Consumer complaint received 2023-12-09
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
In XX/XX/XXXX, I contacted Bank of America to initiate a partial transfer request for a security position held at another institution ( XXXX XXXX ). Bank of America sent me a form to complete, which I did complete a submitted. After not hearing from Bank of America for several weeks, I contacted them to inquire about the status. Bank of America instructed me they sent me, and I submitted the incorrect form, and the mailed me a different form to complete. Upon receipt of the form sent by mail, I completed it accordingly requesting a partial transfer of the same security. The form appeared to require notary signature. I took the form to the local branch in order to have it notarized, with the intention of mailing it back accordingly. At the branch a bank representative stated a notary was not required, and that they could handle submission of the request at that time. I instructed the representative to ensure that the form was completed accurately to initiate a partial transfer of the respective security as I did not want the account at XXXX XXXX to be closed. He stated that it would be handled accordingly. After leaving the branch I recieved an email confirmation that same afternoon ( XX/XX/XXXX ) that the transfer was initiated as a Entire Account Transfer transfer type and that they expected to have it completed by XX/XX/XXXX. I returned to the branch that same day to instruct the branch representative that it was incorrect, and to either request modification or have it cancelled. I was told Id have to wait until it was completed. 

Upon notification that the respective incorrect transfer had been completed I contacted Bank of America to correct the the issue, I was told by the representative that the form they have on file instructed them to execute a full transfer. I stated that was incorrect, as the form I completed and signed, specifically section XXXX, was checked marked for Partial Transfer. At that time I requested a copy of the respective form they have on file, which was told I could view in my secure vault within my respective account online. The respective form is not in the secure vault within my respective account. The form I have explicitly instructed for a partial transfer The representative stated I would need to contact the sending institution in order to request the ACAT transfer be reversed. 

I followed up with several subsequent phone calls with both institutions, with the last call being w/ Bank of America where I was instructed to initiate a XXXX XXXX XXXX order to have the problem investigated and reconciled. I requested that a XXXX XXXX be initiated on that phone call and the representative stated he had initiated it and they would follow-up with me within XXXX hours. I have heard nothing back since, and the issue has not been resolved.

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