Consumer complaint received 2019-11-14
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: VA
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Confusing or missing disclosures

Complaint:
On Saturday XX/XX/19, I went into a Bank Of America branch location In Texas to open a Business checking and savings account. I have no complaints about the staff at the branch as they were polite and helpful. I provided all of my business documents for my company XXXX XXXX XXXX, XXXX and as well as personal identification needed to establish the accounts. The representative successfully opened my account and I made an initial deposit in cash which would be enough to not only cover the banks requirements but would be enough to also cover what I need to pay my upcoming bills which were due for my business which is a XXXX XXXX. 
All seemed to be going well until 2 days later on Monday morning I went to sign into my online banking and I was locked out. Thinking that this surely had to be a mistake, I called customer service where I was told that my accounts were being closed based on a business decision by Bank Of America. I asked was there something I had done wrong or a term of service that I had potentially violated only to receive no reasonable explanation as to why my account was being closed and my companys money was being held by Bank Of America to be mailed out in a cashiers check. None of the representatives would explain why my account was being closed. They would only give me vague answers about them not having access to specific reasons. I was told that their could be a number of reasons with the most common reason being that I may have a negative file in XXXX  which I ordered a copy of the consumer report and found absolutely no derogatory marks on my file. 
Being that I am an XXXX XXXX of an XXXX XXXX, this was disastrous as I am constantly making purchases whether fuel, hotels, tolls etc. This literally almost derailed my entire business. I spoke with one supervisor who told me very bluntly that Bank Of America reserves the right the terminate my account at any time they see fit without having to give a reason. 
This is unethical and predatory in nature for BofA to be able to do this to a consumer. Their was no justification as to why my account was closed and this sets a dangerous standard if a bank can close your account and not have to provide you with details as to why this was done. This leaves room for discrimination and profiling and being that my XXXX  report had no derogatory marks on it, What then could a Bank use to profile me as a bad candidate to be a member of this bank. If Bank of America can close your account at any time they feel convenient then it is imperative that the consumer be made aware of this at the time he/she is opening their account. The representative should be mandated to disclose this info and because I was not made aware of that fine print, I sustained financial damages to my business caused by Bank Of America.

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