Consumer complaint received 2018-03-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC
Product: Debt collection
Sub-product: Credit card debt
Issue: Written notification about debt
Sub-issue: Didn't receive notice of right to dispute

Complaint:
In late XX/XX/XXXX and into early XX/XX/XXXX, I started to receive letters regarding the XXXX XXXX XXXX XXXX ( XXXX ME ) Business credit card which I was guarantor on when it was first opened. My old business partner XXXX XXXX, XXXX was the prime user on the account and the purchases were for the XXXX XXXX only. I did not make any purchases with the credit card. The XXXX XXXX was located in XXXX Maine and is now since closed. The letters I was receiving were for past due payments and no payments being made. This was happening in late XX/XX/XXXX and into early XX/XX/XXXX. I contacted XXXX XXXX and alerted him to begin making payments, which he did, but then stopped again. As the letters continued to come in, I contacted Bank of America several times to have them contact XXXX XXXX directly as that is where the payments needed to come from. I got the answer, I am a guarantor and I am responsible. I contacted XXXX XXXX several times and eventually, he went to Bank of America and set up a payment plan and had me removed as guarantor. Those were his words to me after going to the bank directly. I was not in Maine when this happened, I was in NC going through my XXXX treatments. I had to go by what he had stated to me via phone. After that payment plan was put in place around XX/XX/XXXX or XX/XX/XXXX, I stopped receiving letters and was not able to view the Business Credit Card account in the online banking website. My understanding from what he told me is that all information was going directly to him and since I was off the account, I would no longer be able to view the information. Obviously, I was fine with that. So from late XX/XX/XXXX to XX/XX/XXXX, I did not receive one solitary piece of information ( NO mail, email, phone calls, texts, online banking alerts, mobile banking alerts ) about this account. In XX/XX/XXXX, I contacted XXXX XXXX XXXX, my XXXX XXXX financial advisor to deduct XXXX from a XXXX plan to pay for my sons education expenses. When the money hit the account, it was taken immediately by Bank of America Business Credit Card collections. I was not alerted, I was not contacted, I was not provided ANY legal notification or legal documentation around this removal of XXXX Plan Money. I went to go pay my sons tuition and got denied. I utilized the online banking function and contacted Bank of America as soon as I saw the transaction hit. I was routed to 3 or 4 different departments and no one could tell me what happened. Finally, I was told it was about the Bank of America Business Credit Card and recovery of XXXX from my account. I was aware of the need, since XXXX XXXX was responsible for the payments and I had not received ANY information from Bank of America alerting me to ANY issue since late XX/XX/XXXX. I was told by the recovery department that they sent me a letter, which I still have not received. But the recovery agent stated that they sent the letter to an address, which had never received a letter. That to me shows negligence on the part of Bank of America and a fraudulent activity committed against an innocent client. I have escalated this matter to my Financial Advisor at XXXX XXXX who is trying to help me out. I can not believe, with how long I have been with Bank of America, that this is happening. To just take money out of an account with no legal or compliance information provided, is fraudulent and should be illegal. I understand they have processes and procedures, but this is plain criminal. I want the XXXX returned to my account as it is XXXX plan money and needs to go to an education institution to pay for specific expenses. This recovery action taken against me could become a tax issue with the Internal Revenue Service, and as such Bank of America will have made a client have to answer unnecessarily. I do not know where this goes, but I want the XXXX back in the account so I can pay the education bills appropriately. Bank of America needs to go after XXXX XXXX XXXX for this money and not just take money from a valued client. 

I tried to open a fraud investigation against XXXX XXXX and also note that I am innocent in this matter. I wish to let the Bank of America folks know that the processes and procedures for client notification and documentation have FAILED. There needs to be research into this matter to see how a client can be treated like this. I am no one special and I now know that feeling personally from Bank of America.

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