Consumer complaint received 2017-04-08
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
Product: Bank account or service
Sub-product: Savings account
Issue: Account opening, closing, or management

Complaint:
In XXXX of XXXX, I opened a Health Savings Account ( HSA ) with Bank of America at the following website : myhealth.bankofamerica.com At no time during the set up of this account was any information regarding fees directly presented to me. Shortly after setting up this account, I received a debit card and and two pamphlets in the mail. The first pamphlet was an agreement pertaining to the debit card. 

The second pamphlet was entitled " Bank of America Health Savings Account Custodial Agreement. '' On page XXXX of this agreement is a section entitled " Article VI. Fees ''. The first sentence reads " You agree to pay the applicable fees as set forth in the enclosed Schedule of Fees ''. At this point, I would like to emphasize that there was NO SCHEDULE OF FEES ENCLOSED, only the two pamphlets and a cover letter. 

Once my checking account had been linked to this HSA account. I made a contribution of {$1000.00}. I did n't log back in to this account until XXXX of this year ( XXXX ). From the time that I opened the account until the time I logged back in ( over four months ), I DID NOT receive any correspondence from Bank of America. I did not receive any emails from them letting me know that a quarterly statement was ready for viewing online. 

After logging in to make another contribution, I noticed that my initial {$1000.00} contribution had been reduced to {$980.00}, and I was outraged to say the least. Bank of America is using deceptive tactics on their website that is nothing short of criminal. I feel like I was robbed and violated on a continuous basis for the several months the account was open. I immediately closed the account and rolled the remaining money into a much more consumer-friendly institution -- XXXX. The final amount I got back from Bank of America was {$960.00} -- a disgusting amount from a disgusting company. 

Because I was NEVER directly shown any schedule of fees, either online or in the information sent to me in the mail ( which informed me that it was enclosed ), AND because they never informed me by email that a quarterly statement had been prepared, I feel that all fees should be returned to me. Had I seen the quarterly statement they prepared in XXXX, I would have promptly closed the account. 

I should note that the schedule of fees is " available '' online, but you have to dig to find it. AND It is NEVER presented to you in a clear and fair way while setting up the account. I would also like to point out that their Custodial Agreement does say that I would be notified when statements are ready -- this never happened. 

It really is shameful, and I am surprised that these tactics are legal. It 's as if I bought a car, but the dealer never told me how much it was and secretly withdrew whatever he wanted from my bank account every month -- forever. 

Thank you for your time, and I would appreciate any help with this matter. It 's not a lot of money, it 's the principle ( no pun intended ) of the matter, and I do n't want this to happen to anyone else.

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 explanation