Consumer complaint received 2025-07-12 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Closing on a mortgage — Trying to communicate with the company to fix an issue with the loan closing
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL

Complaint narrative:
Complaint Against : Bank of America Product : Business Loan Issue : Improper charges, mismanagement of business loan, continued withdrawals after loan payoff, and suspected $ XXXX fraudulent charges. 
________________________________________ Description of problem : I am submitting this formal complaint against Bank of America concerning the mishandling and suspected fraudulent activity surrounding my business loan ( Loan ID # XXXX ) Bank of America has defrauded me in upwards of {$40000.00}, through improper interest charges, missing payments, post-closure automatic withdrawals, and failure to provide critical documentation. This is not simply a customer service issue it reflects gross mismanagement and potentially intentional misconduct. 
________________________________________ Loan Background : I was preapproved for a business loan in XX/XX/XXXX with the following terms : o Interest Rate XXXX XXXX XXXX  o Loan Term : XXXX months o XXXX interest-only period After vendor payments, I borrowed only {$170000.00}. 
I requested the loan be closed in XX/XX/XXXX, and Bank of America confirmed that all required documentation had been submitted and that no further action was required on my end. 
Bank Failures and Financial Harm : Despite repeated requests, the loan was not officially closed until XX/XX/XXXX, a delay entirely caused by internal Bank of America failures. 
As a result, I was charged approximately {$6200.00} in interest that should not have accrued. 
This interest amount was added to the original borrowed money of {$170000.00} After the loan closure, Bank of America improperly charged a XXXX  month interest only payments from XX/XX/XXXX, despite interest already being paid from XXXX through XX/XX/XXXX. 
In addition to monthly principal+interest payments, I also had automatic payments set up for extra {$3000.00} monthly toward principal. 
Upon reviewing my records in XX/XX/XXXX, I discovered : o XXXX payments made from XXXX XXXX XXXX were unaccounted for and Bank of America continued charging me interest and principal. 
o the loan was paid off in XX/XX/XXXX, but I did not receive any formal loan payoff documents or notifications. 
o Automatic withdrawals continued until XX/XX/XXXX, well after the loan had been paid off in XX/XX/XXXX. 
o No corrections or refunds have been issued to date. 
Lack of Transparency and Systemic Issues : When I addressed this issue with XXXX XXXX XXXX ( Bank manager ), I was told it's my mistake since I set up the auto payments and it's my responsibility to cancel it despite never receiving formal loan closure notice. 
I now have no access to loan records, including transaction histories, payment allocations, or statements. 
Bank of Americas failure to monitor and stop auto-debits after loan payoff is highly irresponsible, especially for a financial institution of its size. 
There is no visibility into how interest and principal payments were applied, and no ability to verify the accuracy of the account. 
What I Am Requesting : XXXX. A complete and immediate audit of the loan account, including the cause of the delayed closure. 
XXXX. An accounting of the XXXX missing payments from XXXX and XXXX overpayments after loan pay off. 
XXXX. A full transaction history showing all principal and interest allocations from XXXX to XX/XX/XXXX. 
XXXX. A full refund of all excess interest and overpayments, including compensation for funds held improperly and without explanation. 
XXXX. Copies of all relevant documentation, including the payoff confirmation, closing documents, and monthly statements. 
XXXX. Compensation for financial losses, including interest overcharges, missing payments, post-payoff withdrawals, and lost time away from business and family 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 explanation