Consumer complaint received 2023-03-27
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
XXXX. On XX/XX/XXXX, my advisor ( whom I have worked with for several years ) informed me that I am eligible for a Merrill IRA account since then with XXXX XXXX ( I am XXXX working in US with XXXX XXXXXXXX, before this day my advisor was informed that I was not eligible for a Merrill account, I could only open a BOA IRA account ). My advisor helped me applied for the Merrill IRA account that day. Merrill is an American investment management and wealth management division of Bank of America ( BOA ). My advisor is an employee of Merrill and BOA. 
XXXX. On XX/XX/XXXX, my application was approved by back office of Merrill, and I signed the contract with Merrill in the office of my advisor on creating a Merrill IRA account. In the same day, my advisor helped me rolled over the money of my IRA at BOA ( {$9300.00} ), to my approved Merrill IRA account. 
XXXX. On XX/XX/XXXX, I bought 1 year CD XXXX XXXX XXXX XXXX ( {$5000.00} ) at rate of 1.85 %, and 3 years XXXX XXXX XXXX XXXX ( {$4000.00} ) at rate of 3 %, under my approved Merrill IRA account ( should this be the contract between me and Merrill? ). 
XXXX. On XX/XX/XXXX, I got a mail without any explanation from Merrill that pushed me to close my Merrill IRA account with two harsh options within a month ( which scared me and made me thinking it is a scam ). 
XXXX. On XX/XX/XXXX, in the office of my advisor, with the guidance of the back office of Merrill, my advisor helped me sold my CDs in a lower price. I bought CDs, but was forced to sell in a lower price, so my IRA shrunk ( now it is {$9100.00} ), not to say interest ( they only made a compensation of {$190.00} to meet my original IRA lately ). I do follow all the rules, the back office of Merrill did all the approval, and signed the contract. Now Merrill breaks the contract they approved and signed without compensating my loss and an officially explanation. I had asked my advisor to submit my complaints, but Merrill makes no contact with me. 
XXXX. I submitted a complaint to XXXX XXXX XXXX XXXX XXXX  ) on XX/XX/XXXX. In the complaint, I asked for the interest I should get from the 1 year CD ( {$5000.00} at rate of 1.85 % ) and the 3 year CD ( {$4000.00} at rate of 3.0 % ). 
XXXX. On XX/XX/XXXX and XXXX, I got phone call from XXXX XXXX ( Client Experience Manager of Merrill ), who offered to compensate my loss of interest I should get from the CDs, according to her calculation it is {$730.00}. On XX/XX/XXXX, XXXX called to ask me for more waiting of the authorization of the supervision team. 
XXXX. On XX/XX/XXXX, XXXX called me that Merrill refused the {$730.00} compensation offer, only agrees to compensate the interest occured before their breaking the contract ( XX/XX/XXXX ). I refused the new compensation offer. XXXX told me Merrill didn't break the contract, she said Merrill can close CDs at their will at any time. I confused, if I quit the CD, I will get a big punishment, while the bank can close CDs at their will, what kinds of CD products I had bought? 
XXXX. On XX/XX/XXXX, Merrill asked XXXX  to close my complaint without a solution between us. XXXX can not assist with a settlement/compensation request of the interest, so I make this request for your help. 

THE SAME THING HAPPENED ONCE MORE AT BOA! I don't know if BOA did this deliberately, it happened. 

XXXX. On XX/XX/XXXX, in the day I closed my Merrill IRA accout, I rolled over my shrunk IRA ( {$9100.00} ) from Merrill to BOA. 
XXXX. On XX/XX/XXXX, I was informed that my shrunk IRA had already been rolled over to my BOA IRA account, so I went to a branch of BOA and bought a 13 months Featured IRA CD at rate of 3.15 % ( APY 3.2 % ) for all my shrunk IRA. Back home, I checked online my featured IRA CD had been created. 
XXXX. In late XXXX, I checked back and found my featured IRA CD " disappeared '', I emailed the advisor who helped me on the purchase, she asked me to call the back office. 
XXXX. On XX/XX/XXXX, I went to another branch of BOA, the advisor told me my Featured IRA was closed on XX/XX/XXXX. Till that day, I got not even a bit of message, email, mail or phone call of what happened. The advisor helped me put my issue up to the supervisor team. 
XXXX. On XX/XX/XXXX and XXXX, I got phone call from BOA ( XXXX ) asked me again and again some illogical questions on figuring the problem : a ). " Did you withdraw the money '' ( this is a nowhere question, both IRA and CD have mature time, how can I withdraw the money? ) ; b ). " You don't have money when you bought the Featured CD '' ( this is a non-BOA question, if anyone had gone through the IRA at BOA, they know how harsh it is, how can a banker create a IRA CD without having my money? The advisor need to check my IDs, fill a check and some forms, and get the manager input password, sign some of the forms, and get me sign the check ) ; c ). " You didn't sign the check '' ( this is ridiculous, how can this pass the harsh procedure without my signature on the check? ).

15. I got no followup till XX/XX/XXXX morning ( after 3 weeks ) when I called them and got call back in the afternoon ( XXXX ). The man called back told me his manager was on vacation that week and will contact me in the next week. But I got no call, mail, email from BOA till now.

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 monetary relief