Consumer complaint received 2022-01-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Money was not available when promised

Complaint:
I am the Trustee of my mothers XXXX. My mother passed away in XXXX. I am trying to liquidate and transfer the remainder ( approx $ XXXX - XXXX stock liquidated and a cash account ) into my XXXX XXXX Checking account. I started and faxed in to XXXX XXXX all the required documentation in early XX/XX/2021, and verified that XXXX had all it needed to liquidate and transfer the money within 10 days, assuring me I would have the money in my XXXX  checking account by mid XXXX. 
After no money, numerous calls ( always on hold for an hour before anyone anyone picks up, then transferred to multiple departments both from home and going into our local BofA office to sit in the XXXX XXXX representatives office while he did the same ) I still have no money. Emails go unaswered. XXXX follow up. So in addition XXXX holding on to my funds for two months I also get almost no communication with my so called " Relationship Consultant ''. I have multiple emails to validate this Chronology of Events to date : XXXX : I went into local XXXX XXXX office ( in XXXX XXXX, CA Bank of America ) and sat with XXXX XXXX to fax in all required documentation. I was told my case manager ( XXXX XXXX ) would be contacting me by XXXX for stock sale and deposit to my checking account. I was also told it would be approximately two weeks to transfer the funds to XXXX XXXX Bank XXXX I contacted XXXX XXXX ( again after an hour long wait ) I spoke with a XXXX who told me my case manager was XXXX XXXX. He told me to contact XXXX ( I have never been able to call or contact XXXX at this point even after leaving voicemails XXXX I go back into local Merrill Edge office to again sit with XXXX XXXX XXXX XXXX a follow up on what is happening. After an hour and 45 minutes and being transferred many times we spoke to XXXX XXXX, also a 'relationship consultant ' just like XXXX XXXX She made a request and subsequent email on XXXX from her confirmed the following : " On XX/XX/2021, at XXXX AM, XXXX, XXXX XXXX wrote : Hello XXXX and XXXX, The request for the cash account was completed this morning. You can expect the funds for that account within 48 business hours. Again, we are still waiting for trades to settle in the other account before we can enter the distribution. I will provide an update on that account as soon as one is available. 
Best, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX NJ XXXX T XXXX, Option 1 ; Ext. XXXXXXXX XXXX XXXX XXXX '' XXXX XXXX Again, after seeing no funds I try to call, send emails threatening to call the CFPB as follows : " From : XXXX XXXX XXXX Subject : Re : XXXX - seriously? 
Date : XX/XX/2021 at XXXX XXXX  XXXX To : " XXXX, XXXX '' XXXX, " XXXX, XXXX XXXX XXXX XXXX, " XXXX, XXXX '' XXXX Cc : XXXX XXXX XXXX So not one of you has responded to my emails over the past month since XXXX below confirmed the funds below. 
I have called an no one picks up the phone on the XXXX for the specialist team ( as done before ) Short of contacting the Consumer Fraud Protection Bureau ( which I will believe me ) I am going to go in to the office once again and sit at Christians desk while he makes the calls. Not a good use of his time but I am at my wits end Last chance to advise me of why I have not received any funds before I begin to escalate and send to the media Thank you XXXX XXXX XXXX XXXX '' I finally get an apology from XXXX saying she 'assumed " I had been in touch with XXXX XXXX even tho I had made it clear that no one had been responding to my emails : " On XX/XX/2021, at XXXX XXXX, XXXX, XXXX XXXX wrote : Good morning XXXX, I apologize for not responding sooner, I assumed you had been in touch with XXXX and I should not have made that assumption. I have reviewed the account and it appears the wire was rejected because the name on the instructions did not match the name on the gaining account. Is the gaining account with XXXX XXXX possibly a joint account? The wire instructions indicate it is an account in your name only. 
I have attached another blank form here to resubmit the wire instructions and based on the situation I can certainly request they be expedited once I have them back. 
Thank you, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX NJ XXXX T XXXX, Option 1 ; Ext. XXXX XXXX XXXX  XXXX XXXX XXXX '' At this point XXXX in her email to me indicated that the request was rejected because there was something wrong with the wire instructions ( WHY HAD I NOT BEEN TOLD THIS??? ). At this point I resent the wire instructions in once again and asked for the status. This was on XX/XX/2021 XXXX After another threat to call the CFPB after no response to the status from either XXXX or XXXX finally get this FIRST and ONLY response from XXXX : Good Afternoon XXXX, I hope all is well. I have submitted the Letter of Authorization to our distribution team and will request an expedite for our payment. I will reach back out to you with an update as soon as I have confirmation. 
Best, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX NJ XXXX ( XXXX, Option 1, Ext. XXXX XXXX XXXX XXXX Visit us at www.MerrillEdge.com XXXX I had since requested a status update as his email was very vague and not definitive. Again zero response. Just this am I sent another note indicating I was calling the CFPB about filing a complaint in addition to publishing this chronology of events and lack of response from XXXX XXXX. 

Please advise as to next steps. I can be contacted on my cell at XXXX or email at XXXX XXXX

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