Consumer complaint received 2024-08-09 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Other problem
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: OR

Complaint narrative:
Subject : Complaint Against Bank of America for Elder Abuse Practices I am filing this complaint to bring to your attention what I believe are two troubling practices by Bank of America that amount to XXXX abuse XXXX Opening High-Fee/High-Interest Accounts for Vulnerable Individuals : Bank of America appears to be opening accounts with high fees and interest rates for XXXX  individuals who present with clear memory problems. 

Implementing an Overly Bureaucratic Process : The bank has created an unnecessarily complex and time-consuming process that makes it extremely difficult for family members and loved ones to assist their XXXX  parents with banking issues. This not only causes undue stress but also allows Bank of America to continue charging fees and high interest rates without challenge. 

Personal Experience : My mother, who suffers from XXXX  XXXX XXXX, had a {$10000.00} cash advance set up in an account with Bank of America approximately a year ago. When I discovered this, I initially suspected fraud. However, due to the bank 's lack of cooperation, I have been unable to determine the legitimacy of this account or the transaction. At the time of account setup, my mother was visibly suffering from XXXX XXXX 

I visited the bank with a Power of Attorney ( POA ) document, drafted by a reputable law firm, XXXX XXXX. Bank of America insisted on taking the original document to mail to their legal team, stating that they had up to 10 days to review it. After 12 business days, I was informed that the POA was rejected, with no explanation provided. 

At that time, I was simply trying to verify if my mother had indeed opened the account and to understand where the {$10000.00} had gone. A sympathetic Bank of America employee provided me with the account number to which the transfer was made. It turned out to be one of my mothers XXXX XXXX  accounts, from which automatic deductions were being made. 

In early XXXX of XXXX, I returned to the bank, again seeking access to my mothers account to understand the interest rate, fees, and charges. My mother, a financially responsible individual, has always managed her money well and had never done a balance transfer, which raises concerns that she may have been taken advantage of by Bank of America. 

I provided the POA once more, requesting better communication. Despite this, the bank once again used the full 10-day review period before declining the POA, without explanation. They claimed to have mailed the reason for the decline of the POA to the address on file, which I have told them multiple times, is no longer valid. They have refused to update the address or provide me with the necessary information, leaving me trapped in an endless loop where I can not obtain access to the account or information on how to address the situation. Meanwhile, my mother is likely being charged excessive interest rates and fees. 

Conclusion : Time is the most valuable and limited resource when caring for an XXXX loved one. Bank of Americas burdensome, time-consuming processes exploit XXXX  individuals and their families, creating barriers that prevent them from addressing potentially harmful financial situations. I urge the CFPB to investigate these practices to protect XXXX  customers and their families from further harm.

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 non-monetary relief