Consumer complaint received 2024-04-17 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX

Complaint narrative:
Subject : Formal Complaint Against Bank of America for Unauthorized Account Closure and Seizure of Funds Dear Sir/Madam, I am writing to formally lodge a complaint against Bank of America concerning the unauthorized closure of my bank account and the unjust seizure of {$10000.00} from my account balance. This action has occurred without explanation or justification, and it has been over two months since the funds were taken. Despite numerous inquiries, Bank of America has refused to provide any reason for these actions. 

Background of the Issue : Initial Account Activity : Since I am a XXXX I initially received a transfer of {$64000.00} from a client, intended for expenses related to necessary property repairs under an insurance claim. After spending {$34000.00} on supplies and payments to workers, I was left with a balance of {$30000.00}. 

Account Closure and Fund Seizure : Approximately one month following the transfer, Bank of America froze my account for over 2 month then subsequently closed my account. During the freeze, I managed to transfer {$20000.00} via XXXX on the advice of a bank manager who tried to get information about the account while I sat in his office but they wouldn't tell him anything and he was the small business manager. He proceeded to tell me to try and get as much funds out of the account as possible because it looked to him like they were going to seize my funds. One month later the bank seized the remaining {$10000.00} without providing any explanation or prior notice.

Lack of Communication and Transparency : Despite repeated attempts to engage with the bank and obtain a clear explanation for the closure and seizure of my funds, I have received no substantial response. I have also accessed my data from the XXXX XXXX XXXX  which revealed no information that might justify the bank 's actions against me. 

The sudden loss of access to my funds has severely disrupted my business, causing delays in project completion and financial strain due to the inability to process transactions and meet business obligations. 

Purpose of the Complaint : This complaint is submitted to request the Consumer Financial Protection Bureaus intervention to investigate this matter. The lack of justification and communication from Bank of America regarding the seizure of my funds and the closure of my account warrants a thorough review to prevent such unjust practices and ensure that appropriate measures are taken to rectify this situation. 

I am enclosing all relevant documentation pertaining to this case, including bank statements and correspondence attempts with Bank of America. I appreciate your attention to this urgent matter and look forward to your prompt response and assistance. 

Thank you for your support and intervention. 

Sincerely, XXXX 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