Consumer complaint received 2026-06-29 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: FL

Complaint narrative:
I am filing this complaint regarding Bank of Americas decision to freeze and close both my business and personal accounts while continuing to hold {$65000.00} ( Business account ) and {$1000.00} ( personal account ) of my funds. The funds were my initial capital to operate my business which has been operating for the last XXXX years, and support my personal financial needs. Bank of America froze my entire accounts ( business and personal ). I originally contacted the bank by phone on XX/XX/year> to report suspected fraud on my accounts, expecting the bank to protect and investigate the issue. Instead, both of my accounts were immediately frozen and subsequently closed the next day without my consent, notification or reason. Every call and interaction with Bank of America was never followed up with written summary, letters, or emails. After suddenly closing my account, I was unable to see any bank statements, funds, or documents in my Bank of America online portal on desktop and on my phone. I fully cooperated with Bank of America and provided every document and information requested. Despite my cooperation, Bank of America has refused to give me the date of releasing the funds for both Business and Personal -- only that it could be up to XXXX days. The bank continues to hold my money without releasing it. I have not received a clear written explanation or verbal explanation for why my funds are being withheld or when they will be returned. As a result, I have been unable to operate my business, which has prevented me from working, generating income, and maintaining normal financial stability. I can not pay my business rent, I've been unable to operate payroll, and I've unable to fulfill orders. This has caused significant financial harm, loss of business opportunities, and loss of income. As this affects my personal account as well, I have been unable to pay my apartment rent, buy food, or buy gas for my car. I have no access to funds which makes my business and personal life impossible. I will certainly have to close my business as a result of Bank of America 's actions. I have been a loyal customer of Bank of America for XXXX years and I can not understand their complete lack of communication, understanding, and documentation of this matter. I respectfully request that the CFPB investigate this matter and require Bank of America to : * Provide a written explanation for the continued hold on my funds * Immediately release my {$65000.00} ( Business account ) and {$1000.00} ( personal account ) if there is no legal basis for withholding it. This is particularly debilitating because it involves both my business and personal funds. * Explain the reason for closing both my business and personal accounts. * Compensate me for the financial losses and damages caused by the prolonged freeze and closure of my accounts ( on XX/XX/year> ). * Address the harm caused by the inability to operate my business due to lack of access to funds I am prepared to provide supporting documentation, including account records, correspondence with Bank of America, and proof that I complied with all document requests

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