Consumer complaint received 2025-01-09 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: NC

Complaint narrative:
Subject : Formal Complaint for Redress and Compensation Due to Negligent Reporting Dear Sirs, I, XXXX XXXX XXXX XXXX, residing at XXXX XXXX XXXX, XXXX, NC XXXX, am writing to formally claim redress and compensation for the significant material, financial, reputational, and emotional damages caused by an improper report that violates and undermines my right to a good name. This report unjustly classified and flagged my account as part of financial fraud, despite my fulfilling my duty as a citizen to report to the Department of Justice that I was a victim of an operation that the bank deemed fraudulent. This letter serves as notification of my intention to pursue an amicable resolution initially and to redress the damages caused to me. If the situation described is not resolved within the stipulated time frame, I will take legal action. 

Case Details : Bank of America XXXX XXXX XXXX : XXXX, XXXX. ( Attachments XXXX, XXXX, XXXX ) The account in my name, linked to number XXXX, was associated by Bank of America with a financial fraud event without requesting clarification or explanation from me. This resulted in a report to XXXX and XXXX XXXX XXXX, entities dedicated to compiling alerts generated by the financial system. This report occurred in XX/XX/year>, without seeking any clarification from me and blatantly infringing upon my right to defense. 

Below, I include as attachments XXXX letters issued by Bank of America confirming the following : XXXX. XXXX XXXX ( XX/XX/year> ) : 9 months after the report Bank of America acknowledges that after my request, the report was entirely unjustified. In this communication, they confirm that upon verifying the reliable information I provided, the report was erroneous. They request XXXX XXXX XXXX and XXXX XXXX XXXX XXXX XXXX to remove the report related to my account, tacitly admitting the banks error. 

This letter specifies that the removal of the report XXXX take up to XXXX business days but does not assume any responsibility to ensure these agencies complete the update. 

XXXX. XXXX XXXX ( XX/XX/year> ) : In a subsequent letter, the bank informs me that they have reviewed and updated their internal records related to my account. 

Additionally, the bank indicates that the changes reflected in the XXXX XXXX XXXX and XXXX XXXX XXXX XXXX XXXX databases XXXX take up to 90 days. 

They also suggest that if updates are not reflected within this period, I should directly contact these agencies to request the necessary adjustments. 

These communications reflect XXXX fundamental aspects : XXXX, Bank of America tacitly acknowledges their error in having negligently generated the original report to these agencies. 

Second, the bank informs me that the entities they reported to XXXX take up to 90 days to remove the negative report. This directly affects my financial, credit, emotional, labor, and immigration life. Additionally, the bank shows no real intention of resolving a series of damages caused by their report and places the responsibility on me to contact the agencies if corrections are not made after this period. 

This situation has resulted in my inability to access essential financial products, limiting my capacity to conduct transactions within the countrys financial system. It has significantly impacted the renewal of my work permit and placed my immigration status at risk. The lack of immediate action by the bank amplifies the negative impact on my daily life, emotional health, and financial stability, as I have been reported for over XXXX months without being aware of the report, which I discovered incidentally. 

Direct and Collateral Damages Identified to Date : XXXX. Financial Loss A business trip to XXXX to meet with XXXX XXXX  proved fruitless when the institution refused to open a corporate account, citing the erroneous report in XXXX and XXXX XXXX XXXX. This trip, necessary to advance XXXXXXXX XXXX XXXX incurred expenses totaling approximately {$2600.00} ( Attachments XXXX, XXXX, XXXX ). 

XXXX. Reputational Damage As the majority shareholder and legal representative of XXXX XXXX, a financial services company processing over {$1.00} XXXX in monthly transactions, I received formal communications from the company demanding immediate resolution of this issue ( Attachments XXXX, XXXX ). 

Additionally, XXXX XXXX  closed an account associated with the company without providing a clear reason, further aggravating operational disruptions. This account closure occurred after Bank of America published erroneous information through XXXX, incriminating me, XXXX XXXX, in alleged fraud ( Attachment XXXX ). 

The reputational damage caused by the false report has undermined my personal and professional credibility, endangering trust from business partners, clients, and stakeholders. XXXX Business Damages The closure of XXXXXXXX XXXX XXXX  operational account disrupted daily financial transactions, causing delays in processes and directly impacting profits. The company typically generates a net margin of XXXX % on monthly transactions, representing a significant financial setback in XXXX and subsequent months. 

XXXX. Compensation for Lost Time and Work Resolving the erroneous reports required me to spend more than XXXX hours communicating with organizations such as the Consumer Financial Protection Bureau ( CFPB ), XXXX, XXXX XXXX XXXX, the Department of Justice ( DOJ ), and currently legal advisors ( Attachments XXXX ). 

My professional hourly rate is {$56.00} per hour, translating to {$2500.00} in lost wages directly attributable to the time spent on this matter ( Attachment XXXX ). 

This time, which should have been devoted to my primary professional responsibilities, significantly impacted my ability to focus on critical business tasks, causing immediate and long-term financial effects on XXXX XXXX XXXX 

XXXX. Expenses for XXXX XXXX In response to the significant stress and emotional burden caused by this situation, I sought XXXX XXXX XXXX to address XXXX  and emotional distress experienced during this time ( Attachments XXXX, XXXX ). 

I am currently attending a XXXXXXXX XXXX XXXX with XXXX XXXX XXXX XXXX and Mindfulness XXXX. 

Invoices and diagnoses for these therapy sessions are attached as proof of this expense. 

XXXX. Emotional Stress Beyond the measurable financial costs of therapy, the stress and XXXX  caused by this situation have severely impacted my XXXX XXXX Over several months, I experienced XXXX  XXXX, XXXX, and emotional instability, requiring professional counseling. 

The emotional burden of repeated account cancellations and the uncertainty of the situation further exacerbated my condition. 

XXXX. Other Collateral Damages : Immigration Status : I am legally residing in XXXX XXXX  with a work permit that I have been renewing within the corresponding deadlines. Due to the banks report, the processing of this permit is on hold and exceeding standard waiting times. I have informed my attorney of this situation to evaluate the collateral damages caused to my immigration status by this report. 

XXXX. Job Offer : In XX/XX/year>, while serving as manager of XXXX XXXX, I decided to explore a part-time job opportunity with the company XXXX XXXX XXXX for which I received an offer. I passed all the screening processes until the background check stage, at which point the company that offered me the job decided to decline. Upon learning about the negative report made by Bank of America, I understood the reason for the declined offer. This caused me deep frustration, stress, XXXX, and negatively affected my professional plans.

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 non-monetary relief