to finally get the accounts closed. I had proper ID, Original Death Certificate and Original Certificate of Appointment. All I wanted to do was close 2 accounts and get a bank check. I was told I needed to come back for a one hour appointment because my documents had to be submitted to legal department for approval. That takes 7-10 days. Outrageous. Then I was told they do not issue bank checks they will mail it to me. Another 7-10 days. If however, I open an Estate Account with Bank of America they will transfer the funds into that account and I can have immediate access to the money. So I opened Estate Account and then asked for a bank check for the full amount of the deposit. They want to play lets play. 

Now the IRAs. There are 2 IRAs totaling less than {$7000.00}, with no named beneficiaries. All I wanted to do was close the 2 accounts. They would not let me close the accounts. First I had to give the IRA department all of my documentation again because the legal department had to review and approve it. I told them they already had this information and I was approved. Well not with the IRA legal department. They do not share information so it would take another 7-10 days to review. Well the branch manager must have felt sorry for me because the next day she called me and said I was approved. Now I was to call the number they gave me ( the IRA Department ) to open an inherited IRA with Bank of America ( of course ) and then once the money was deposited to the new  account I could close it. Well I just got off the phone with the IRA Dept, when I was told I have to go back to the branch because I  flunked the authorization process. They asked me a series of questions and apparently I did not answer one question properly so I do not pass go, I do not receive my {$100.00} dollars and I have to go back to square one or should I say I have to go back to the bank branch for the my fifth visit.

The part of this process that I find appalling is that not only am I the Executrix of the estate but I am a practicing attorney for over 35 years, specializing in estate administration. I have never in all my  years of practice had an experience like the one I had with Bank of America. They simply will not let go of the money. With other banks, I show my photo ID, certified copy of the death certificate and original certificate of appointment and I walk out with a bank check in less than an hour. I understand if its a million dollar estate and there are precautions and protocol which must be in place to protect against fraud but the total value of the accounts is less than {$60000.00}. What do they do to the little old widow who doesn't know or understand that she can take her money out and put into another bank. I thought about going into the bank with a police officer and a news reporter demanding they release my estate 's money. Love to see that article on the front page. Estate money being held hostage, what a headline! 

Oh one more thing, there is one more IRA where there is a named beneficiary, the decedent 's son. He will have to go to the bank himself to transfer the funds. XXXX help him. 

So going to bank branch again tomorrow. I will try again to close IRAs. All I know is it should not be this hard and such a waste of valuable time.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with non-monetary relief