Consumer complaint received 2026-06-06 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Funds not received from closed account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX

Complaint narrative:
I am filing this complaint regarding XXXX XXXX handling of my retirement account and its failure to provide accurate and complete information during the account closure process. For months, XXXX repeatedly sent me letters stating, Unfortunately, your account features have now been restricted, here 's how to avoid possible account closure. '' The repeated correspondence created significant pressure and gave the impression that I needed to close my account to avoid further adverse action. As a consumer, I felt harassed and coerced into closing my account rather than maintaining it. On XX/XX/year>, I contacted XXXX to comply with its instructions and close the account. At that time, the remaining balance was approximately {$49.00}. During my conversation with the XXXX representative, I was specifically informed that the account would be closed and that I would receive a check for the remaining balance. At no point during the conversation was I advised that a closing fee would be assessed or that such a fee would eliminate the remaining funds. I relied on the information provided by XXXX and reasonably expected to receive my money. After waiting several weeks without receiving the promised check, I contacted XXXX again. I was then informed that no check had been issued because a fee had been charged to close the account, leaving no remaining balance. This was the first time I learned that a closing fee existed. Had the representative disclosed this material information during the XX/XX/year> call, I would have asked additional questions or considered other options before authorizing the closure. Instead, XXXXXXXX XXXX employee represented that I would receive my remaining funds while failing to disclose information that completely changed the outcome. I believe XXXX had a duty to provide accurate and complete information regarding the financial consequences of closing my account. A reasonable consumer should not be told that a check will be mailed while an undisclosed fee simultaneously eliminates the funds. This failure to disclose deprived me of the opportunity to make an informed decision. Additionally, XXXXXXXX XXXX repeated letters warning that my account features had been restricted and urging action contributed to an environment of unnecessary pressure. Consumers should not be subjected to repeated communications encouraging account closure while important information regarding fees is withheld. I respectfully request that XXXX : XXXX. Reimburse the approximately {$49.00} that I was told would be mailed to me. XXXX. Provide a written explanation of the fee that was assessed, including the authority under the account agreement permitting the charge. XXXX Review its employee training and disclosure practices to ensure that customers are clearly informed of any account closure fees before they are told they will receive a remaining balance. XXXX. Confirm whether the recorded telephone call from XX/XX/year> and other calls made reflects that I was advised I would receive a check and that no disclosure of a closing fee was made. This complaint is not simply about the amount of money involved. It is about XXXXXXXX XXXX failure to disclose material information and its misleading representation that I would receive my remaining funds, causing me financial harm and undermining my trust in the company 's practices.

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