Consumer complaint received 2024-10-18 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:
I am filing this complaint against Bank of America for its ongoing unlawful and deceptive actions concerning the offset of my personal checking account funds ( XXXX ( Adv SafeBalance Banking Account ) to satisfy a business credit card debt. Despite multiple attempts to resolve the issue, Bank of America continues to withhold the money without providing any meaningful mechanism to dispute the transaction. Furthermore, Bank of America 's actions are based on a purported future security interest that was never properly disclosed or agreed upon, and which would be unconscionable under the circumstances. Below is a detailed account of the violations : Bank of America debited {$4500.00} from my personal checking account ( all money I had to provide a living to me and my XXXX children ) without my knowledge or consent or prior disclosure of any security interest. I did not grant Bank of America a security interest in my personal checking account when I the travel reward business credit card in 2019, nor would I ever have knowingly agreed to such a broad and sweeping waiver of my rights over personal funds. It would be unconscionable for me to have granted such a security interest in all future personal accounts. At the time of opening the business credit card in 2019, I had no way of knowing what future accounts I would hold or whose money I might be managing in those accounts. The funds currently withheld by Bank of America are the only money I have to support myself and my XXXX children. Allowing Bank of America to withhold these funds without prior notice and based on a vague or non-existent agreement would cause extreme financial hardship. 
Under 15 U.S.C. 1666h, any security interest in a consumer account must be separately disclosed and explicitly agreed upon by the account holder. Bank of Americas failure to disclose this purported security interest constitutes a deceptive and misleading business practice, in violation of federal law. 
Bank of America violated 15 U.S.C. 1666h, which prohibits a card issuer from offsetting a cardholder 's debt from a consumer credit transaction against funds in a deposit account unless certain conditions are met. The business credit card debt in question is completely unrelated to my personal checking account, yet Bank of America continues to withhold personal funds from my account to satisfy this business obligation. 
Bank of Americas actions are a direct violation of federal consumer protection laws that are designed to ensure personal funds are not wrongfully seized to pay off unrelated debts without proper disclosure or consent. By withholding my personal funds without notice or a proper legal basis, Bank of America has left me without the financial means to provide for my family. 
Bank of America offset {$4500.00} from my personal checking account without any prior notice or my consent. I was not given any opportunity to resolve this matter amicably or to explore other arrangements before the funds were taken. The lack of notice and failure to obtain my consent violates fundamental principles of fairness, transparency, and my contractual and statutory rights. 
Bank of America 's actions have placed me and my family in significant financial distress, as I rely on these personal funds for basic living expenses. The unlawful withholding of these funds has left me unable to support my XXXX XXXX  children, creating severe hardship for our household. 
Despite multiple attempts to resolve this matter with Bank of America, they have failed to provide me with a copy of the purported agreement that supposedly grants them the right to offset my personal checking account. Bank of America continues to send me between customer service and branch offices, neither of which have produced any documentation. This lack of transparency and refusal to provide a proper dispute mechanism is not only frustrating but violates my rights as a consumer. 
There has been no mechanism offered by Bank of America to effectively challenge this transaction, despite my repeated requests. Bank of America continues to withhold my personal fundsfunds that are essential for the well-being of myself and my XXXX childrenwithout giving me any recourse to dispute the matter under the law. 
After debiting my account to almost XXXX without my knowledge, BoA now charges me a maintenance fee for failure to maintain a balance on the account!

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