Consumer complaint received 2017-01-13
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL
Product: Bank account or service
Sub-product: Other bank product/service
Issue: Making/receiving payments, sending money

Complaint:
During the end of XXXX to the beginning of XXXX I was referred to Bank of America by a shareholder of Bank of America for a line of credit for general business purposes as we intended to acquire shares of bac on the open market. However do to internal issues within Bank of America I discontinued the relationship at that time. In an attempt to move forward with the goal without the issues ( in which I believe was XXXX even though it is unproven ) of the past our company XXXX XXXX XXXX purchased shares on the open market during the timeframe betweent the end of XXXX and the beginning of XXXX. After such we entered into a share exchange agreement with Bank of America on XXXX XXXX, XXXX and XXXX XXXX, XXXX for our preferred shares as a debt security in exchange for the common and preferred shares of bac. The agreements were faxed to the corporate secretary, the general counsel and the chairman and ceo of Bank of America. Bank of America filed notice with the SEC on XXXX XXXX, XXXX and XXXX XXXX, XXXX by way of the general counsel of investments in debt securities. Shortly after there were issues with the transfer agent for two months, resulting in the transfer agent purposely losing our documents when Bank of America investor relations and XXXX XXXX XXXX attempted a XXXX way call in XXXX to confirm with the transfer agent that XXXX XXXX was the shareholder of the shares, then the deal received bad press and certain employees XXXX XXXX of Bank of America emailed me to say we did n't own the shares without seeing the agreements our having any knowledge of the agreements, his only reference was the article that was written regarding our deal and the limited information shared via social networks, during discussions over the phone he told me he did n't want me as a shareholder because it caused disruption. I let him know that, that is apart of the transition given the circumstances and the agreements were already confirmed with XXXX XXXX and the Board of Directors in accordance with Delaware law. He in turn said, " I do n't give a XXXX about Delaware law ''. He also let me know that he had recently told XXXX to throw our agreements in the garbage. After the conversation calmed down we agreed that I would email him the information and revisit the conversation the following week. When I called him back his secretary took a message. I contacted the investor relations team and they referred me to the fixed income department investor relations team. The fixed income department let me know that they could confirm our shares with the transfer agent as the issuer. I would just need to email them the documents and names of the employees at XXXX. I did just that, when I followed up with them the fixed income team said that they did n't receive the emails. I suggested that a fax would be better they agreed and I sent the fax. However a week or XXXX after receiving the fax Bank of America filed a complaint that they did n't want the deal. Then in the complaint they said they did n't agree to it. I find it interesting that there was no complaint filed regarding any of our suggestions to the board and the ceo to make the bank more efficient and to better service their customers as a whole. I think this was an attempt for a free lunch no different from the banks unwillingness to pay regulators such as the FDIC. A bank is meant to be the cornerstone of the community and this is unacceptable for our local, national, and global communities. In addition this is a violation of shareholder rights

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