Consumer complaint received 2023-09-13
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I recently sent this notice to XXXX XXXX XXXX XXXX/ XXXX XXXX AND THEIR INDENTURED TRUSTEE BANK OF AMERICA NA in regards to a business account that I am a personal guarantor for. XXXX XXXX XXXX is not abiding by the terms of the contract Section 12 in particular. I have a lien on the account. I am the owner and lienholder of the account along with funds therein, and upon the closure of the account, I am entitled to receive all funds that were in the savings account. A letter and stamped and endorsed promissory note was sent to BANK OF AMERICA NA and for processing of the payment AND TRASNFER OF THE CREDITS. 
If the bank can not comply I will be forced to file investor complaint with Securities & Exchange Commission as well as file form 211 with IRS to request an audit of the account. 
Please let this email serve as a formal written request for an account lock revocation for Borrower, XXXX XXXX, XXXX. I do not wish to close my account. I would like to utilize the funds for business expenses and continue to may monthly payments for credit reporting purposes if you dont mind. As stated in the loan account agreement, it is understood there may be a delay in the time that funds become available in the savings account. I would like to request for funds to be expedited and transferred via ACH to the business checking 's account that is on file. Please provide an update as the request is being processed and the timeframe that funds will be deposited. Do not hesitate to email me if there is any additional information that you may need to process this request. Thank you for time and attention to this matter, Respectfully, XXXX XXXX , XXXX. 

OWNER XXXX XXXX XXXX LAST FOUR OF SSN XXXX BIRTHDAY XX/XX/1989 Please refer to my loan agreement that is attached below : specifically, Section 12. Accessing Funds Early which states : 12. ACCESSING FUNDS EARLY. Borrower may revoke the Lock Authorization and access funds in the Savings Account at any time before termination of this Agreement by providing written notice of account lock revocation to XXXX or XXXX XXXX XXXX, ATTN : XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX TX XXXX. Borrower understands and agrees that revoking the Account Lock Authorization is an Event of Default under this Agreement and that, upon receipt of an account lock revocation, Lender has a right to exercise any or all of the remedies set forth in Section 14 ( Security Agreement ) and Section 20 ( Rights and Remedies Upon Default ), including, but not limited to, the right to apply the balance of the Savings Account to the amount then-owed under this Agreement. To avoid an Event of Default, at the time the Borrower revokes the Lock Authorization, Lender may give Borrower the option ( i ) to pay the amount owed under this Agreement in full or ( ii ) to modify this Agreement to reduce the principal amount owed under this Agreement. Depending on the option pursued, Borrower understands that it may receive more or less than the Loan Amount upon early revocation of the Account Lock Authorization. As provided under the Business Purpose Savings Account Agreement, a delay may occur before Borrower receives funds in the Savings Account. Borrower understands that revoking the Account Lock Authorization within 6 months of the Loan Date may result in less favorable credit reporting as explained in Section 13 ( Credit Reporting )

Company response to consumer: Closed with explanation