Consumer complaint received 2024-11-20
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Can't close your account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NV)

Fixed Term CD was opened with Bank of America Small Business to serve as collateral for commercial lease deposit. This was done via a Letter of Credit from Bank of America. 

As our lease expired on XX/XX/year>, our landlord send the release to Bank of America via XXXX  with tracking indicating delivery on XX/XX/year>. 

The Letter of Credit maturity date was XX/XX/year>. On XX/XX/year> I spoke with a Bank Of America associated in the Fixed Term CD customer support and they confirmed that the funds would be released and reflected in my account within 1-2 business days following maturity date. When the funds were not released by XX/XX/year>, I phoned Customer Service again to get clarification. On that call the associate mentioned that the funds should be reflected in the account by end of the following business day, XX/XX/year>. At XXXX PDT on XX/XX/year> the funds still were not released. 

As XX/XX/year> was banking holiday, I had to wait until XX/XX/year> to follow-up with Customer Service XXXX When I did, the associate mentioned that nothing in my file indicated the timelines I was given by either of the previous associates was accurate. This associated suggested that I physically go into a branch and speak with a Small Business banker. 

I went to branch same day with copies of the Landlord 's release documents. The Small Business banker I sat with called the Client Manager assigned to my account. I'd never been contacted or introduced to this Client Manager before ( these assignments rotate constantly at BofA ). She also forwarded the release documents to my Client Manager directly while I was in the branch. My Client Manager wasn't available but their assistant was instructed to contact me that day to give me an update. The assistant did call me and leave a voicemail. I call them back roughly 10 minutes later but was not able to get them on the phone. I left two voicemails. 

The next day, XX/XX/year>, I called my Client Manager 's assistant three times of the course of the day, with no return call. That afternoon, I received a call from my Client Manager. She confirmed that all of the required information had been submitted to " back office '' but didn't know a timeline for how long it would take for funds to be released. I asked her to get that information ASAP and she said she'd have that by end of day XX/XX/year> at the very latest. On XX/XX/year> at XXXX she emailed me with no additional information other than that the forms had been submitted. I called her twice over the next 45 minutes but was not able to get a hold of her. I replied to the email stating that she'd promised me a timeline and I still needed that. I got no response. 

On the morning of XX/XX/year> I email the Client Manager to follow-up and got an out office reply stating she'd be gone until XX/XX/year> with no access to email or phone. I then called her assistant three times over the following five hours with no return call. That afternoon, I called customer service for more information on what was going on. The associate I was connected with was able to get me into contact with the person handling my Client Manager 's accounts while she was away. That person again wasn't able to give me a timeline on when the funds would be returned to me. 

As of this moment I am still not able to get any BofA representative to give me a timeline on when my funds will be returned.