Consumer complaint received 2025-05-15 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: CA

Complaint narrative:
To Whom It May Concern, I am writing to file a formal complaint against Bank of America regarding the abrupt and unjustified closure of my business checking account, which has severely impacted my operations and financial standing.

Without any prior notice, Bank of America closed my business account. When I contacted their customer service department, a representative informed me that it was closed for no reason. This is completely unacceptable, unprofessional, and unethical behavior from a financial institution that claims to support small businesses.

From the outset, I encountered issues with Bank of Americas handling of my account. I changed addresses shortly after opening the account and attempted several times to update my address due to the nature of my business, which involves internal operations and remote work. A branch manager told me that it doesnt matter and did not update the address, despite my repeated requests. This was untruthful and deceptive. As a result, important communications may not have reached me, putting my business at unnecessary risk. This level of negligence is unprofessional and set my business up for failure. I believe I was treated dismissively and differently because of my race, which raises serious concerns about fairness and discrimination in how Bank of America treats its customers of historically marginalized communities. The address was updated today, on XX/XX/2025, by the phone representative who read the account closure disclosure to me when I called to investigate why I no longer had access to my account and learned that it was indeed permanently closed. 

My account experienced a single overdraft, and instead of giving me a chance to rectify the issue or discuss a resolution, Bank of America shut down the account entirely. I brought the account current and paid the overdraft, but they still proceeded to close it.

To make matters worse, Bank of America continued to charge monthly account fees even while the account was overdrawn and clearly in a problematic state. This added financial strain and shows a lack of integrity in their banking practices.

In addition, my application for a business line of credit was denied without a clear explanation, further restricting my ability to grow and sustain my small business. At no point was I given any fair opportunity to address or resolve these issues before facing extreme consequences.

I am extremely angry and disappointed. Bank of America has demonstrated zero regard for the success of small businesses, and has shown a pattern of unprofessional, unethical, and possibly discriminatory behavior. Their actions have disrupted my business and caused significant harm to my trust and finances.

I will never do business with Bank of America again, and I will make sure to inform my social media followers, friends, family, and professional network about these predatory and discriminatory practices. No small business deserves to be treated this way.

I respectfully request that the Consumer Financial Protection Bureau ( CFPB ) investigate this matter thoroughly and hold Bank of America accountable for its unjust treatment and harmful conduct toward small business owners like myself.

Thank you for your attention to this serious matter.

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