Consumer complaint received 2024-09-10 00:00:00
Product: Debt collection — Credit card debt
Issue: Written notification about debt — Didn't receive enough information to verify debt
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL

Complaint narrative:
Re : Formal Complaint Regarding Unauthorized Withdrawal from Custodial Account, Failure to Satisfy Lawful Request For Disclosure and Accuracy of Debt, and Improper Debt Collection Practices Custodial Account Number : ( XXXX ) Charged Off Business Account : ( XXXX ) I am writing to formally complain about the mishandling of funds from a custodial account I manage for my XXXX  son, as well as improper actions related to a business credit card account held with BANK OF AMERICA. Specifically, I am addressing unauthorized withdrawals from the custodial account, the failure of BANK OF AMERICA and their executive XXXX XXXX to provide proper debt disclosures, and unlawful attempts to collect the same debt multiple times. 

On XX/XX/year>, I sent a notarized affidavit under penalty of perjury to BANK OF AMERICAs executive, XXXX XXXX, formally requesting full disclosure and verification of the debt, including a detailed breakdown of charges and an explanation of the accuracy of the amounts owed. 

Despite the legal nature of my request, XXXX XXXX failed to respond to the affidavit, thus allowing BANK OF AMERICA to fall into default by not providing the necessary information within the required time frame. Instead of addressing the matter properly, BANK OF AMERICA and XXXX XXXX proceeded to unlawfully charge off my account, an adverse action that was taken without resolving the validity of the debt. 

This charge-off occurred despite my ongoing attempts to seek clarity and transparency, further compounding the harm caused by BANK OF AMERICA and XXXX XXXX XXXX failure to comply with their legal obligations. 

Unauthorized Withdrawal from Custodial Account On XX/XX/year>, BANK OF AMERICA and XXXX XXXX withdrew {$370.00} from a custodial account established for my XXXX son without proper authorization or prior notification. This custodial account is solely for the benefit of my XXXX  child and should not have been accessed to cover any unverified business credit card debt. The withdrawal from a minor custodial account is a serious breach of fiduciary duty and financial trust. 

The actions of BANK OF AMERICA and XXXX XXXX violate provisions under the Truth in Lending Act ( 15 U.S.C. 1666 ), which requires " creditors '' to provide clear notification and allow consumers the opportunity to dispute unauthorized or incorrect charges. I never authorized the use of this custodial account for this debt, and the withdrawal was made without my knowledge or consent. 

Failure to Disclose Debt Information In addition to the unauthorized withdrawal, BANK OF AMERICA and XXXX XXXX have failed to provide necessary and accurate information regarding the debt that was supposedly owed. I have not yet received the following : -The original BANK OF AMERICA N.A . purchase agreement with the signature of all parties involved. 

-BANK OF AMERICA N.A . 's agreement and terms, including all amendments and modifications to the original purchase agreement. 

-A detailed breakdown of the monetary amount, including the principal, interest, fees, and other charges. 

-Full payment history. 

-Documentation of the purchase agreement 's chain of ownership and assignment of the debt. 

-Evidence that the BANK OF AMERICA N.A XXXX purchase agreement was not sold as a security to any entity, including the United States Securities and Exchange Commission. 

-The name and address of the true original creditor and not the entity pretending to be. 

-Evidence that BANK OF AMERICA N.A XXXX provided any value or equal exchange within this transaction. 

-Evidence that the statute of limitations on the debt has not expired. 

-BANK OF AMERICA N.A . 's daily transaction report log for the purchase agreement. 

-A binding legal agreement between ( my name ) and BANK OF AMERICA N.A . 

-BANK OF AMERICA N.A . 's public and private ledger for the purchase agreement.

Under the Truth in Lending Act ( 15 U.S.C. 1637 ), creditors are obligated to provide detailed disclosures about the terms of the debt, fees, and finance charges promptly before taking any action to collect payment. BANK OF AMERICA and XXXX XXXX 's failure to disclose this information is not only a violation of my consumer rights but also a breach of the creditor 's obligations under federal law. 

Failure to Issue 1099-C After Charge-Off The account in question was charged off as " bad debt '' by BANK OF AMERICA and XXXX XXXX XXXX Despite this, neither BANK OF AMERICA or XXXX XXXX have issued me a Form 1099-C as required by the Internal Revenue Code ( 26 U.S.C. 6050P ). This form is legally required when a creditor cancels a debt of {$600.00} or more, and it should have been issued to me once the account was charged off, more than half a year ago. 

The absence of the 1099-C form raises questions about the legitimacy of any subsequent attempts by BANK OF AMERICA and XXXX XXXX XXXX XXXX this debt. 

Inquiry into Multiple Collection Attempts I also request clarification on why BANK OF AMERICA and XXXX XXXX are attempting to collect this debt more than once. As the debt has been charged off and no 1099-C form has been issued, BANK OF AMERICA and XXXX XXXX XXXX continued collection efforts raise concerns about potential violations of double collection practices. 

The repeated attempts to collect the same debt, even after it has been charged off and without issuing the required documentation, suggest improper or unlawful creditor behavior. I request an immediate explanation of why these attempts are being made and whether proper procedures are being followed before I contact the Internal Revenue Service for a XXXX and XXXX audit. 

Requested Resolution In light of the above, I request the following actions be taken to resolve this matter : -Immediate reimbursement of all funds withdrawn from the custodial account. 

-Confirmation in writing that BANK OF AMERICA and XXXX XXXX acknowledge the unauthorized nature of the withdrawal and that no further withdrawals will be made from this or any other unauthorized account. 

-Issuance of a Form 1099-C to formally recognize the cancellation of the debt, per the Internal Revenue Code. 

-Compensation for damages in the amount of {$25000.00}, reflecting the financial, emotional, and administrative harm caused by these improper actions. 

-An investigation into why BANK OF AMERICA and XXXX XXXX XXXX attempting to collect the same debt more than once and why proper procedures for debt disclosure and cancellation have not been followed. 

-Disclosure of all XXXX items I initially requested ( listed above ) that will showcase if this debt is truly owed. 

Thank you for your immediate attention to this matter. I look forward to your swift response and resolution.

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