Consumer complaint received 2025-09-30 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA

Complaint narrative:
This is a copy of letter sent to bank * * Subject * * : Demand for Return of Deposits, XXXX-Compliant Financial Statement, IRS Tax Forms , and Signature Verification Dear XXXX XXXX XXXX I demand the immediate return of all funds deposited in account ( s ), entrusted as a bailment for safekeeping, not as a loan creating a debtor-creditor relationship, as implied in the Deposit Agreement and Disclosures ( effective XX/XX/XXXX ). Your retention of ownership, facilitated by lending deposits for profit, constitutes an unlawful deprivation of property, breaches a bailment agreement, and violates disclosure requirements. I also request a XXXXompliant financial statement ( true bill ) in double-entry format for my account ( s ), all IRS tax forms filed for XXXX ( Forms XXXX, XXXX, XXXX, particularly for any funds deemed abandoned ), and verification of any wet-ink or electronic signature agreeing to the Deposit Agreement, including any release for use or likeness of my signature. If no forms were filed, confirm their inapplicability. 

# # # Reevaluation of Deposit Agreement : Non-Disclosure as a Contract The Deposit Agreement was not disclosed to me as a contract establishing a debtor-creditor relationship, invalidating any implied consent to transfer ownership of my deposits. Disclosure, defined as the clear provision of material terms to ensure informed consent ( * Restatement ( Second ) of Contracts XXXX * ), was absent, violating the Truth in Savings Act ( 12 CFR Part 1030, 1030.4 ) and common law principles preserved by O.C.G.A. 11-1-103 ( b ), which states that unless displaced, principles of law and equity, including contract and bailment, supplement the UCC ( * XXXX XXXX XXXX XXXXXXXX XXXXXXXX XXXX XXXX XXXX XXXX ( XXXX ) ). BofA may argue the agreement 's generic language implies debtor-creditor, but this is countered by the lack of explicit disclosure of ownership transfer, as required for informed consent under * Restatement ( XXXX ) of Contracts XXXX *. 
- * * Page XXXX ( Information About You and Your Account ) * * : States BofA relies on information provided by me, XXXX XXXX, implying consent, but does not disclose the Deposit Agreement as a contract or that deposits transfer ownership. XXXX XXXX Form XXXX ( p. XXXX, Note XXXX Deposits ) confirms deposits are liabilities at historical cost, not bank-owned assets, aligning with bailment where ownership remains with the depositor ( * XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX. XXXX ( XXXX ) ). BofA XXXX claim implied consent via account use, but this is countered by UCC 4-103 allowing variation by intent, and my explicit bailment intent overrides. Demand proof of explicit consent to debtor-creditor, as UCC 4-103 requires agreement for variation. Demand BofA 's response to this point separately.

- * * Page 17 ( Identifying the Account for Your Deposit ; Returned Items ) * * : Deposits are credited as ledger balances, with BofA reserving rights to reverse credits, implying control but not disclosing ownership transfer or contractual status. The XXXX ( p. XXXX, Note XXXX Securitizations ) excludes deposits from securitization, supporting bailment over debt instruments. BofA may argue ledger credits imply ownership, but this is countered by XXXX ( XXXX ), showing such crediting is reclassification without segregation, violating bailment if undisclosed. As analyzed in XXXX XXXX XXXX 's * Security Interests in Deposit Accounts, Securities Accounts, and Commodity Accounts : Correcting Article XXXX Confusion of Contract and Property * ( XXXX XXXX XXXX, Vol. XXXX, XXXX, p. XXXX ), deposit accounts are contractual relationships, not property items, creating ambiguities in ownership and supporting my claim that deposits are entrusted rights, not transferred assets. Demand BofA 's response to this point separately. 
- * * Page XXXX ( Special Provisions for Pass-Through Accounts ) * * : Recognizes special deposits ( e.g., trust accounts ) eligible for FDIC insurance , suggesting a bailment-like structure where funds are held for specific purposes, not bank ownership ( * XXXX XXXXXXXX XXXXk XXXX XXXX XXXX XXXX XXXX XXXX. XXXX ( XXXX ) ). Federal Reserve XXXX XXXX ( XXXX CFR Part XXXX ) and the XXXX XXXX XXXX for Federal Reserve Banks ( XX/XX/XXXX ) recognize pass-through arrangements as segregated funds, supporting bailment under XXXX. XXXX ( b ) and XXXX. BofA may argue no special designation, but this is countered by XXXX XXXX preserving common law bailment unless displaced, and my intent establishes it. XXXX 's article ( p. XXXX ) critiques UCC Article XXXX for confusing contractual relationships like deposit accounts with property items, leading to ambiguities in rights and supporting my bailment intent over debtor-creditor classification. Demand BofA 's response to this point separately. 
- * * Signature Requirements ( Page XXXX ) * * : Implies a signature ( wet-ink or electronic ) was provided at account opening. I demand a copy of any wet-ink signature agreeing to these terms or, if electronic, a signed release authorizing use or likeness of my signature ( * Restatement ( XXXX ) of Contracts XXXX * ). Non-disclosure of the contracts nature further negates consent, as non-traditional sources assert signatures on deposit slips create promissory notes monetized without permission ( * Modern Money Mechanics *, pp. XXXX ). BofA may claim signature binds, but this is countered by * Restatement ( XXXX ) of Contracts XXXX * requiring informed assent, absent here due to non-disclosure. Demand BofA 's response to this point separately. 

My deposit was intended as a bailment, retaining ownership, with BofA as XXXX obligated to return funds in kind ( * XXXX XXXX XXXX XXXX *, XXXX XXXX XXXX ( XXXX XXXX. XXXX. XXXX ) ; * XXXX XXXX Bank v. XXXX * ; * XXXX XXXX XXXX XXXX XXXX ). The Deposit Agreements pass-through provisions ( Page XXXX ), Federal Reserve XXXX XXXX XXXX and Legal Interpretations ( Operating Circular XXXX, XX/XX/XXXX ) reinforce this intent by recognizing special deposits as segregated, not lent. Non-traditional perspectives argue deposits are entrusted property, not loans, and banks lending without consent is fraudulent ( * Modern Money Mechanics *, pp. XXXX ; XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX  * ). A bailee must account for entrusted property ( * XXXX XXXX XXXX XXXX XXXX XXXX XXXX *, XXXX XXXX XXXX, XXXX XXXX XXXX ( XXXX ) ). I request a XXXX financial statement ( true bill ), per XXXX XXXX XXXX and ASC XXXX, in double-entry format, to verify if my funds were segregated or improperly lent, as enabled by the Check XXXX Act ( XXXX U.S.C. XXXX et seq. ). As XXXX notes ( p. XXXX ), deposit entitlements are rights arising from contractual relationships, not the relationships themselves as property, supporting my claim that deposits are bailment rights retained by me. BofA may argue general deposits are debtor-creditor by default ( * XXXXXXXX XXXX XXXX XXXX XXXX  XXXX ), but this is countered by UCC 1-103 preserving bailment for safekeeping without consent to loan. Demand BofA 's response to this point separately. 

I did not consent to a debtor-creditor relationship, and your failure to disclose the Deposit Agreement as a contract transferring ownership violates the Truth in Savings Act ( 12 CFR Part 1030, 1030.4 ) ( * XXXX XXXX XXXX XXXXXXXX XXXX  XXXX ). In XXXX, I visited my local branch with receipts to retrieve my deposits, but the manager refused, claiming bank ownership, and called the police, confirming unauthorized ownership and lack of consent. Despite complaints to the Consumer Financial Protection Bureau ( CFPB ) and other agencies, I received no redress, necessitating this demand. * Modern Money Mechanics * ( pp. XXXX ) explains banks multiply deposits via fractional reserve lending, deriving profit without adequate consideration ( * Restatement ( Second ) of Contracts XXXX * ; * XXXX XXXX XXXX *, XXXX XXXX XXXX ( XXXX ) ; * Restatement ( Second ) of Contracts XXXX * for unconscionability ). The loan elements ( mutual agreement, equivalent value ) were not met ( * XXXX XXXX XXXX *, XXXX XXXX XXXX. XXXX, XXXX XXXX XXXX ( XXXX ) ), rendering the debtor-creditor relationship invalid, entitling me to restitution ( * Antoine v. XXXX XXXX XXXX XXXX XXXX XXXX ( Mo. App. XXXX ) ; * Restatement of Restitution XXXX * ). O.C.G.A. XXXX ( b ) preserves common law bailment and contract principles unless displaced, supporting my claim for return of entrusted funds. BofA may argue implied consent via account use, but this is countered by * Restatement ( XXXX ) of Contracts XXXX * for unconscionability if undisclosed. Demand BofA 's response to this point separately. 

If my deposit created additional money for the bank to invest through fractional reserve banking, calculate the total sum of money created and, as an investor, the amount due to me as my share of profits, per non-traditional economic analyses viewing deposits as promissory notes monetized by banks ( * XXXX XXXX XXXX *, pp. XXXX ; * XXXX XXXX XXXX XXXX  * by XXXX XXXX ) . BofA may argue no profit share obligation, but this is countered by unjust enrichment under common law if lending without consent. Demand BofA 's response to this point separately. 

I am committed to fulfilling my tax obligations and accurately reporting all interest income and potential original issue discount ( XXXX ) on my XXXX tax return. Per IRS regulations ( XXXX XXXX XXXX ; XXXX ), individuals receiving {$10.00} or more in interest or OID must receive Forms XXXX and XXXX from the payer. I have earned interest from my accounts and may have XXXX from deposits treated as debt instruments, but my repeated requests to BofA for these forms have been unsuccessful ( see attached correspondence ). Non-traditional sources assert deposits are promissory notes generating XXXX due to fractional reserve lending, positioning me as an investor ( XXXX XXXX XXXX XXXX *, pp. XXXX ). I request these forms or confirmation of their absence, with alternative reporting solutions if unavailable. Demand interest/OID estimates from my statements and BofA 's XXXX policy for deposits. BofA may argue XXXX inapplicable, but this is countered by XXXX ( XXXX ) treating loans as debt instruments. Demand BofA 's response to this point separately. 

Under XXXX I request information on Bank of Americas role as a securities intermediary, as defined under the Securities Exchange Act of 1934 ( 15 U.S.C. 78c ( a ) ( 14 ) ), with respect to my demand deposit accounts ( account numbers XXXX and XXXX ). A securities intermediary holds or maintains securities accounts on behalf of others, and I seek clarification on whether BofAs handling of my depositstreated as liabilities in its XXXX Form XXXX ( p. XXXX, Note XXXX Deposits ) involves treating these demand accounts as securities accounts, particularly if deposits are handled as promissory notes, debt instruments, or securitized assets ( Exhibit XXXX, Form XXXX ). Non-traditional perspectives, such as those in * Modern Money Mechanics * ( pp. XXXX ), suggest deposits may function as financial instruments when monetized through fractional reserve lending. If my demand accounts are treated as securities accounts, I may have investor rights under the Securities Act of 1933 ( 15 U.S.C. 77a et seq. ) and Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ), including rights to disclosure and fiduciary duties ( * SEC XXXX XXXX XXXX XXXX XXXX XXXX XXXX *, XXXX XXXX XXXX ( XXXX ) ). Confirm or deny whether my demand accounts are treated as securities accounts and whether BofA acts as a securities intermediary in this context. BofA may argue deposits aren't securities, but this is countered by XXXX ( XXXX ) showing reclassification as debt-like liabilities. Demand BofA 's response to this point separately. 

Inquire about FDIC insurance claims for my account ( XXXX ). Under the Federal Deposit Insurance Act ( 12 U.S.C. 1821 ), deposits are insured up to {$250000.00}, with claims awarded to the account holder ( * FDIC XXXX XXXX XXXX XXXX *, XXXX XXXX XXXX ( XXXX ) ). Confirm if claims were filed and why not awarded, per 12 CFR Part 330. Demand BofA 's response to this point separately. 

Confirm if other accounts were opened under my name without authorization as agent. Unauthorized use is identity theft ( 18 U.S.C. 1028 ) and breaches data rights under the Gramm-Leach-Bliley Act ( 15 U.S.C. 6801 et seq. ) and Georgia law ( * FTC XXXX XXXX XXXX XXXX *, XXXX XXXX XXXX ( XXXX Cir. XXXX ) ). Provide a list of accounts linked to my name/SSN, per the Fair Credit Reporting Act ( 15 U.S.C. 1681g ). Demand BofA 's response to this point separately.

Confirm any undisclosed data breaches involving my data. The Gramm-Leach-Bliley Act and Georgia law ( O.C.G.A . 10-1-912 ) require notification of breaches ( * In re XXXX XXXX  XXXX XXXX XXXX XXXX XXXX *, XXXX XXXX XXXX ( XXXX Cir. XXXX ) ). BofAs XXXX breaches may apply ; explain non-notification. Demand BofA 's response to this point separately.

Provide a list of BofAs fiduciary duties for my account ( s ). Under Georgias Uniform Fiduciaries Act ( O.C.G.A. 7-1-350 et seq. ), banks owe duties of care, loyalty, and accounting for special deposits or trusts ( * XXXX XXXX XXXX XXXX XXXX XXXX XXXX * ). If my deposits are special or pass-through ( Page XXXX ), these apply ( * XXXX v. XXXXXXXX XXXX  XXXX ). Confirm duties and breaches. BofA may argue no fiduciary for general deposits, but this is countered by UCC 1-103 preserving duties for bailments. Demand BofA 's response to this point separately.

I further request that the bank take no adverse actions against me or my account ( s ) in response to this letter. Adverse action, as defined under the Equal Credit Opportunity Act ( 15 U.S.C. 1691 ( d ) ( 6 ) ) and Fair Credit Reporting Act ( 15 U.S.C. 1681a ( k ) ), includes any denial, revocation, or unfavorable change in terms of credit, account status, or reporting, such as closing the account, negative credit reporting, or increased fees. Any such action would violate these laws and entitle me to remedies under * Reg B * ( 12 CFR Part 1002 ) and * Reg V * ( 12 CFR Part 1022 ). Demand details on past fraud alerts/balance requirements, citing CFPB 1034 ( c ), and fraud alert logs to prove they weren't factual. Demand BofA 's response to this point separately. 

My requests are supported by : - XXXX ( XXXX XXXX XXXX, XXXX XXXX ) for transparent reporting.

- Truth in Savings Act ( 12 CFR Part 1030, 1030.4 ) for disclosures.

- UCC 4-406 ( O.C.G.A. 11-4-406 ) for account statements.

- Bank Secrecy Act ( 31 U.S.C. 5311 et seq. ; 31 CFR Part 1020 ) for record access.

- IRS regulations ( 26 CFR 1.6049-4 ; 1.6045B-1 ) for tax forms.

- CFPB 1034 ( c ) for information requests.

- Right to Financial Privacy Act ( 12 U.S.C. 3401 et seq. ) for record access.

- UCC 1-103 ( O.C.G.A. 11-1-103 ), preserving common law bailment, contract, and restitution principles unless displaced, supporting my claim for entrusted property return. 

* * Definitions of Key Terms * * For clarity, the following definitions are provided based on legal sources : - * * Bailment * * : A legal relationship whereby one party ( the bailor ) transfers possession of personal property to another ( the bailee ) for a specific purpose, with the bailee obligated to return the property or its equivalent upon demand, without transferring ownership. In banking, special deposits for safekeeping constitute bailments.

- * * Debtor-Creditor Relationship * * : A legal and financial connection where one party ( debtor ) owes money to another ( creditor ), who has a right to repayment. In bank deposits, this occurs when the bank ( debtor ) owes the depositor ( creditor ) the deposited amount upon demand, but only with informed consent. 
- * * Disclosure * * : The clear provision of material terms, conditions, or facts about a transaction or contract to ensure informed consent and transparency, required by statutes like the Truth in Savings Act ( 12 CFR Part 1030 ) and common law ( * Restatement ( Second ) of Contracts 161 * ).

- * * GAAP ( Generally Accepted Accounting Principles ) * * : A set of accounting standards established by the Financial Accounting Standards Board ( FASB ) for preparing, presenting, and reporting financial statements, ensuring consistency and transparency in financial reporting. In banking, XXXX governs deposit liabilities and asset transfers. 
- * * Original Issue Discount ( OID ) * * : The excess of a debt instrument 's stated redemption price at maturity over its issue price, treated as taxable interest income, reported on Form 1099-OID if {$10.00} or more.

- * * Check 21 Act * * : A federal law ( 12 U.S.C. 5001 et seq. ) enabling banks to process checks electronically, speeding up clearing and enabling lending.

- * * Modern Money Mechanics * * : An official publication of the Federal Reserve Bank of Chicago describing fractional reserve banking and money creation through deposits and loans, illustrating how banks expand the money supply.

- * * Truth in Savings Act * * : A federal law ( 12 CFR Part 1030 ) requiring clear disclosure of account terms, costs, and interest rates.

- * * Restatement ( Second ) of Contracts * * : A legal treatise summarizing contract law principles, defining contracts as enforceable promises, requiring mutual assent and consideration. 
- * * UCC 4-103 ( O.C.G.A. 11-4-103 ) * * : A Georgia UCC provision allowing variation of Article 4 ( bank deposits and collections ) by agreement, provided it does not disclaim a banks responsibility for good faith or ordinary care.

- * * UCC 1-103 ( O.C.G.A. 11-1-103 ) * * : A Georgia UCC provision preserving common law principles ( e.g., bailment, contract formation, restitution ) unless explicitly displaced, supporting claims for entrusted property return.

If my account is dormant ( Page 29 ), confirm whether funds are deemed abandoned or escheated, and provide any related XXXX forms ( e.g., XXXX, XXXX, XXXX ) or confirm their absence. Provide any deposit instructions, receipts, or account opening documents confirming whether my deposit was treated as a special deposit under O.C.G.A. 11-4-103. If my funds are not returned within seven ( 7 ) business days, and the requested statement and tax forms are not provided, I will have no choice but to seek an equitable remedy under a common law suit. Send correspondence via certified mail to the above address. 

This document is executed as my free and voluntary act, verified by a notary public. 

Sincerely, XXXX XXXX * * Notary Acknowledgment * * State of Georgia XXXX of XXXX On this _____ day of XXXX, XXXX, before me, the undersigned notary public, personally appeared XXXX XXXX, known to me ( or satisfactorily proven ) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained. 

In Witness Whereof, I have hereunto set my hand and affixed my official seal. 

[ Notary Signature ] ______________________________ Notary Public My Commission Expires : ________________ [ Notary Seal ]

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