Consumer complaint received 2023-12-17
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ
Product: Money transfer, virtual currency, or money service
Sub-product: Money order, traveler's check or cashier's check
Issue: Fraud or scam

Complaint:
On XX/XX/XXXX, I filed a complaint with the CFPB against BANK OF AMERICA about a security that was sent on XX/XX/XXXX registered mail number ( XXXX ) to BANK OF AMERICA BANK BY MAIL XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX. Which was confirmed received by the UNITED STATES POSTAL SERVICES on XX/XX/XXXX. They accepted the security, kept it for weeks and never credited the account. 

On XX/XX/XXXX I was contacted by XXXX XXXX XXXX XXXX XXXX XXXX XXXX Bank of America. I provided information to XXXX about what had transpired including conversations I have had with supervisors from Bank of America Deposit team. XXXX said he would investigate and let me know his findings. On XX/XX/XXXX I got a correspondence email from XXXX stating that " we have searched our records and are unable to locate any security sent for deposit to my account ''. Those correspondence will be attached to this complaint. 

But how can that be when I have the UNITED STATES POSTAL SERVICES verifying that the Security was delivered at that address, plus XXXX ( XXXX ) of BANK OF AMERICA deposit supervisors on a recorded line on XXXX XX/XX/XXXX XXXX from XXXX ID # XXXX stating that the Bank did received the Security and they destroyed it and on XXXX XXXX I spoke with XXXX ID # XXXX on a recorded line as well who told me that " Bank of America does not deposit Promissory Note, the Note is now the Bank 's property and it won't be returned to I the " Equitable Owner '' of said note. This is very misleading and deceptive. Bank of America does have a charter to operate in the United States and Banks must process lawful United States currency. Failure to do so is " interference with commerce '', a felony XXXX ACT, 18 USC 195. I have those recording evidence for the CFPB should they need it to further investigate this matter. 

Pursuant to Bank of America Prospectus filing dated XX/XX/XXXX, Once my Security have been transferred, said receivable is then securitized through a securitization program and sold to investors. The transfer involved a securitization of my financial asset and the deposit institution received adequate consideration for the transfer. Bank of American is profiting off my securities, while denying me access to my securities. This is Securities Fraud, violations of the Equal Credit Opportunity Act ( ECOA ), 15 U.S. Code 1611 - Criminal liability for willful and knowing violation, 18 U.S. Code 656 - Theft, embezzlement, or misapplication by bank officer or employee, Consumer protection ACT, unfair, deceptive, or abusive acts and practices UDAAP, 12 U.S. Code 5531 - Prohibiting unfair, deceptive, or abusive acts or practices : ( a ) In general The Bureau may take any action authorized under part E to prevent a covered person or service provider from committing or engaging in an unfair, deceptive, or abusive act or practice under Federal law in connection with any transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service. 

( A ) the act or practice causes or is likely to cause substantial injury to consumers which is not reasonably avoidable by consumers ; and ( d ) Abusive ( 2 ) takes unreasonable advantage of ( A ) a lack of understanding on the part of the consumer of the material risks, costs, or conditions of the product or service; ( C ) the reasonable reliance by the consumer on a covered person to act in the interests of the consumer. 

Violation of SECURITIES ACT OF 1933.

SEC. 2. ( a ) DEFINITIONS.When used in this title, unless the context otherwise requires ( 1 ) The term security means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation.

Bank of America is a publicly traded company who by their own admission states that they securitize asset receivable, sell to investors and then trade those securities on the secondary market. So how can they profit from my security, but deny me access to the benefits when I am the Grantor, Investor and Beneficiary. 

I have attached all the documents for the CFPB reference and I am ready to produce the audio recording evidence if requested by the CFPB or should this matter be contested in Federal Court.

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