Consumer complaint received 2022-06-16
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
I opened a bank account with Bank of America about 4 weeks ago. A personal checking, as I have a newer job and wanted a new account for my direct deposit. About 4-5 years ago my friend and I owned a small business, unfortunately due to Covid-19, we were forced to lay off everyone and close the companies some time ago. Bank accounts were emptied to pay what bills we could. The companies were both Limited Liability entities. Last year I received a call from BOA regarding the balance owed on these credit cards, I explained in detail that I myself was on unemployment and that there simply was no money left to pay them at this time. They understood and noted my account, I had not heard from them since. BOA states they have sent me numerous pieces of mail since then regarding this debt, but have no proof these were delivered to me, as they were not sent certified. Fast forward to 2 weeks ago, I went to check my account to pay my rent and car note, and they had removed without warning {$1200.00} from my bank account, leaving me with {$100.00}. I almost threw up. I just started working, I take care of my disabled mother with no help from family. And because in fine print on something I signed when opening my checking account, they removed almost every dollar I had to my name. They are attempting to use a loophole in the law, that because technically they are " business '' credit cards, and not categorized as consumer credit cards, to state they were lawful in this action. I had to borrow money just to pay my rent and car note. They stated they felt I had enough money because of my balance, however those deposits were not mine, it was not even my money at all. A friend asked since I had a XXXX account IF he sent me some money, could I invest in some stocks for him. I said sure, you can see the deposit and withdrawals of those funds after he made a few bucks. So they assumed it was fine to empty my account and leave me with nothing. I understand that whatever I signed supposedly gave them the right? However now my account is in the negative, I'm behind on my car and still have not repayed my friend for the loan. I do not know what I'm going to do now. This company is now preying on me and probably others who are in debt due to the COVID-19 pandemic. As if things were not bad enough for people, a large company like this is now preying on the less fortunate. I want my money returned to me, I'm more then happy to try and make a payment arrangement with them once this is done. But what they have done is completely inappropriate, I have also contacted the States Attorneys office in Delaware regarding this matter. I'm begging for any assistance that your office can give to this disgusting display of power from BOA over those who have been hurt so badly from this pandemic. They are now in possession of ill-gotten monies, they have unlawfully removed from my personal checking account. This company has a long history of numerous Class Action Lawsuits which they have in fact lost, due to fraudulent behavior of this kind, paying millions of dollars to account holders for their nefarious ways. Help.

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