Consumer complaint received 2025-02-04 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Company closed your account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA

Complaint narrative:
We had a horrific recent experience with our XXXX XXXX account and the customer service team was extremely unhelpful in righting their wrong. My husband and I have a joint account in which we invest our savings into CDs and stocks. We check the account twice a month and was shocked at our latest login on XX/XX/XXXX that our account was blocked and closed with the whole balance GONE. We called customer service right away and they informed us that since both owners did not complete the refresh of personal information in time, the account was blocked and subsequently closed, and they have sent a XXXX check to our address. What financial institution practice allows you close an account without notifying BOTH account owners by mail, email, security message, or phone call?! We log into our account twice a month, and there were no warnings and no messages and no notifications. The customer service XXXX was less than helpful and kept listing out regulations and laws and how they were following their procedure. 

To be clear, this is what XXXX procedure amounts to : if you have a joint account with a significant other and you want to take that money and run away with it, simply do NOT update your personal information when XXXX asks for it. Your joint account partner will have no clue, receive no notification, message, nor phone calls. XXXX will simply block and close the account after some time, sending you a check, and your account partner will only find out if XXXX logs in to check their balance. You then can take that check, cash it in, and sail off into the sunset. Needless to say, this is a flawed, borderline illegal, practice. We log into the account using my ID twice a month, I personally invest in the CDs and make the trades. How do you take away MY money without notifying XXXX is beyond comprehension. But no, XXXX refused to take blame and admit that they screwed up, and closed out our account. Fine, we can take our money elsewhere, except they cost us a lot of potential income. 

We had bought a XXXX CD at XXXX  % that should have yielded {$XXXX}. However, it was sold prematurely with only {$XXXX} of interest, causing us to lose out on {$XXXX} because we are not able to find a CD with that high of an interest anymore. Also, {$XXXX} in Transaction Charges and Commission Fees were charged when XXXX liquidated all of our stocks without notification or authorization, fees that are not incurred when I do the trades myself. We are hereby asking XXXX to remediate their wrongdoing by refunding us {$XXXX}. 

We want XXXX to take responsibility for their mistake, refund us the potential interest, charges, and fees that their wrongdoing costed us. Hopefully they will also review their process and make sure they contact and notify ALL OWNERS of joint accounts, so they dont make a bigger mistake in the future.

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