Consumer complaint received 2020-12-01 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Company closed your account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
To whom it may concern, My name is XXXX XXXX, I opened a personal checking account ( Account number ending in XXXX ) with Bank of America in XXXX, and in XXXX, I started working for XXXX and XXXX as an XXXX  XXXX, and both of their direct deposits were automatically deposited into my bank account every week for the past 5 years After the Pandemic, I had faced some financial problems and decided to apply for a loan from the SBA ( Small business Administration ) a government agency, therefore I sent all of my documents as proof of XXXX  XXXX working for XXXX and XXXX which I then got approved to receive the loan. 

My Approved Loan was {$17000.00} that SBA deposited the loan into the bank account ( on XXXX XXXX ) I had which was Bank of America. 

After 9 days the loan was deposited, Bank of America closed my account without any notice ( on XXXX XXXX ) and got my account on hold/frozen status for further investigation. Later they said that this account was a personal account and the business loan should have not deposited into that account. Despite the fact, I had double-checked with SBA and they said I was able to provide my personal checking account information to receive the loan. 

But BofA closed the account with the rest of the money I had which was around {$1000.00} excluding the Loan amount.

In that one week gap, I was able to spend the loan towards my debts and take out the majority of the loan leaving around {$1000.00} of my own money in the account that is now being frozen and not returned to me until further investigation that has no estimated date by them. 

Under the Cares Act passed by the congress, the independent contractors from the company like XXXX were able to receive loans as business owners and independent contractors by law, but BofA is holding my money and giving me a lot of a hard time and due to all the events I and my family been under stress and tension in our family has built up to the point that my life is being affected by all of their actions and decisions. And I dont know who is responsible for such actions towards a U.S citizen who has paid all of his taxes on time. Worked for those companies for 5 years already and gotten the money deposited to their account that they knew where the money was coming from. 

There have been phycological effects in my life because if their actions they have threatened me as If I had committed a crime!? 
I can send all of their letters stating that I will not be able to bank with them or any other financial entity for the next 5 years. 

I can not defend myself as I can not afford an attorney for this situation and I would like to ask for a favor to help me out with my situation as this financial institution must be responsible for all the damages they have done to me and my family in this regard. 

Id highly appreciate it if you could follow up at your earliest convenience and get back to me.I attached two copy of the letters that I received from the Bank of America in this time. 


Sincerely, XXXX XXXX

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