Consumer complaint received 2023-09-07 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Problem with renewal
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
I am writing to file a formal complaint against Bank of America regarding their unfair and deceptive practices related to my XXXX Featured CD account. My account matured on XX/XX/, and I encountered several issues during the renewal process, which have left me deeply dissatisfied and frustrated as a customer. 

On the maturity date, I was out of the country, specifically in XXXX XXXX, and I was unable to physically visit a Bank of America branch or contact their customer service center due to the time zone difference and my inability to make international calls easily. My intention was to provide clear instructions for the principal and interest from the matured CD to be transferred to my checking account, as I had initially opened the Featured CD online. 

To my dismay, I discovered that Bank of America 's online banking platform lacked any functionality to facilitate maturity instructions. This deficiency in their online services is troubling, especially in today 's digital age, where customers expect the convenience of managing their accounts online. 

Despite my best efforts to contact their customer service center and visit a local branch upon my return, I was met with further frustration. Bank of America insisted on renewing my CD as stated in their letter, offering an abysmally low interest rate of 0.03 % ( APY ) without my consent. This action seems designed to retain my funds at the lowest possible cost to the bank, taking advantage of the lack of clear online instructions for customers. 

When I called Bank of America 's customer service center to request the closure of the renewed CD account and the transfer of funds to my checking account, they informed me that a penalty would be applied for early closure. This penalty was greater than the mere {$0.00} in interest I would have earned on the renewed CD. I find this practice entirely unfair and unreasonable, as it punishes customers for circumstances beyond their control. 

My primary complaints against Bank of America are as follows : 1. Inadequate Online Services : Bank of America 's online banking platform lacks essential functionality for managing CD maturity instructions, making it difficult for customers to exercise control over their accounts.

2. Unfair Renewal Practices : The automatic renewal of the CD at a significantly lower interest rate without customer consent ( originally is a high interest rate almost 4 % - Featured CD to a 0.03 % Fixed Term CD ) appears to be an attempt to lock in customer funds at minimal cost to the bank.

3. Excessive Penalty Charges : Charging a penalty higher than the earned interest for early closure is an unjust practice that disadvantages the customer. Does not given any waive of charges right from their manager. 

I kindly request the Consumer Financial Protection Bureau to investigate these issues and take appropriate action against Bank of America to rectify these unfair and deceptive practices. Additionally, I urge Bank of America to waive the penalty for the early closure of the renewed CD account, as it far exceeds any interest earned. 

I appreciate your prompt attention to this matter and trust that your intervention will lead to a fair resolution. Please feel free to contact me at [ Your Email Address ] or [ Your Phone Number ] if you require any further information or clarification. 

Thank you for your assistance in addressing this issue.

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