Consumer complaint received 2019-01-30
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
XXXX XXXX XXXX XX/XX/XXXX XXXX XXXX XXXX XXXX, TX XXXX XXXX Im requesting assistance regarding a review of possible Elder Financial Exploitation. My father XXXX XXXX XXXX   XXXX XXXX XX/XX/XXXX and held a Bank of America ( BOA ) Checking, Saving, and various XXXX XXXX ( Bank of America ) Investment accounts. He resided at XXXX XXXX XXXX XXXX Tx, XXXX   prior to his XXXX. 



After my fathers XXXX, my siblings and I contacted BOA on multiple occasions and visited several bank sites. We were attempting to receive beneficiary and or account information. However, my siblings and I were notified that my youngest brother XXXX XXXX was made a co-owner of the accounts and no information would be released to anyone other then him. 



My siblings and I made various calls and held a few conversations with BOA telephone representatives. Allegedly on XX/XX/XXXX, my father pulled between {$38000.00} or {$40000.00}, from one of his BOA accounts to loan our step brother. But because the bank representative new my father and brother XXXX. They contacted XXXX to advise of the large withdraw. XXXX later coerced my father and convinced him that it would be in my fathers best interest to add him as a co-owner of the accounts. 


Assuming, there was a valid POA on file my brother should have been using the money in the best interest of my father. However, my brother XXXX began using the funds for his own personal expenses and has now taken full ownership of all these BOA accounts even after my fathers passing. 



Our grievance consists of the way BOA handled these matters prior to my fathers XXXX and during the time my brother was made co-owner of my fathers accounts. BOA never filed a Suspicious Activity Report for the ( {$38000.00} - {$40000.00} ), in question as suspicious. In addition, a physical view of my father during this time would have warranted a report to be filed with Texas Adult Protective Services. The reason I state this, is because my father was suffering from elder XXXX, XXXX  XXXX and XXXX XXXX. Assuming the report was made my siblings and I would have been notified of that an investigation. Especially myself, since I lived next door to my father and brother. 



My family and I were never notified of any changes or updates to my fathers finances. In addition, there was no Power of Attorney filed for XXXX XXXX or anyone to handle my fathers affairs. The changes made to my fathers accounts were made while receiving the authorization from an individual that was not of sound mind and was unable to make reasonable decisions do to XXXX. BOA should have rules and protocols in place to protect the elderly. Furthermore, I have provided a copy of my fathers XXXX XXXX that lists one factor of XXXX as XXXX. 



Another issue that my siblings and I found suspicious, was the personal interest that my fathers Personal Banker/ Investor XXXX XXXX ( BOA XXXX XXXX XXXX XXXX XXXX phone # XXXX ) has with my brother XXXX . Mr. XXXX came to my fathers XXXX. But he was not a family friend or acquaintance. In addition, he only offered condolences to the individual who extorted my fathers money. We feel that Mr. XXXX holds a fiduciary role with BOA. As a bank employee his compensation plan contains provisions that may give employees an incentive to act other than in the best interest of fiduciary clients. Furthermore, we feel Mr. XXXX has a lot to do regarding the changes made to my fathers account ( s ). His decision to come to my fathers XXXX and closeness to my brother XXXX makes him a conflict of interest. 



We would like answers to the following questions : Why was a report never filed with Adult Protective Services as Possible Financial Exploitation? 


Was there ever a valid Power of Attorney naming XXXX XXXX as POA? 


How can we remove XXXX XXXX from my fathers accounts? 


Did Mr. XXXX assist on making these changes to my fathers accounts without using proper protocol? 


I understand that BOA will feel that this is a civil issue. However, it would have not been a civil issue if they would have followed the proper protocol for deterring Financial Exploitation of the Elderly and Vulnerable. 



My siblings and I are elderly ourselves. We are all on fixed incomes and can not afford to repair my fathers home that was left for all of us without utilizing the funds that were intended to be for us all. We want to find a resolution to this entire incident. But we need to know if the bank is willing to review the incident and if a step was missed. That they are willing to fix the situation by removing my brother who obtained access to the accounts erroneously. 



I have filed an Affidavit of Heirship with XXXX County to advise my father left no XXXX. Please contact me with a point of contact or information regarding a resolution to our situation. In addition, we have filed an incident report with BOAs estate department and was provided XXXX   Case # XXXX. 



Respectfully, XXXX XXXX XXXX. 
XXXX

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