Consumer complaint received 2023-02-26
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: AZ
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
Bank of America has stolen my emergency fund. 
I held ~ {$4700.00} as an emergency fund at BofA for over 15 years. They acquired my account from a Seattle bank in the last 20 years. This money was held as an emergency fund safely until now. Suddenly on my last statement ( XX/XX/2023 ) I noticed an outgoing transaction of my full balance to the unclaimed state fund without any notice or warning to me. The money is currently not with the state, I checked online and called the appropriate party as instructed by BoFA ( despite that I did not give permission to this tansfer ). As of this week the State does not have records of my " NOT abandoned '' funds, and BofA did absolutely nothing to help. They just repeat themselves as a parrot! 

The customer service line can not do anything. 
The Branch Manager can not do anything. 
XXXX XXXX, who is supposedly the Executive level Customer care person, the highest level a customer can contact, by her own bragging, can not do anything. 

According to the bank, they don't care, it is not their problem they they stole my money. 

Basically I have missing money that I placed with Bank of America for safekeeping and notified them that it was for emergency funds ( by definition inactive ). I discussed with them a few years ago my situation and asked if I should move my money or continue to keep it there. They advised me to keep it there. 

Fact is, they have my current mailing address on file where they send me monthly paper statements ( my requested communication method ), and this is how I noticed that on XX/XX/2023 they transferred my money away. 

They also have my valid cell phone number on file. Yet, they made absolutely no attempt to contact me, send me a notice, a certified letter, or such of their intention of emptying out my account. 

IThey contacted me about few years ago via letter of inactivity concerns, at which time, I personally went into their branch, and cleared up the issue. At this time I asked if I should close my account and move my money. They ensured me that inactivity is fine, and advised me to stay with them. 

The bank made zero effort to cure my problem, or admit that they mishandled my money, nor gave me any options to contact someone at the bank who would acknowledge wrongdoing or solve my issue. 

This was not an abandoned account, statements have been monitored monthly, this was simply an emergency fund and hence inactive, which they were aware of and advised me that it would be safe. Now it's gone, and I want my funds back. 

I want BofA fined and their processes changed so they would not be able to steal other people 's money. 

They are unwilling to disclose the transaction to me per my request so I can follow my money. They are unwilling to transfer me to someone who can actually do something about my issue. 
They don't care! 

I want processes to be put in place in which they must notify customers in writing, including certified mail, before they are allowed to transfer money out of their account. They made NO effort to notify or contact me, and this is NOT an abandoned account. 

Sincerely, A very angry customer whose $ XXXX was misappropriated

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