Consumer complaint received 2024-05-19
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (MD)

Formal Complaint Regarding Account Closures and Violation of CFPB Consent Order I am writing to formally lodge a complaint against Bank of America regarding multiple issues with my accounts and the bank 's apparent attempts to circumvent providing redress as instructed by the Consumer Financial Protection Bureau ( CFPB ) and the Office of the Comptroller of the Currency ( OCC ) under the enforcement action File No. XXXX. A copy of the consent order is attached to this complaint for reference. 

Issue 1 : Unjustified Account Closures and Misinformation 1. Initial Account Closure : On XX/XX/XXXX, my prepaid debit card account, where I received unemployment insurance benefits, was closed by the Department of Labor in the state of Maryland for 'deconversion. ' This was confirmed by a supervisor named XXXX on XX/XX/XXXX. 

2. Second Account Closure : On XX/XX/XXXX, Bank of America froze my card, which had already expired and was linked to a previously closed account. The freeze was lifted the same day, but the account remained blocked until XX/XX/XXXX. On XX/XX/XXXX, a Bank of America representative informed me that the account was closed due to a request from the Maryland Department of Labor for " Fraud. '' However, I had requested a check for the remaining balance of {$2400.00} on XX/XX/XXXX. 

XXXX. Misinformation and Consent Order Compliance : The consent order explicitly states that : " Respondent will not be required to pay redress to consumers meeting the definition of Affected Consumers as of the Effective Date for whom ( i ) the state benefit granting agency has determined or later determines should have been initially disqualified for unemployment insurance benefit payments, or ( ii ) whose unemployment insurance benefit prepaid debit card account is or becomes frozen, blocked, or closed by Respondent at the request of the state benefit granting agency, or due to suspected fraud, anti-money laundering, or financial crimes inquiries or determinations made in conjunction with law enforcement, or due to an independent legal requirement such as receipt of legal process or orders. '' The Maryland Department of Labor confirmed that it had not initiated any action on the account after the closure for 'deconversion ' on XX/XX/XXXX. I verified this through multiple conversations with representatives from the Maryland Department of Labor between XXXX and XXXX of XXXX. This misinformation suggests that Bank of America seeks to circumvent the terms of the consent order by incorrectly attributing the account closure to a fraud investigation by the state agency when, in fact, the account was closed for 'deconversion. ' Issue 2 : Freezing of Account Bank of America further complicated matters by freezing my account again on XX/XX/XXXX, despite the account being closed on XX/XX/XXXX. This freeze, initiated by Bank of America and not by the Maryland Department of Labor, raises concerns about the bank 's internal handling of the account. 

Issue XXXX : Timeliness and Accuracy of Claims Processing The bank has failed to process my claims within the relevant federal laws ' stipulated timeframes. Additionally, despite providing accurate transaction information, the bank 's claims representatives omitted my claims. 

Issue 4 : Consequential Harm Compensation Bank of America states that I was ineligible to receive compensation for consequential harm. However, my account was confirmed to be frozen from XX/XX/XXXX, to XX/XX/XXXX. This was verified on XX/XX/XXXX, by XXXX, a supervisor in the " Check Issuance '' department, and XXXX, a supervisor in the " Escalations '' department.