Consumer complaint received 2025-05-01 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Deposits or withdrawals
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX

Complaint narrative:
Subject : Bank of America Unauthorized CD Auto-Renewal , Lack of Notification, and Unfair Penalties I am submitting this formal complaint regarding the handling of two Certificate of Deposit ( CD ) accounts I opened with Bank of America , one CD for XXXX USD and the other for XXXX USD. 

I opened these CDs with the explicit intention of using the funds to pay my federal taxes XXXX XXXX XXXX, 2025. I manage all of my finances digitally through Bank of America 's online and mobile platformsincluding both my personal and business accounts. I opened the CDs online and expected to be able to track their terms, maturity, and availability in the same way.

However, throughout the CD term, no maturity date was visible in the app or online platformonly the account balance. I received no email, no app notification, no phone call, and no mailed reminder about the CDs maturing or the need to take action to prevent automatic renewal. I was completely unaware that the funds would be rolled over without any confirmation or approval from me.

When I finally called to inquire why I couldnt access the funds, I was told that both CDs had been automatically renewed and the grace period to make changes had already passed. I was further told that I would now be charged penalties to withdraw the funds. At no point during setup or the CD term did anyone inform me that I would have to call Bank of America on or near the maturity date in order to avoid these CDs from renewing. This is an unreasonable expectation, especially in a modern banking environment where nearly all interaction is conducted digitally.

I understand Bank of America claims this policy is outlined in the " terms and conditions, '' which they allege were sent via mail. However, I never received nor saw these documents. As a digital banking customer, I reasonably expect critical terms that affect access to my funds to be clearly and prominently disclosed in the online experiencenot buried in paper mail I never requested, or in fine print that was never highlighted during the online signup process. Auto-renewal with financial penalties should never be opt-out by omission.

Furthermore, when I asked them to flag the CDs today to prevent further automatic renewal, Bank of America refusedstating I would have to call again within a very specific window ( a few days before the maturity date ) to stop it. This places an unreasonable burden on customers and increases the likelihood of repeat penalties through system design, not customer negligence.

I am requesting : A full waiver of all early withdrawal penalties for both CD accounts.

Immediate access to the CD funds.

A written assurance that auto-renewals will not happen again without my explicit, affirmative consent.

A digital copy of the terms and conditions I allegedly agreed to, for my records.

I believe this practice violates principles of transparency and fairness in consumer banking. If this issue is not resolved promptly and satisfactorily, I intend to escalate the matter to the Consumer Financial Protection Bureau ( CFPB ), the Office of the Comptroller of the Currency ( OCC ), and other relevant regulatory bodies.

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