Consumer complaint received 2017-09-18
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
My problem has already been resolved but I thought the CFPB might nonetheless want to look into it. 

My mother XXXX this past XX/XX/XXXX. I am her heir and executor. My mom had her checking account at Bank of America. In XX/XX/XXXX, I set out to have her account closed and the proceeds transferred to my checking account at Bank of America. I spoke with someone in what the bank calls its " Enterprise Estate Unit '' ( EEU ) who gave me a reference number and instructed me to fax the XXXX   certificate and other documents. After I got off the phone, I tried repeatedly to fax the documents to the fax number I 'd been given but the fax would not go through. I called the EEU again and was told the fax number I 'd been given worked only in California ( I live outside XXXX, XXXX ) and that I should instead use a different fax number. I then faxed the documents to that number with a cover letter asking for acknowledgement of receipt. The fax machine I used confirmed the fax had been transmitted and received. 

After hearing nothing for two weeks, I again called the EEU and was told they had no record of having received anything from me. ( In the meantime, I had gone to a local branch after being told by someone in the EEU that that would be the most expedient way to resolve the matter. When I explained at the branch why I was there and presented the documents I 'd been told the bank would need, the bank representatives looked at me as if I were a Martian. They had no idea what to do. ) I asked to speak with a supervisor and was eventually connected with someone who identified herself as a manager named XXXX XXXX. XXXX XXXX gave me her direct phone number ( XXXX ) and fax number ( XXXX ) and told me to send her the documentation. I did so the next day ; the fax machine confirmed transmission and receipt. XXXX XXXX did not acknowledge receipt of the documents. Nor did she answer her phone. Nor did she return my calls after I left messages. Eventually, I again called the general number for the EEU and was told they had no record of their having received anything from me. 

I decided to take one last shot at getting the problem resolved before taking it up with the bank 's general counsel 's office. I went to a different branch and was helped by someone who at least had some idea of what to do. It took her nearly two hours, but she finally got the EEU to acknowledge receipt of the needed documents ( which she had to fax and refax ) and to say they were in order, that my mom 's account would be closed, and that the money would be transferred to my account. ( The money landed in my account the next day. ) I am a XXXX  and have worked for decades in enforcement at the SEC and FINRA. I have also done battle with unresponsive bureaucracies in handling my personal affairs. I am, I think, about as well equipped as one can be to deal with the kind of run-around I encountered. I shudder to think what happens to people in similar circumstances who are less sophisticated and experienced. I assume that, while the money remains in the deceased 's account, Bank of America uses it as it uses all other money on deposit -- that is, it lends it out and makes money on it. I am unaware of the money 's having accrued interest for the benefit of my mother 's heirs while it sat in her account. Although the bank would eventually have to escheat the money to the state if it remained unclaimed, it gets to use it in the meantime. I wonder whether jerking people around who are trying to resolve their loved ones financial affairs is a deliberate policy. In any event, I thought this might be an area that the CFPB might want to look into.

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