Consumer complaint received 2026-05-24 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Closing an account — Company closed your account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MA

Complaint narrative:
Dear Consumer Financial Protection Bureau : This correspondence serves as a formal follow-up to my previous complaint ( XXXX ), which resulted in the delayed return of my principal funds totaling {$250000.00}. While Bank of America ( BoA ) eventually restored the principal, it has failed to remit the accrued interest and compensate me for the tangible harm caused by its unauthorized account closures, security failures, and subsequent withholding of my funds for over a year. I. Statement of Facts I maintained four deposit accounts with BofA, opened in XXXX, Massachusetts : Savings Account : {$89000.00} Checking Account : {$38.00} Certificate of Deposit : {$9900.00} Certificate of Deposit : {$150000.00} In XX/XX/XXXX, BoA unilaterally closed all four accounts. While I understand BoA dispatched a physical confirmation letter to a previous residential address, the bank wholly failed to provide any email notification, secure online banking alert, or telephone communication regarding these account closures. Given the magnitude of the funds involved, relying solely on a single piece of physical mailwithout any electronic communication to my registered email addressis commercially unreasonable. Because of this inadequate notice, BoA permitted severe security breaches on the accounts. Specifically, {$89000.00} was withdrawn from the savings account without my knowledge or authorization. Furthermore, BofA issued a check for {$150000.00} from the CD account, which was released to and signed by an impersonator. When I contacted BoA to place a stop-payment on the forged check and mitigate the fraud, BoAs risk department personnel engaged in intentional obstruction. A representative named XXXX refused to provide material assistance, baselessly accused me of wasting the departments time, and imposed an arbitrary 120-day wait period, effectively freezing over a quarter of a XXXX dollars of my assets. XXXX. Regulatory and Statutory Violations BoAs conduct constitutes Unfair, Deceptive, or Abusive Acts or Practices ( UDAAP ) under federal law, as well as direct violations of the Massachusetts Consumer Protection Act ( M.G.L. c. 93A ). A. Breach of Duty and Unjust Enrichment : Certificates of Deposit are fixed-term instruments. By prematurely closing the accounts without commercially reasonable digital notice and freezing the funds until XX/XX/XXXX, BofA deprived me of the contracted Annual Percentage Yield ( APY ) for approximately 14 months. BofA has been unjustly enriched by retaining the interest yield on my {$250000.00} during this period. B. M.G.L. c. 93A Violations : BofAs administrative failuresexecuting unilateral closures without adequate electronic notice, facilitating fraudulent withdrawals by impersonators, and subjecting a consumer to abusive customer service practicesconstitute unfair and deceptive commercial conduct in Massachusetts. Such violations establish liability for actual damages and potentially treble damages under state law. III. Demand for Relief I respectfully request the CFPBs intervention to compel Bank of America to issue the following relief : 1. Restitution of Interest : Payment of all accrued but unpaid interest on the accounts from XX/XX/XXXX to the exact date the principal was returned. Based on the contracted APYs and market rates for the 14-month period, the liquidated interest damages are estimated between {$10000.00} and {$13000.00}. 2. Compensatory Damages : Reasonable compensation for the administrative burden, out-of-pocket expenses, and statutory damages under M.G.L. c. 93A resulting from the banks negligence and UDAAP violations. I expect a prompt and complete accounting of the interest owed and a settlement offer regarding the damages.

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 explanation