Consumer complaint received 2024-12-17 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY

Complaint narrative:
XX/XX/year> XXXX XXXX Resolution Specialist Regulatory Complaints Bank of America XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX I am in receipt of your email dated XX/XX/year>. Thank you for your attempted resolution of the matter of the case raised on XX/XX/year>. Unfortunately, this matter is not resolved. 

Your response provided a cover letter which did not address either of my specific legal complaints, as well as a copy of two billing statements and an account agreement/signature card, all of which are already in my possession.

Your response did not address the two specific components of the seizure through offset of XXXX payments and trust payments which are in violation of New York State Civil Practice Law and Rules Section 5205 Trust Exemption and others. I have again attached my original complaint so that you can re-review and provide remediation. In my original complaint, I indicated that I am well versed in the rights of offset, however, the rights of offset are limited in these two categories. 
Your response did not address the Bank of America violation of New York state statutes requiring the offset to be mailed the same business day, NYS Banking Law Section 9-G, Right of set off which states No banking institution shall assert, claim or exercise any right of set off against any other deposit account held by such banking institution unless, prior to or on the same business day of such action, notice of the set off together with the reasons for the set off are mailed to the depositor. 
Your response is not within guidelines for required response time from the CFPB. The CFPB generally allows for a time period of 15 days resolution to consumer complaints, which BofA is well past. The allowable 60 day time frame with notification of an in-process review was also not honored. 
Short of an adequate response comprehensively addressing the 1 ) components of violation of disability and 2 ) trust payment, 3 ) required notifications, and ) resolution response time forth by the CFPB and New York State I will pursue my rights as consumer under both entities if this is not resolved by XX/XX/year>. 
Sincerely, XXXX XXXX XXXX ORIGINAL COMPLAINT as of XX/XX/year> Account : XXXX Remedy for using the right of offset on exempted XXXX and trust funds by Bank of America I am on a XXXX income due to a critical illness ( septic shock ) which placed me in the intensive care unit, and a number of other hospitalizations resulting in my inability to work. This has led to the closure of my company XXXX XXXX XXXX and drastic reduction of my income from XXXX per month to XXXX per month. 
I have informed Bank of America it is possible that I will be able to pay overdue business accounts once my long-term XXXX starts XX/XX/year> The bank exercised the right of offset on XX/XX/year>, and debited {$350.00} when a payment from my deceased parents estate trust hit my account, intended to pay my rent since I was unable to with my XXXX payment. 
Either way the bank can not prove that {$350.00} was not the funding from my XXXX payment of {$460.00} which was also in the account. This is a violation of New York Civil Practice Law & Rules Section 5205, Trust exemption, 1, which states Except as provided in paragraphs four and five of this subdivision, all property while held in trust for a judgment debtor, where the trust has been created by, or the fund so held in trust has proceeded from, a person other than the judgment debtor, is exempt from application to the satisfaction of a money judgment. 
Additionally, the banks offset notice violated New York state statutes requiring the offset to be mailed the same business day. The offset occurred on XX/XX/year>, and the notification is dated XX/XX/year>. This is a violation of Banking Law Section 9-G, Right of set off which states No banking institution shall assert, claim or exercise any right of set off against any other deposit account held by such banking institution unless, prior to or on the same business day of such action, notice of the set off together with the reasons for the set off are mailed to the depositor. 
The bank should refund this money and cease the right of offset. I am a long-term Bank of America customer with documented statements of intent to pay off the overdue accounts at earliest availability. The XXXX XXXX XXXX XXXX has been approved and will begin paying at a higher rate than the short term XXXX effective XX/XX/year>. 
While I understand the right of offset, Bank of America has violated New York statutes in taking action on XX/XX/year>. Therefore, I respectfully request a refund of XX/XX/year> right of offset, and cease taking right of offset at least until XX/XX/year>. I also point out that I am a previously high net worth customer for over 10 years with a good payment history until this incident. Taking continued offsets impacts my ability to stay in safe housing and pay for food and medical care. I have full intention to return to my high net worth status once this XXXX is conquered, a factually, the long term care XXXX returns me to close to that status on XX/XX/year>.

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