Consumer complaint received 2020-09-16
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: DC
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:
In late XXXX, my parents ( XXXX and XXXX living in an Independent Living facility ) asked me to help with their financial activities and signed a durable Power of Attorney giving me authority to manage their finances. One of their investment accounts was with Merrill Lynch. On XXXX XXXX, XXXX, my father passed away. Since my mother had had no involvement with their finances, I became the sole XXXX. 

I visited a Merrill Lynch office on XX/XX/XXXX with the aim of notifying them of my father 's passing and giving them a copy of my POA so I could access the account. I eventually planned to close the account and use the proceeds of about {$25000.00} to help move my mother into an Assisted Living facility.  On XX/XX/XXXX, I received an email from XXXX XXXX ( XXXX XXXX XXXX ) with instructions as to what to do and requesting I fill out an Affidavit of Domicile. Then Covid shut  everything down. I could not fill out the form since there was a notary requirement. On XX/XX/XXXX and XX/XX/XXXX, XXXX contacted me again asking for the form, but not telling me that Merrill Lynch had waived the notary requirement. On XX/XX/XXXX, I heard from XXXX XXXX requesting a copy of the death certificate and an Affidavit of Domicile and telling me that the notary had been waived. On XX/XX/XXXX, I sent XXXX what he requested along with an Agent Profile for the POA. That was the last communication with XXXX. On XX/XX/XXXX on a phone call with XXXX, he asked that I send all of these forms to him. I told him I had sent these to XXXX and asked, " who do I work with? '' On XX/XX/XXXX, I received a secure email request from Merrill Lynch 's OS RI asking that I fill out the Agent Profile for the POA, the third request for this form after I had submitted it twice previously. I was also asked to fill out the Letter of Authorization form. Later on XX/XX/XXXX, XXXX informed me that my father 's name had been removed from the account. On XX/XX/XXXX, I received an email from OS RI that " Your request has been completed. '' Despite this, I discovered, I still did not have the authority to access or manage the account. 

At this point, after trying to get access for five months, all I wanted to do was to close the account and receive my mother 's money for her. On XX/XX/XXXX, I had several long and difficult calls with several Merrill Lynch staff. I was told that my POA had expired and was not valid although the expiration date was XXXX. I was also told that my mother had been declared incompetent in XX/XX/XXXX and that my POA would not apply unless they received a doctor 's letter to the contrary. This was preposterous. While I was on the phone with one staff, another called my mother to gauge her competency ( I happened to be visiting her at the time ). My mother informed her that she had given me authority to manage her finances, as the durable POA stated. At this point, Merrill Lynch relented, approved the validity of my POA, and turned me over to XXXX XXXX ( Financial Solutions Advisor ) to  close the account and send the money. I immediately submitted the the final required form : One-Time Non-Retirement Distribution. When I heard nothing more, I asked XXXX on XX/XX/XXXX when I would likely receive the check. He responded on XX/XX/XXXX that it would take 3-5 days. I thanked him and others who had worked with me on XX/XX/XXXX. It was a premature thank you. I informed XXXX on XX/XX/XXXX that the check had not arrived. On XXXX XXXX, despite his previous email, he replied that the check would take 7-10 days and that it had been mailed on XX/XX/XXXX, 8 days prior. Over the next 8 days, I sent an email every day to XXXX saying the check had not arrived. At that point it had been in the " mail '' for 14 days. I never heard from XXXX again. On XXXX XXXX I was called by XXXX XXXX ( XXXX XXXX XXXX ) who told me Merrill Lynch had placed a stop payment on the check and would wire the money to my mother 's bank account. Later that day, he emailed telling me a wire would not work but he " had a workaround ''. He also asked that I send him the One-Time Non-Retirement Distribution form ( for the second time ). I asked instead that they over-night the check via XXXX. XXXX agreed to overnight the check and gave me a XXXX tracking number. Nothing had been sent by XX/XX/XXXX when I received a call from XXXX XXXX ( supervisor for XXXX and XXXX ) saying that the check had not been given to XXXX. He agreed to " overnight '' it again but because of staff shortages, it would not be sent until XXXX XXXX, arriving XXXX XXXX. Using the XXXX tracking number on XXXX XXXX, I could see nothing had been placed with XXXX. I spoke with XXXX on XXXX XXXX and discovered that Merrill Lynch had indeed mailed the check on XXXX XXXX but not with XXXX but through regular USPS mail. Realizing their mistake, they put a stop-payment on that check without informing me that this had taken place. XXXX tells me that they will over-night the check on XXXX XXXX, arriving on XXXX XXXX. After all this, I have no reason to believe that will occur. As of XXXX EST, XXXX XXXX, I have received no tracking number or confirmation. It has now been 6 months and 14 days since I began this process and still no money.

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