Consumer complaint received 2025-08-15 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION

Complaint narrative:
I am filing this formal complaint under the authority of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 54815603 ) and the Electronic Fund Transfer Act ( 15 U.S.C. 16931693r ) regarding Bank of Americas unlawful and prolonged retention of my funds, unjustified account closures, and significant harm to my creditworthiness. 

Background I held multiple accounts with Bank of America, with combined balances totaling USD XXXX. In [ Month, Year ], the bank abruptly closed my accounts, initially stating that I needed to validate certain incoming transfers. I immediately complied, providing all documentation requested. Subsequently, the bank claimed it would validate these transactions. 

To further support my case, I arranged for the originating merchant to send evidence directly to the bank confirming the legitimacy of the transfers. Despite clear proof, Bank of America disregarded the information. 

Unlawful Actions by Bank of America 1. Reversal of Legitimate Credit Card Payment In XX/XX/2024, I paid my credit card in full and possess a bank-issued receipt confirming this payment. Nevertheless, the bank later reversed the transaction despite already debiting my account, falsely increasing my outstanding balance from USD XXXX to USD XXXX. 
2. Prolonged and Unjustified Fund Retention My accounts have been blocked for over one year, during which time the bank has retained and used my funds, earning interest for its own benefit in violation of my ownership rights under 12 CFR 1005 ( Regulation E ).

3. Credit Harm and Financial Hardship Due to the banks actions, my credit score has been severely damaged, I have accrued substantial debts, and I am at imminent risk of XXXX. 
4. Failure to Respond in Good Faith Under 12 U.S.C. 5531, financial institutions have a duty to avoid unfair, deceptive, or abusive acts or practices. Bank of Americas prolonged validation claim is clearly an abuse of process intended to unlawfully withhold funds exceeding USD 1 million.

Requested Relief I respectfully request that the CFPB : 1. Order the immediate release of my funds totaling USD XXXX. 
2. Direct Bank of America to correct my credit report and remove all false negative entries.

3. Require reimbursement for any interest, fees, or damages resulting from the unlawful retention of my funds.

4. Investigate Bank of America for violations of the Electronic Fund Transfer Act, Truth in Lending Act, and Dodd-Frank Act.

Evidence Provided Copies of account statements showing original balances Merchant-provided transaction validation documents Bank-issued receipt of XX/XX/2024 credit card payment Correspondence logs with Bank of America representatives Conclusion Bank of Americas conduct represents a severe breach of consumer rights and federal banking regulations. The prolonged withholding of funds without legitimate cause constitutes an unfair and abusive practice under 12 U.S.C. 5531. I urge the CFPB to take immediate enforcement action to remedy this situation and protect consumers from similar misconduct. 

I am prepared to cooperate fully with any investigation and provide additional documentation upon request.

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