Consumer complaint received 2021-12-02
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MI
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
I first contacted BOA on XXXX to inquire if BOA had funds that according to XXXX Unclaimed property held in ordinary course of business ; presumption. Should have been sent to the State of MI XXXX XXXX years after the death of my XXXX. 
BOA advised me BOA still had the funds. I advised BOA I had consulted with Legal counsel and BOA is in violation of the above quoted statute. I inquired if BOA in concordance with UNIFORM UNCLAIMED PROPERTY XXXX XXXX XXXX of XXXX would comply and remit the funds to the state of MI. BOA representative refused to do so and directed me to send in documentation I was entitled to the XXXX BOA was holding onto illegal ( per the statute. which I am sure you are aware of. ( Unclaimed funds should have been remitted to the XXXX XXXX years of no activity. ) I complied with BOA and sent in a certified copy of my XXXX XXXX  death certificate along with notarized original of the Affidavit of Decedent 's successor for Delivery of Certain Assets owned by Decedent. This was at the direction of legal counsel XXXX XXXX with the Law Offices of XXXX XXXX XXXX, XXXX. I placed another call to BOA in XXXX of XXXX as funds still had not been remitted. I was told BOA still had the funds and further documents needed to be submitted. I faxed over to BOA he Healt Saving Account Beneficiary designation form as requested. Funds still were not disbursed. I placed a XXXX call to BOA in XXXX of XXXX. There was XXXX instance when I did an online chat with BOA. I was then told I needed to send another form to have the funds disbursed. I complied again and Health Savings Account beneficiary account distribution form ( this was emailed to me by BOA. ). I took the above form as well as My letter of Trust from the IRA a copy of my XXXX will showing me as the sole beneficiary, into BOA America in XXXX Michigan and had the branch fax all of the documentation I had submitted to BOA which is what the person on the phone instructed me to do. No disbursement occurred. On XXXX I was finally able to get through to BOA only to be told XXXX still has the funds. As BOA is in violation of Michigan Statute UNIFORM UNCLAIMED PROPERTY ACT ( EXCERPT ) Act XXXX of XXXX XXXX Unclaimed property held in ordinary course of business ; presumption. Sec. XXXX. ( XXXX ) Except as otherwise provided by this act, all property, including any income or increment derived from the property, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder 's business and remains unclaimed by the owner for more than XXXX years after it becomes payable or distributable is presumed abandoned. ( XXXX ) Property is payable or distributable for the purpose of this act, notwithstanding the owner 's failure to make demand or to present any instrument or document required to receive payment. I am asking the Michigan Attorney General to Please I am begging the Michigan Attorney General to hold BOA fully accountable with any penalties as prescribed by law for BOA willful disregard of the above statute. I have asked BOA to check the statute as they are in violation and have been met with a willful recalcitrant comportment by BOA employees. I intentionally waited the compulsory XXXX-years to claim these funds as it was not necessary according to Michigan law XXXX XXXX probate my brother 's estate. His will named me as his sole inheritor. Attached are all of documentation I have submitted to BOA.

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