Consumer complaint received 2025-01-24 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Problem when making payments — Problem during payment process
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: OH

Complaint narrative:
XXXX XXXX XXXX XXXX ( CFPB ) Dear CFPB : I hope this correspondence finds you well. I am writing to formally lodge a complaint against Bank of America concerning the abrupt termination of my personal account ( XXXX ) without prior notification or justification, as well as their obstruction of lawful credit transfers. 

My accounts particulars are as follows : Account Holder : XXXX XXXX XXXX Account Number : XXXX XXXX XXXX XXXX Account Number : XXXX XXXX XXXX XXXX On XX/XX/year>, XXXX XXXX XXXX personal accounts with Bank of America were terminated without any prior notice or explanation. Despite multiple attempts to gain clarification from Bank of America, I have not received a satisfactory response. This has caused significant distress and uncertainly regarding my financial standing and stability at Bank of America. 

I have faced active obstruction from Bank of America, which seems to be preventing myself from conducting any transactions other than those that XXXX Bank of America, such as extending credit to them or dealing with only their approved methods of payment. Additionally, I have sent numerous payment coupons to Bank of America via certified mail for both accounts to satisfy payment of the accounts to which Bank of America has rejected, mutilated the coupons and provided no further explanation of their actions. 

Bank of America has used my service agreements to restrict certain actions to limit my ability to properly remit payment and offset the accounts each month. However, since I signed the agreements on my own without any negotiation, it is neither appropriate nor legally valid for Bank of America to enforce it. This behavior is misleading and deceptive. There was no extension of equal consideration by Bank of America. 

Given these issues, a fair resolution would involve the following steps : XXXX XXXX : Bank of America should provide a detailed explanation for the termination of my accounts, including specific reasons and any relevant policies or regulations that led to the decision of closure of both accounts. 

Restoration of Account : If the terminations were due to a misunderstanding or an error, Bank of America should promptly restore my accounts and ensure that I can properly remit the payment coupons each month to Bank of America without issue or delay. 

Facilitation of Credit Transfers : Bank of America should facilitate the credit transfers that I intend to make, without any unnecessary obstructions, ensuring that I can manage my accounts as planned. 

Review and Rectification : Bank of America should review their practices and policies to prevent similar issues in the future. This could include better communication with clients, clearer advertising of account types, and transparent handling of credit transfers. 

Compensation : I suffered financial loss and inconvenience due to the accounts being terminated and obstruction of payment coupons not being accepted to satisfy the accounts. Bank of America needs to reimburse me for all past payments and fees for the accounts. I have submitted to Bank of America properly indorsed coupons to be deposited and processed to bring the accounts to a XXXX balance each month to which Bank of America has failed to apply. Bank of America XXXX also contact the credit bureaus to remove any late payment, missed payment, delinquency or negative report of any kind on the accounts as they are not accurate. 

XXXX XXXX : The CFPB should investigate to make sure Bank of America is following all laws and regulations. If they find any violations, they should take appropriate action. Please also refer this complaint to other relevant enforcement agencies. 

Reassurance of XXXX XXXX : Bank of America should address my concerns about their ability to meet obligations and properly perform their duties to their clients, providing reassurances of their financial stability and compliance with banking regulations. 

I respectfully request your assistance in conducting a thorough investigation into this matter and ensuring that Bank of America provides a clear and legitimate rationale for their actions. Your intervention is essential in resolving this issue for both of my accounts and safeguarding consumer from unjust practices. 

Thank you for your attention to this matter. I look forward to your prompt response and guidance. 

Sincerely, XXXX XXXX

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