Consumer complaint received 2025-12-30 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: FL

Complaint narrative:
On XX/XX/year> I went to Bank of America to create a business account for my new business I am trying to open this being XXXX of the final steps to do so. We went through the entire process with the agent as well as putting {$100.00} in the account to officially get it open. The week of XX/XX/year> I discover my account has been closed without disclosure or reasoning of why. I go to the Bank of America where I opened the account at XXXX XXXX XXXX XXXX XXXX XXXX  XXXX, XX/XX/year> I speak to another agent about the issue he gives me the number to the risk department because they are the ones that closed it their number being ( XXXX ) XXXX. As of today I have contacted this department twice and have been given the same answers. I am unable to get any reasoning as to why my account was closed nor are they willing to give it to me. They keep repeating they are not obligated to give me a reasoning. However, due to this issue I am having troubles with other banks getting a business account with the reasoning being, " Having an issue with a prior bank. '' The only bank I have applied to for this business account was Bank of America. 

I spoke to a woman today at the risk department to try and get another answer and she said there was no over draft in my account or no issue with the account we just decided as a bank to close the account listing previous answers given to me by the previous customer service worker " monetary loss or privacy leakage. '' Neither of these reasons describe me or my issue. They are not willing to give me an answer as to why they closed my account and with the answers given it sounds like there is not a reason for the closure. I read over my contract and it does not say that they are not legally obligated to give me a reason as to why they closed my account which is what I have been told several times. 

I called the risk department twice simply due to the fact that I am trying to open my business therefore I need a business account. I am unable to open a business account because of Bank of America. I recently went to XXXX XXXX  went through the entire process. I went in person today ( XXXX ) to deposit a check and they say my account has been closed. I ask why they tell me due to issues with another bank for the same account that they send to other banks when having a problem with a client or account. Now I am prohibited from making a business account that I need to open due to the actions of Bank of America nor am I able to open and run my business properly because I do not have a way for my clients to pay for their services other than through cash alone. I am outraged that I unable to be told what the issue is so I could either ( A ) fix it or ( B ) address it that there may be an error somewhere.

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 monetary relief