Consumer complaint received 2022-03-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Unauthorized transactions or other transaction problem

Complaint:
On Thursday, XX/XX/2022, I submitted an order on the Merrill XXXX website to sell 1 share of stock XXXX, symbol SHOP, limit order executed at {$660.00}. I specified a specific lot which was purchased XX/XX/2022 with a cost basis of {$660.00}. This order executed on XX/XX/2022 at XXXX pm EST. 
Unknowingly, I had previously placed a good-til-canceled order to sell that same share of SHOP with an limit price of {$660.00}. ( The Merrill XXXX trading platform does not prevent the error of specifying the same lot on two different sell orders. ) This order executed on XX/XX/2022 at XXXX EST at {$660.00}. 

After I received the second trade confirmation I noticed the error, that there were two trades that specified the same lot. Merrill XXXX has eliminated the option to email or to send an electronic message via its website. So I called the customer service phone line. After more than XXXX minutes on hold, I connected with XXXX XXXX. Because I did not want to trigger the wash sale rule, I asked him to assign a different lot ( which was purchased on XX/XX/2022 with a cost basis of {$650.00} ) to the 2nd share sale. 

On Saturday, XX/XX/2022, I checked my account online to see whether the lot selection on the second order had been adjusted as I requested. I was surprised and frustrated to find that my order had NOT been adjusted as I instructed, as it showed that there was an adjustment due for a Wash Sale. My instructions to Merrill XXXX and request were specifically to avoid a wash sale. Furthermore, it also appears that the wash sale adjustment is incorrect. I called that day and waited more that 93 minutes on hold, and nobody ever picked up. Merrill 's website states Investment CenteXXXX representatives and technical support are available 24 hours a day, 7 days a week. However, it appears that they either keep the customer service line unstaffed, or inadequately staffed on the weekend. Waiting on hold for over an hour and a half is unacceptable. I emailed the first representative, XXXX XXXX, at his work email address. 

On Mon, XX/XX/2022, XXXX XXXX responded via email and insisted that he had entered the request correctly, and that it would take 2-3 days to reflect in my account. However, he refused to help me further on this matter, stating, call into our investment center at XXXX for further inquiries on this matter given I will not respond to any emails outside of this one. In other words, go away, I'm not helping you anymore. I had already waited on hold more than half an hour on the first call the previous Thursday, and over an hour and a half on Saturday ( with no response ). I was not about to waste another half-hour-plus to contact a new agent, and have to start over. I think XXXX XXXX 's response was inadequate and unacceptable. If he does not adequately solve a customer 's issue the first time around, he should take the responsibility to fix it, not push that onto another representative.

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