Consumer complaint received 2022-10-28
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
My one person small business is in XXXX, CA next to XXXX XXXX, CA. 
XXXX XXXX has had a checking account with Bank of America for @ 40 years. 
About XXXX I opened a BofA VISA credit card, and used it ever since with no problems. 

XX/XX/XXXX BofA sent me an email saying they've decided to close my CC account immediately, with no notice, and reason given, but we'll send you a letter! Like most consumers, I don't know the law, and today I was told the law makes NO requirement for a bank/credit issuer to give any advance notice or reason for their actions. This seems counter to everything I do in my business, and seems to violate laws regulating fair business practices. 

There is nothing about me, my business, or my credit that I can think of that would give the bank any reason to be concerned over my credit worthiness and ability to pay them after 15 years of doing so. This XXXX  I checked the XXXX & XXXX XXXX for a free credit score located on the BofA client portal, and it says XXXX out of XXXX puts me in the top 99 % of borrowers, so that adds to the mystery. I normally pay each month in advance. 

I understand the reason the laws are set this way is purely political - banks don't wan to be held to the same standards that insurance companies and stock brokerages are. It's still an unethical and disrespectful business practice to pull the rug out from under my business without even a phone call. And please note - the bank did call me 2-3 times yesterday XXXX  while I was not in my office, and they did not leave any message for a return call. 

It seems outrageous to me that Congress would allow banks to operate this way, though most businesses are regulated by the states, banking is interstate commerce, and a critical business and personal service sector. 

If I am forced to move my banking business, it is a major hardship, I'd prefer to stay at BofA. 

Their email to me is included below ; ACCOUNT UPDATE Business Account ending in : XXXX XXXX XXXX.. ... XXXX XXXX XXXX... 

Bank of America After careful review, we've made the decision to close your account on XXXXXXXX  We're sending you a letter with more details about what our decision means for you it should arrive soon. 

Things to keep in mind after your account is closed We won't be able to authorize further charges, cash advances, access checks or Balance Connect for Overdraft Protection on the account. 
If the account has a balance, you'll need to continue making at least the minimum payment due on the account until the balance is paid in full. 
If you use your account to make recurring payments, such as internet access or subscriptions, you'll need to contact the businesses to let them know the account is closed and to make other payment arrangements. 
You'll need to destroy any access checks. 
Legal disclosures and information Please do not reply to this email, as email replies are not monitored. 

Contact Us | Privacy | XXXX You're receiving this servicing email as part of your existing relationship with us. 

Bank of America, XXXX XXXX XXXX, XXXX, FL XXXX. 

Bank of America , N.A . Member FDIC. Equal Housing Lender XXXX Bank of America Corporation. All rights reserved. 

This email was sent to : 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