Consumer complaint received 2017-01-24
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Bank account or service
Sub-product: Other bank product/service
Issue: Account opening, closing, or management

Complaint:
I opened a Business Checking account through Bank of America. When asked about a smaller option for business checking with the banker and manager, they both told me that the account they offered me was the basic plan, which cost about {$30.00} per month. ( Falsehood # 1 ) Although I did not need credit card processing, they told me that if my business processed cards through BofA, business checking would be free. A Bank of America Merchant Services ( BAMA ) representative confirmed this for me. He also knew that I would not be processing a high volume of card transactions, but he guaranteed that banking would be free ( Lie # 2 ). I spoke with him on the phone and he sent over paperwork to lease card processing equipment through XXXX XXXX. The contracts were extremely long. I told him I only wanted a 3 year contract. He never once stated that he extended my lease ( Lie # 3 - by withholding information ). I never spoke with a single XXXX XXXX representation. The BAMA rep ( XXXX. ) sent in paperwork for a 4 year lease and I signed it because I trusted him. I was sold a service I did not need ( Card Processing ), and I found out later, that I was sold the highest level business banking service, which I also did not need. 

Months later, BofA started billing me $ XXXX per month for NOT having a credit card transaction. I called and BoA waived the fees a few times acknowledging that I processed cards through them. But more fees came each month that I failed to have a card sale. When I called to waive these fees again, BofA stated that I had to actively use card processing in order for them NOT to charge me for both the XXXX XXXX Lease for the card processor and banking. I was furious. 

I stuck around with BofA for about a year and I paid the bank fees and the lease Fee. I decided to call the BAMA rep ( XXXX. ) to cancel my card processing services. He refused to respond to my emails to try to terminate the services, as I was sold something I never needed. All my calls went to Voicemail. My banker gave me his replacement 's contact ( XXXX. ) I spoke with him. XXXX. promised to sort this out with his manager. I emailed him. I called him. XXXX. NEVER responded. 

Frustrated, I finally filed a complaint through the XXXX. A different representative for BAMA heard my case ( XXXX ) XXXX unethically rationalized BAMA 's repeated decisions to deceive and then ignore me. I was NEVER once told me I had to have a credit transaction every single month to avoid banking fees. I never needed card services but I was sold it. I was paying for services I did not need because their competitors offer free business checking. I owed XXXX XXXX over {$900.00} left on my lease. As a compromise, I asked her to waive my banking fees for a year and cancel the card processing through BofA, rendering the leased equipment useless. XXXX is an executive. She refused and she left me with a {$900.00} lease with XXXX XXXX. 

Months later, I called to close my bank account with BofA. The rep tried to downgrade me to FREE BUSINESS CHECKING instead of closing my bank account. I am disgusted with the levels of lying. XXXX, who was an executive, NEVER once offered to downgrade my banking services to free during the XXXX dispute. ( Lie # 4 - withholding information ) XXXX never gave me the option to relieve the me of financial burden of a service I never needed, which I never used or offer any recourse. 

XXXX XXXX equipment is {$200.00} new. Lease value is {$1400.00}. BAMA is united with XXXX XXXX to prey on small business owners. XXXX XXXX is charging fees : software updates and property taxes when the equipment is inactive. XXXX XXXX is now after me to pay off their lease and refuse to take a credit card. They demand my personal banking information else they threaten to ruin my credit. With XXXX track record online, I 'm do n't trust them.

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