Consumer complaint received 2022-09-28
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Confusing or missing disclosures

Complaint:
Bank of America sent me a response letter to my complaint but it didnt have anything to do with my questions. The letter talks about how Ive funded my XXXX & verified the funding source using for one of my deposits in the form of a trial deposit. Then it talks about closing my account & freezing my funds, but I was told this is an account closure process.They also gave the incorrect date stating this happened XX/XX/XXXX when my account started closure XX/XX/XXXX. Then it talks about BOA closing my account & deciding to hold my funds with no given reason. The response XXXX XXXX came up with was that my {$3500.00} will be released but my ACH transfer will not be released, I wasnt given a reason as to why it will not be released or why it was held in the first place, his response continues on by stating they dont have to disclose the reason for my account closure. Im confused at this part because that has nothing to do with providing the reason as to why my ACH funds are being held, he continues to state the frozen funds section in the deposit account agreement talking about them holding & reviewing my funds but completely left out the part where it talks about the circumstances that causes this to happen & the part he left out was If at any time we believe that your account may be subject to irregular, unauthorized, fraudulent or illegal activity, we may, in our discretion, freeze some or all of the funds in the account why was that part left out? I have been told nothing fraudulent was on my account but Im being referred to the section that applies if the bank suspects me of anything & again when I asked him if I am suspected of anything he didnt respond he just kept saying the bank doesnt have to tell me the reason the closed my account which has nothing to do with my question if Im not suspected of anything why are my funds being held?. Then the letter further states that my account is going to be reported to the XXXX XXXX  & etc but under the account agreement it states this will only happen if the bank closes my account due to mishandling & Ive never mishandled my account so Im also confused about that part. Overall my question as to why my funds are being held was not answered. This agent XXXX XXXX did not advocate for me in any way, when I asked him what he to did to help he told me he just asked questions then proceeded to tell me that its his way of advocating instead of proving to the department that those are my funds, even though they already know this Im not sure why my funds are being held, he also told me they dont have to tell me if Im suspected of anything or any fraud but its required by law to let a customer know whats going on with their account when it comes to anything with identity problems or money problems. I also told him the same department thats holding my funds falsely notated my account & he just dismissed it saying Ive provided all the information I can. For the past 20 business days he didnt do anything & to confirm that he told me the only thing he did was ask questions, then when I ask him questions he tell me he doesnt have an answer so Im confused on weather he did anything because if your asking questions then I should be getting information not the same information that I literally complaint about. I can confirm he didnt do anything to assist me properly, he didnt advocate for me, please CFBP HELP!!

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 monetary relief