Consumer complaint received 2017-09-07
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Money was not available when promised — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (WA)

TO : CFPB Date : XX/XX/XXXX Person with complaint : XXXX XXXX, XXXX, WA Complaint Directed Against : Bank of America , XXXX XXXX WA Branch Reason for Complaint : Misconduct in disbursing IRA monies to a legal heir OnXX/XX/XXXX, my XXXX-year-old mother XXXX and bequeathed to me, her XXXX-year-old son, a half share of her IRA, the sum total due to me of {$35000.00}.
On XX/XX/XXXX I went to my mothers bankthe XXXX XXXX Branch of Bank of Americato withdraw her IRA money. XXXX XXXX, Relationship Manager, told me that his branch does not disburse IRA money from its site. Instead, he said the money is disbursed from their out-of-state bank department known as XXXX ( sp? ), located in Arizona. I filled out the paperwork and XXXX XXXX said he would send the paperwork to XXXX and that I will receive a check at the mailing address I listed on the paperwork within 21 business days, if not sooner. But, those 21 days passed and I did not receive a check.
On XX/XX/XXXX I met with XXXX XXXX and he said he was surprised that I had not received my check. He looked up my information in his computer and told me that the staff at XXXX had failed to upload my information. He called them in my presence and talked with them. He then retrieved my original application from his desk and went to re-send my paperwork. He came back and told me I should receive my check within 10-15 days, and maybe even sooner since he had marked my paperwork as priority. We shook hands and I left. Strangely, when I returned to my office that day I saw that Bank of Americas XXXX XXXX Branch had sent me an e-mail. This e-mail said that Bank of America was sorry that I had missed my appointment, referring to the exact date, time and place of the appointment that I had just returned from. I shrugged it off, assuming that XXXX XXXX  had mistakenly failed to turn off an automatic reply message, or something else.
Over 35 days passed and I did not receive the $ 35,000+ that my mother had entrusted to Bank of America to give to me. Nor had XXXX XXXX contacted me to advise me of problems disbursing that check.
On XX/XX/XXXX I again met with XXXX XXXX to inquire why I had not received a check and why I had not heard from him. This time I brought a pen and note pad to write down his responses. He again made a phone call to XXXX. After he got off the phone, he said XXXX had never received my XX/XX/XXXX andXX/XX/XXXXapplications which he had told me he had sent on those respective days. Those two applications had never reached XXXX, he said. When I asked how this could have happened, he said, We dont have an answer for that. He went on to say he and XXXX are escalating the matter to get my check mailed to me. He said this process should take about a week and ( at my request ) he would call me on the banks next business day ( Monday, XX/XX/XXXX ) to give me a hard and fast date when my check is being mailed.
As I got ready to leave, XXXX XXXX said, Hold on. You havent filled out your form. I said, What form? He answered, The application form to send to XXXX to get your IRA reimbursement. I said, I already filled that out in XX/XX/XXXX. He said, I dont have it anymore. He then explained the bank destroys all forms like mine once they are faxed, usually immediately after the fax transaction. Nor does the bank keep computer copies or scans of these forms, he said. I pointed out I had seen him take out my original application from his desk on XX/XX/XXXX during my second visit with him. I had seen him leave his desk with it to allegedly send it a second time. Why did you still have my form in XX/XX/XXXX? I asked. Shouldnt you have destroyed my application in XX/XX/XXXX? XXXX XXXX said, I messed up and didnt destroy the form in XX/XX/XXXXwhen I should have.
I told him I was not going to fill out another form because his story appeared suspect to me. I was also wondering what might be printed on this second form that I was now being forced to sign that could jeopardize my right to receive my check or obligate me to actions by Bank of America not in my best interest. XXXX XXXX said I would never receive any money unless I filled out a new form because his bank currently has zero information about any requests or actions on my part to withdraw my mothers IRA disbursement. After a long discussion where Bank Manager XXXX XXXX was brought in, I relented and filled out the application again. But, I made sure the second application was the same blank form that I had filled out in XX/XX/XXXX. XXXX XXXX then hurried to send this second application and told me I would probably receive my check on Monday, XX/XX/XXXX, because he was requesting XXXX to send it immediately through XXXX express mail.
But, on XX/XX/XXXX, I received an e-mail from XXXX XXXX that the check was being mailed that day through regular mail. I e-mailed him back to request the name and title of the person at XXXX who had told him that a check is being mailed, but he responded he could not do that since the escalation procedure at XXXX is so complex that it is not possible to surface a name of who did what in the system. So, I waited.
On XX/XX/XXXX I again went to Bank of America and met with XXXX XXXX, the branch manager. When I asked him why Bank of America and XXXX XXXX twice failed to send my application to XXXX onXX/XX/XXXX and XX/XX/XXXX after assuring me it had been done, he answered, I dont know why that happened. On the subject of immediately destroying IRA disbursement applications after sending them, XXXX XXXX said : There is no formal written policy on destroying those applications. It is up to an individuals discretion. He added, XXXX probably trusted in the XXXX team too much. I am not very familiar with XXXX either.
I noted that 78 days have passed since I first applied for moms IRA disbursement and asked if there were any local, state or national time limits for disbursing IRA monies that applies to my case. He said, This is something that I am not very familiar with. Our Bank of America has no time limits to get an IRA check out to you as far I know.
On XX/XX/XXXX, I finally received my disbursement check via regular mail82 days after my original request on XX/XX/XXXX. The only reason I see for finally receiving my check is because I took the initiative on XX/XX/XXXXto give them a wake-up call and demand both my check and an explanation on why Bank of America was obstructing my efforts to receive it. It was stunning to discover that Bank of America had no written records anywhere to show that I had met twice in its bank with one of their managers to receive what should have been a routine payout from my XXXX mothers IRA.
On XX/XX/XXXX, I received a voice mail from XXXX XXXX  inquiring if I had received my check yet. I e-mailed him affirmative and gave him the date on which the check had finally reached me.
ADDENDUM : INFO ON MOMS IRA The IRA is in the name of XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX, WA XXXX. Total monies in the IRA totaled {$70000.00} as of XX/XX/XXXX. Mom left that sum to me and my twin brother, XXXX XXXX, to share equally. We are XXXX years old. We are not Bank of America account holders, but my mother kept her checking and savings accounts there all of her life. My brother applied for his disbursement in XX/XX/XXXX at the same time I did. He subsequently received his half share in the mail within the 21 business day time frame cited by XXXX XXXX  to us on XX/XX/XXXX. There was one inconsistency in this process, however : XXXX XXXX said that our checks would be sent by XXXX  and we would have to sign for the check. That did not occur. My brother received his check in the regular mail. I mention this because I used my brothers address as my mailing address since I could not be home to sign for the XXXX delivery of my check because I work days. In the end, my brother received his check. I did not receive a check within 21 days even though my brother and I filled out the same kind of paperwork at the same time and requested our checks be sent to the same address.
CONCLUSION : The procedures used by Bank of America to disburse IRA monies bring into question the integrity and practices of this bank. Those procedures are built to fail rather than succeed. I seek an objective third party that is acquainted with the standards and practices of the banking industry to review the actions of Bank of America managers to find out why something so fundamentally wrong is occurring there. I attest to you that all of the above is true. I look forward to working with you and providing any additional information you may need. I work for the XXXX Fire Department. The best way to reach me during the work week is to contact me at my work phone numbers listed below, or e-mail me at my personal account.
Respectfully, XXXX XXXX XXXX XXXX XXXX XXXX, WA XXXX Work cell phone : ( XXXX ) -XXXX ( call, leave voice mail or send text ) Work desk phone : ( XXXX ) XXXX ( M-F, XXXX XXXX. XXXX XXXX ) Personal e-mail : XXXX Work e-mail : XXXX Contact Information for XXXX XXXX  : XXXX XXXX Relationship Manager Bank of America , XXXX XXXX Branch XXXX XXXX XXXX XXXX XXXX , WA XXXX  XXXX XXXX Contact Information for XXXX XXXX , Branch Manager : XXXX XXXX  Financial Center Manager Bank of America , XXXX XXXX Branch XXXX XXXX XXXX XXXX XXXX , WA XXXX XXXX  XXXX Name of XXXX XXXX  boss : The person who oversees all the managers in the XXXX  Bank of America branches is XXXX XXXX , Market Manager, according to XXXX XXXX .