Consumer complaint received 2022-09-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: AZ
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Other personal consumer report
Issue: Incorrect information on your report
Sub-issue: Public record information inaccurate

Complaint:
Sometime around the end of XXXX, beginning of XXXX ( 2022 ), Bank of America ( BoA ) closed my business checking accounts without explanation. I inquired with multiple different departments as to why but was never given a proper explanation. I eventually received a letter in the mail saying the accounts were closed, and that reports had been filed with XXXX XXXX and XXXX XXXX, but still did not explain what happened to cause this. The letter was so devoid of any helpful information that I discarded it. 

This sudden closure of my business checking accounts caused a huge interruption to my business and life and also caused damage as BoA had locked access to my funds as well. I was unable to make basic ends meet. I promptly attempted to open new business checking accounts but was denied on at least 3 different occasions due to the reports that had been filed with XXXX XXXX and XXXX XXXX. 

I thus requested copies of these reports and finally for the first time learned that BoA is accusing my business of checking account fraud, which I wholeheartedly deny. I thus disputed the accuracy of both of these reports. However, both companies reviewed the information and maintain it is accurate and it will thus remain in my file. 

XXXX XXXX sent me two letters. In one letter they state that they reviewed the accuracy of the information and were able to verify it. Yet in the other letter they state they have no documentation they can provide. So they're basically admitting to committing fraud and colluding with BoA to maintain false information. 

Both XXXX XXXX  and XXXX provided me the same phone number to contact BoA regarding their contribution to my file. However, when I contact this department in BoA I am not provided with any details nor documentation related to these allegations of fraud. Further, I am told that someone else may have committed fraud, such as a customer of mine or someone using my business information, and that I am now guilty of fraud by association. Not only is this a logical fallacy, but it's fascist. We aren't in XXXX nor XXXX you know. 

I am an honest person and run an honest business, I deny being involved with fraud at all, have no knowledge of any of my customers involved with fraud, and am unaware of anyone using my business information to commit fraud. There is no reason for BoA to be coy about the evidence they are relying on to come to this conclusion, but because they refuse to divulge any details or documentation about it to me, I am left to conclude that they are committing fraud themselves, that they are fabricating the entire report. 

Furthermore it is worth noting that BoA owns XXXX XXXX. Talk about the fox watching the hen house! When XXXX XXXX  states that it has verified the accuracy of the report, it is meaningless. They could simply have been told it was accurate by BoA and, because they are one in the same company, not even looked at any evidence or documentation regarding the allegations, but simply accepted it as true because someone said so. Without strict oversight and regulation, these companies have huge conflicts of interest and it is laughable that they are allowed to operate with this much power and control. I believe this is the sort of thing the CFPB is tasked to put an end to. 

Now while all this is going on, I was strangely allowed to open a new business checking account in the beginning of XXXX with XXXX XXXX also an owner of XXXX XXXX  and thus acutely aware of this fraud mark on my file. However, instead of denying my application like everyone else did, they approved it. Oh finally some good news I thought. I made a significant deposit of about {$5000.00} and over the coming days attempted to get my business going again. One day I attempted to pay one of my suppliers with XXXX ( also owned by XXXX XXXX  ) but was unable to. When I inquired with XXXX XXXX as to why, I was told my account was closed " due to fraud '' and nothing further. Not even a month had gone by. No further explanation nor details were provided. XXXXXXXX XXXX also put a hold on all my money and have yet to release it as of this writing.

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