Consumer complaint received 2025-07-03 00:00:00
Product: Checking or savings account — Checking account
Issue: Opening an account — Account opened without my consent or knowledge
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL

Complaint narrative:
Subject : Formal Complaint Against Bank of America for Mishandling Business Accounts and Breach of Co-Ownership Rights To Whom It May Concern : I am submitting this formal complaint regarding the actions and practices of Bank of America in connection with several business accounts opened under a single Employer Identification Number ( EIN ) associated with XXXX business entities. I am a 50 % co-owner of these businesses, sharing equal ownership with XXXX XXXX XXXX. 

Despite our equal ownership, Bank of America allowed XXXX XXXX to unilaterally withdraw most of the funds from our co-owned business accounts and open a new, identical business account in the business name at the same initial branch. The new account granted XXXX XXXX 100 % sole access to an account that is still 50 % owned by XXXX and 50 % owned by me, using the same business names and EIN. These newly opened accounts have been funded with proceeds from the jointly held accountsfunds to which I have a 50 % legal ownership interest. 

I contacted Bank of America multiple times and explicitly expressed my concerns regarding these actions, emphasizing that : I was neither informed nor included in the removal of approximately {$290000.00} from the joint business accounts. 

I was not provided any access to the newly opened accounts, despite their bearing the same business names and being tied to the same EIN.

The funds in question are co-owned business assets, and transferring them into a sole ownership account under one partners control is a breach of fiduciary duty and equity.

Initially, Bank of America contacted me through email, noting the opening of 3 new business accounts. Bank of America representatives acknowledged that XXXX XXXX should not have been allowed to act unilaterally on accounts that require joint authorization. However, despite this acknowledgement, the bank has since failed to take any corrective action, like freezing the funds and opening an investigation. Since my initial calls to Bank of America, my follow-up inquiries have been ignored, and I have received no clarification or resolution regarding : How and why the bank allowed the removal of funds and re-opening of accounts under the same business name without my consent ; How company funds were transferred to accounts under only one owner 's control ; Why I am being denied access to business accounts for which I am a 50 % registered owner. 

I am now deeply distressed, financially impacted, and frustrated by the banks handling of this matter, which not only violates my rights as a co-owner but also raises serious questions about the banks internal controls, due diligence procedures, and customer protections for business partnerships. 

I respectfully request that the Consumer Financial Protection Bureau investigate this matter and hold Bank of America accountable for : Permitting unauthorized account openings ; Failing to uphold business co-ownership account protections ; Enabling the unauthorized transfer of jointly owned funds to a single partys account ; Failing to provide adequate follow-up, documentation, or transparency regarding my concerns. 

I am prepared to provide supporting documentation, account records, and a detailed timeline of my communications with Bank of America upon request. I urge your office to assist in enforcing consumer financial protections in this matter and to help restore access and control over business funds to which I am rightfully entitled. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX, FL 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 explanation