Consumer complaint received 2017-12-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL
Product: Checking or savings account
Sub-product: Savings account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
Although this situation appears to be resolved I want someone at Bank of America to address my issue. 

Back on XX/XX/XXXX my mother unexpectedly passed away. She had a savings account at Bank of America and listed her children as beneficiaries on this account. She had other accounts there and we closed them shortly after. 

As it pertains to the savings account in question, we were told in order to close out the account and pay the beneficiaries, we needed to fill out a " Beneficiary Letter of Instruction '' and have the document notarized. We were  also told that the money would not be disbursed until all the beneficiaries notarized documents were received. 

On XX/XX/XXXX all beneficiaries completed their forms and had them notarized. The forms were taken to a nearby branch of B of A and they were faxed to the Estate Unit in XXXX, FL. 

What was interesting to begin with is that my mother had four other bank accounts at other banks. Beneficiaries were able to walk in to the local branches of each bank, show identification, a XXXX XXXX and leave out with their checks. 

Around XX/XX/XXXX all beneficiaries received a letter asking again for the XXXX XXXX and a Beneficiary or XXXX form which they already had. I called and told them they had everything they were requesting in the letter. I was placed on hold for the rep to research the issue. I was then asked if my mother deposited social security or pension checks in this account. The answer was no to this question and they could have answered this question themselves had they taken the time to review the account 's deposits. I was then told that was the issue delaying the disbursement. Since I answered this question, I was told the checks should be cut in a week. 

Waiting patiently for the check, another letter identical to the letter dated XX/XX/XXXX was sent and received XX/XX/XXXX. I called the XXXX XXXX and expressed that we are attempting to grieve as a family but the constant issue with disbursing beneficiary checks was getting taxing. I was again placed on hold and told the checks were cut XX/XX/XXXX.

Today is ( XX/XX/XXXX ) and beneficiaries are finally starting to receive the checks. 

What I do not understand is : Do they have any level of compassion that a family has lost a loved ones to take them through bureaucracy to stretch out the disbursement of checks for nearly a month when other banks can do it in a matter of an hour? We were treated like con artists attempting to hijack money out of a stranger 's account rather than listed beneficiaries who supplied the first time all pertinent information. 

If they are going to have an XXXX XXXX handling this function, should n't they act with the same level of compassion and resolution delivery as other banks? 

Why are they sending supplemental letters that have nothing to do with the processing?

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