Consumer complaint received 2023-01-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: OR
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I sent the following to Bank of America via email : To Whom it may concern, I have had accounts at Bank of America for many years, but that may change very soon. I went into the branch in XXXX Oregon, located at XXXX XXXX XXXX this afternoon attempting to deposit over {$400.00} in coins. They refused to accept this legal tender and deposit it into my account. 

I sorted and counted all of these coins to make this transaction simple for everyone, which is exactly what I have done previously. The teller and the " manager '' told me that Bank of America does not accept coins unless they are in rolls. They also informed me that they accept unrolled coins from business accounts only but not individuals. Really? I have no doubt that the bank has machines to count and sort coins, so why refuse to accept them from actual customers?

Previously, when I deposited coins, I sorted and counted all of them. Each denomination was in individual bags. Just as I did today. Back then I was told that they would deposit the amount I showed and that once the coins went through the bank 's machines any adjustments necessary would be made to our account if my numbers were off at all. Perfectly fine. Any adjustments would be very minimal. 

I fail to understand how a financial institution can refuse to accept legal tender from anyone, especially someone who has accounts with that institution. I initially instructed the teller and the manager to close my accounts. But then remembered that I have bills pending payment set up for our account. They had already moved the money from our savings account into the checking account, and we left it like that. But, I have left the checking account open ... for now.

Immediately after leaving this branch, I went right across the street and asked that bank if they accepted coins. They actually have coin-counting machines in their branch, which I knew because I used to bank with them also. It is my intention at this time to open up new accounts at that competitor and close my accounts at Bank of America. As much of a pain that will be, that is exactly what I will do if you do not contact the branch manager and instruct them to accept my deposit.

If I do not get a response acknowledging this, I will indeed close our accounts and no longer do business with Bank of America. Please confirm receipt of this correspondence as well as your intentions via email asap. 

This is the response I got via email : Case number : XXXX XXXX XXXX XXXX, thank you for contacting us we appreciate the time it took to share your concerns. 



I can understand your frustration with this matter and want to apologize for any inconvenience that this may have caused. 



The Financial Center you visited has provided accurate information. In the past we used to accept undeclared coin and send it to an offsite location for it be counted and applied to your account. We no longer offer this service for personal accounts.

The financial center is able to provide you with wrappers for you to wrap the coins in. Please note, if you decide to bring the wrapped coin to the financial center please dont write any of your personal information on the wrapped coins as we do give those out to clients that request coin.

Thank for being our client. 



XXXX XXXX XXXX Vice President ; Customer Segment Consultant I will be closing my account with Bank of America just as soon as I can open accounts at another bank. 

However, I want to know what CFPB 's reaction is to this " policy ''. Thank you!

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