Consumer complaint received 2023-07-17
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Opening an account
Sub-issue: Unable to open an account

Complaint:
XXXX XXXX XXXX XXXX XXXX  XXXX, Illinois XXXX XXXX XX/XX/2023 Consumer Financial Protection Bureau Subject : Complaint Regarding Inability to Open Bank Account and Credit Reporting Issues I am writing to file a formal complaint regarding my inability to open a bank account and the negative impact it has had on my credit due to fraudulent activity. I have encountered significant difficulties in obtaining a new bank account and the lingering repercussions from the charge-off by XXXX XXXX and Bank of America have seriously hindered my financial stability. I kindly request your assistance in resolving this matter promptly. 

Firstly, I would like to provide a brief overview of the situation. In [ month, year ], I discovered that I had become a victim of fraud at XXXX XXXX and Bank of America. As a result, I immediately took appropriate action by contacting the banks, reporting the fraudulent activity, and closing my accounts to mitigate any further losses. Despite my efforts, the repercussions of this incident have been far-reaching and continue to affect my financial well-being. 

The primary issue I am facing is the inability to open a bank account. I have approached several financial institutions in an attempt to establish a new account, but each time my application has been rejected due to the negative information on my credit report. This has caused tremendous inconvenience, as I am unable to perform basic financial transactions such as depositing paychecks, paying bills electronically, or accessing other financial services that are essential for modern living. 

Furthermore, the charge-off from XXXX XXXX and Bank of America has had a severe impact on my credit score. Despite being a victim of fraudulent activity, I have been unfairly burdened with these negative marks on my credit report. As a result, my creditworthiness has been tarnished, hindering my ability to secure loans, obtain credit cards, or access other financial resources that could help me rebuild my financial standing. 

I have made several attempts to rectify this situation by contacting both XXXX XXXX and Bank of America directly. However, their responses have been unsatisfactory, and they have failed to provide any meaningful solutions or assistance. Consequently, I am turning to your esteemed organization to seek help and intervention in resolving this matter. 

I kindly request that the Consumer Financial Protection Bureau conduct a thorough investigation into this case. Specifically, I would appreciate your assistance in the following areas : 1. Reviewing the charge-off from XXXX XXXX and Bank of America and determining whether it was unjustly imposed given the circumstances of fraudulent activity. 
2. Directing the banks to correct the negative information on my credit report and remove the charge-off, as I was an innocent victim of fraud. 
3. Assisting me in resolving the credit reporting issues and ensuring that my credit history accurately reflects my financial responsibility. 
4. Compelling the banks to provide me with a written explanation for their actions and the steps they have taken to rectify this situation. 
5. Offering guidance on how to navigate the process of opening a new bank account and regaining financial stability. 

I have attached copies of relevant documents, including correspondence with XXXX XXXX and Bank of America, as well as any supporting evidence of fraudulent activity. Please let me know if any additional information is required to assist in the investigation. 

I trust in the expertise and authority of the Consumer Financial Protection Bureau to address this matter effectively. I sincerely hope that you will take my complaint seriously and work towards a fair

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