Consumer complaint received 2025-02-19 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Company closed your account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY

Complaint narrative:
Background : On XX/XX/XXXX, Bank of America ( BoA ) abruptly closed my newly opened business checking account without explanation. Their letter stated this decision " may affect [ my ] ability to open an account at other financial institutions for up to five years '' and " may be reported to XXXX or XXXX XXXX XXXX XXXX XXXX XXXX '' Since then, I have repeatedly requested an explanation, only to receive misleading responses, dismissive customer service, and ultimately a refusal to provide any reasoning. 

On XX/XX/XXXX, I received a letter from XXXX XXXX, Resolution XXXX at BoA, claiming they had carefully reviewed my case. However, her response offered no new informationinstead, she simply restated the same documents I had already referenced in my complaint. This is not a meaningful response nor a thorough review of my case. 

BoA has failed to provide a valid reason for terminating my account or banning me from future banking. Their lack of transparency is unacceptable and deeply concerning. 

Key Issues : 1. Refusal to Provide a Justification BoA closed my account, banned me from future banking with them, yet refuses to explain why. 
Their XX/XX/XXXX, letter from XXXX XXXX refers me back to the same documents I cited in my complaint for " further clarification '' which makes no sense given that I had already reviewed and understood them. 
This response demonstrates either a lack of proper review or a complete disregard for my concerns. 
I have a right to know why my account was closed and what information was used to justify this decision. 
2. Misleading Information About Consumer Reporting Agencies BoAs XX/XX/XXXX letter suggested my closure XXXX be reported to XXXX or XXXX. 
After checking my reports with both agencies, I found no negative or derogatory information. 
On XX/XX/XXXX, BoA contradicted their previous statement, confirming that " we confirmed information on this account isnt being reported. '' If BoA never reported my closure, why direct me to these agencies? If they used external data to justify their decision, I have the right to know what it was. 
3. Unacceptable Customer Treatment & Business Disruption I have been a longtime BoA customer with multiple personal accounts in good standing. 
Not only was my business account closed without cause, but BoA also advised me not to attempt opening another account in the future. 
Their lack of transparency and dismissive response has impacted my ability to establish business banking relationships elsewhere. 
Conclusion : BoAs response from XXXX XXXX failed to provide any new information or reasoning for their actions, demonstrating a complete lack of accountability and customer transparency. 

I request the CFPBs intervention to ensure Bank of America provides a proper explanation and to review their handling of arbitrary account closures that affect both individuals and businesses.

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