Consumer complaint received 2023-09-26
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: PA
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
XXXX I filed a formal complaint with the CFPB. Complaint # XXXX ( Copy attached ) XXXX Bank Of America submitted their official response. In that response, Bank Of America references a letter of apology, dated XX/XX/XXXX, in which they acknowledged their error. ( See highlighted on the copy attached ) XXXX I made multiple calls to customer service, and to my relationship manager, in an effort to obtain a copy of the XX/XX/XXXX letter, that I never received. 

XXXX I submitted my feedback/response to the CFPB, asking that a copy of the XX/XX/XXXX letter be sent to me, as it was never received. 


XXXX I filed a second complaint with the CFPB, requesting a copy of the XX/XX/XXXX letter that Bank Of America referenced in its official response to the CFPB. Complaint # XXXX. 

XXXX I filed a third complaint with the CFPB, as Bank Of America never responded to the previous complaint filed on XXXX. 
Complaint # XXXX. 

XXXX Bank Of America sent me a direct response, in which they concede the XX/XX/XXXX letter that they referenced in their official response to the CFPB, did not exist. They did not offer, nor did they ever send the requested letter, even after acknowledging the error of not sending the letter, given the fact that the original letter did not exist. ( See highlighted on copy of letter attached ) XXXX I sent a direct email response to XXXX, in the department that sent me the XXXX letter. In that email response, I copied XXXX XXXX, CEO, XXXX XXXX, President of Business Banking, and XXXX XXXX, President of Regional Banking. ( Copy of email attached ) XXXX I received a letter from Bank Of America , via email, informing me that the letter I requested should be received by XX/XX/XXXX. ( Copy attached ) XXXX I received a letter from Bank Of America , via email. The letter completely contradicts many of the previous Bank Of America responses and communications, additionally, it misstates the issue, and contains factual errors. The original LOI from XXXX XXXX XXXX XXXX was sent on XX/XX/XXXX, to recall the wire that was sent to the wrong ABA Routing number. The original wire was refunded to XXXX XXXX XXXX XXXX on XX/XX/XXXX. Bank Of America has continued to avoid providing the true explanation for why a hold was placed on my account, on XX/XX/XXXX. ( 30 days later ) The Hold Harmless Agreement that was sent by XXXX XXXX XXXX, on XX/XX/XXXX, was submitted at my request, to get Bank Of America to release my funds. 

The letter also re-states that the XX/XX/XXXX letter of apology was never sent. The bank acknowledges my request for a simple letter of accountability, in my XX/XX/XXXX correspondence. In the very next paragraph, they state that the issue was not the result of an error on their end, even though in previous communications they acknowledge their error. If this was not an error on their end, what explanation do they have for waiting 30 days, to place a hold on my account, in response to a wire transaction from 30 days prior?? 

The letter also advises me to use this letter, to address any inquires related to the incident, even though it contained sensitive private banking details. 

XXXX I submitted another formal complaint to the CFPB, once again requesting the simple letter of accountability, for the XX/XX/XXXX Bank Of America error . 
Complaint-XXXX. 

XXXX Bank Of America decided to retaliate, and close all of my business bank accounts, in response to my CFPB complaints. 

XXXX I encountered multiple declined debit card transactions, multiple automatic bill payments were returned, and I incurred over {$120.00} in miscellaneous fees. I called Bank Of America on XXXX, and they advised me that my accounts were frozen, and in the process of being closed. They also stated that a letter of account closure was sent out on XXXX. 

XXXX I filed a complaint with the CFPB, regarding the abrupt closure of my business bank accounts, by Bank Of America , in retaliation of my CFPB complaints. 
Complaint-XXXX XXXX I went to the XXXX XXXX Bank Of America branch , and withdrew the remaining funds in the accounts, to complete the account closure process. 

XXXX I received the letter of account closure from Bank Of America . ( Copy attached ) XXXX I received responses to the two recent open CFPB complaints, from Bank Of America . They refer me to their standard deposit agreement. They reiterate that they dont have to provide a reason for my account closure. Furthermore, they dont feel they need to address my previous complaint regarding the request for the letter of accountability, since they are unable to find a change in my circumstances. 

Bank Of America also stated that my accounts closed in a negative status. Im not sure how this was possible, given my accounts were frozen, and all my transactions were being rejected. I withdrew the exact amount of funds that brought each account to a XXXX balance. Please see the attached document, which alerted me of the rejection of the transaction, prior to my closing the accounts. I am unaware of anything that took place after my accounts were closed, as Bank Of America never sent anything to me, and I was denied access to all of my account information, after XXXX. I have also attached one of my statements which shows that I was charged a returned payment fee, as a result of Bank Of America abruptly closing my accounts. 

XXXX I am submitting a formal complaint to the CFPB, asking that Bank Of America be compelled to provide the simple letter of apology, and accountability, from the error that took place on XX/XX/XXXX, that was supposed to have been generated on XX/XX/XXXX. 

How is Bank Of America allowed to be dishonest with a regulatory agency, and engage in retaliatory business practices, without consequence?

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