Consumer complaint received 2023-01-20
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Other personal consumer report
Issue: Problem with a company's investigation into an existing issue
Sub-issue: Their investigation did not fix an error on your report

Complaint:
I am formally contesting the following information shown on my consumer report : 1 ) Bank of America has stated that accounts open on XX/XX/2022, were Closed for Cause. All accounts were closed on Friday, XX/XX/2022. All actions on my part were handled in a manner consistent with bank policy. The relevant information stated in the consumer report is false. 

2 ) Bank of America has stated that accounts open on Wednesday, XX/XX/2022, were Closed for Cause. All accounts were closed on Friday, XX/XX/2022. Any and all actions on my part were handled in a manner consistent with bank policy. The relevant information stated in the consumer report is false. 

3 ) The apparent incident that precipitated the closure of all accounts allegedly took place on Monday, XX/XX/2022, and was deemed Checking Account Fraud. 

a. The following actions constitute checking account fraud : Transacting or attempting to transact, with an Account in a fraudulent manner, including, but not limited to, the passing of forged, altered, closed account, or stolen checks, or kiting ( including drawing on : ( a ) a counterfeit or insufficient check deposit ; ( b ) an empty ATM envelope deposit ; ( c ) non-negotiable items ; and/or ( d ) willful misrepresentation of the transaction amount. None of the aforementioned actions took place and Bank of America has never clarified what constituted the action done on my part that is considered fraud. The relevant information stated in the consumer report is false. 

b. On numerous occasions Bank of America has stated accounts were closed due to business decisions and not for fraud or other cause on my part. 

c. The alleged incident of fraud took place the following Monday the accounts were closed, therefore it can not be the reason for account closure. The fraud is unsubstantiated. 

The following events are what occurred and can be corroborated by emails received from Bank of America : - On XX/XX/2022, I applied for a Bank of America Advantage Relationship Banking checking account ( Account Number : XXXX ), and a Bank of America Advantage Savings account ( Account Number : XXXX ). To open the accounts, a minimum of {$100.00} per account was required and was transferred directly from my bank account with XXXX XXXX XXXX XXXX XXXX XXXX ( XXXX ) in XXXX, NM. 

- On XX/XX/2022, Bank of America ( referred to as BofA hereafter ) approved my application and opened the following accounts : Bank of America Advantage Relationship Banking ( Account # : XXXX, and Bank of America Advantage Savings ( Account # : XXXX ). 

- On the morning of Wednesday, XX/XX/2022, I made 2 transfers of {$5000.00} ( total of {$10000.00} ) to my BofA savings account. This was not done in a manner inconsistent with bank policy. All the money can be directly traced to my bank account with XXXX. This was done so that the $ 25 monthly service fee would be waived. According to The Bank of America Advantage Relationship Banking Clarity Statement the following statement is true : You can avoid the Monthly Maintenance Fee when you maintain combined balances of {$10000.00} or more each statement cycle. 

- On the evening of Wednesday, XX/XX/2022, my domestic partner and I visited the BofA located at XXXX XXXX XXXX XXXX, XXXX Tx, XXXX and opened a joint a Bank of America Advantage Relationship Banking checking ( Account # XXXX ), and a Bank of America Advantage Savings ( Account # XXXX ). An employee of BofA assisted us with this and assured us all actions were consistent with bank policy. 

- On XX/XX/2022, all of the aforementioned accounts were closed by BofA. My partner and I called BofA. BofA insisted our accounts were closed due to business decisions and could not further elaborate. 

- On XX/XX/2022, upon receiving my consumer report from XXXX XXXX, I called BofA to confirm that my accounts were closed due to business decisions and not due to fraud. They assured me this was the case and that there was no indication that their system indicated any fraud was committed. I spoke with numerous employees over the phone including XXXX XXXX, XXXX in the risk department, her supervisor, XXXX XXXX  supervisor, XXXX, and XXXX supervisor, XXXX. Although I can not provide further information regarding the call, they all restated the same reason for my account closure as a business decision. 

After filing a dispute with XXXX XXXX, they responded and said everything was accurate based on an investigation conducted by BofA. I called XXXX XXXX  to obtain the reasoning for their decision and they stated that they did not conduct the investigation and simply took BofA 's word for it and did not obtain poof or documentation. I then called BofA and they, again, stated that they could not provide any information to me about the status of my account and restated that my accounts were closed for business decisions. 

I obtained another consumer report from XXXX that also had inaccurate information and stated my credit score was XXXX, directly affected by information in my consumer report. Prior to doing business with BofA, my credit score was XXXX.

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