Consumer complaint received 2021-01-11 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Can't close your account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: RI

Complaint narrative:
Bank of America will not close out my deceased father 's IRA account despite having the original contract with beneficiaries. Bank of America says they can only transfer the money into a new IRA, effectively keeping my XXXX year old father 's money and paying the industry lowest interest rate of .01 %. 

XX/XX/XXXX Saturday : Phoned and left voicemail with XXXX XXXX [ XXXX XXXX XXXX XXXX, XXXX, RI XXXX ] that I would like to come in and make an appointment with him and allow him to see legal documents. 

XX/XX/XXXX Monday XXXX XXXX XXXX [ XXXX XXXX XXXX XXXX, XXXX, RI XXXX ] phones back indicating he can not help me, further, that I need to call 800 number. He will not allow me to talk to a supervisor. Insists I call 800 number. Can not give me the name of his supervisor. Asked him why XXXXyr old still has a BoA IRA, he said that would be a question for my fathers financial advisor. Told him I was astonished that he could not help me. 

XX/XX/XXXX Monday Call 800 number. Am told I can mail documents to a PO Box number to update information about IRA. 
BOA NA, XXXX XXXX XXXX XXXX XXXX XXXX, TX, XXXX. Ask for a complaint address, am given this email XXXX I tell them my concerns regarding slow mail ( first class consistently below 90 % delivery rate ). Moreover, asked why cant I talk to someone in person? We then book an appointment with XXXX, MA, which is just as close as the XXXX, RI retail location. 

XX/XX/XXXX Tuesday I go to XXXX, MA and meet with XXXX XXXX [ Financial Center Manager, XXXX XX/XX/XXXXXXXX XXXX, XXXX, MA XXXX XXXX ]., show her legal docs and original contract document. I indicate to her my problem with XXXX XXXX [ XXXX XXXX XXXX XXXX, XXXX, RI XXXX ]. She copies legal documents and we agree to meet again when my father passes away. 

XX/XX/XXXX Thursday : Father passes away on XX/XX/XXXX. 

XX/XX/XXXX MondayXX/XX/XXXX There is a line outside door, only 4 people at a time can go inside XXXX . MA. I return to car and attempt to make online reservation, but I am unable to secure online Mon-Fri reservation. So I go to XXXX,, RI BoA and arrive XXXX, bank closes at XXXX. Am told by the greeter after greeter talks with the manager that everyone is too busy to talk to me that I would have to come back tomorrow. Manager is not busy. Her colleague is not serving customer. There is no one with the one teller on duty. There is only one other customer in the bank who is discussing her new baby with XXXX XXXX [ XXXX XXXX XXXX XXXX, XXXX, RI XXXX ] The Greeter is able to make an appointment in XXXX, MA at XXXX Tuesday with his handheld tablet. At least I was able to secure an appointment for XXXX, MA despite having no luck securing an appointment on my own. 

XX/XX/XXXX Tuesday : I rescheduleXX/XX/XXXXmeeting which was for XXXX, now is for XXXX XX/XX/XXXX at XXXX BoA, XXXX XXXX. I phoned XXXX XXXX [ Financial Center Manager, XXXX XXXX  XXXX XXXX, XXXX, MA XXXX XXXX ] at XXXX, informed them I would be coming Wed morning to discuss IRA. Man said he would relay the message to XXXX. 

XX/XX/XXXX Wednesday XXXX XXXX Briefly spoke to XXXX XXXX [ Financial Center Manager, XXXX XXXX  XXXX XXXX, XXXX, MA XXXX XXXX ], she said she got my message. XXXX would be helping me. 
Worked with XXXX XXXX [ Officer, Financial Solutions Advisor, XXXX XXXX XXXX XXXX, XXXX, MA, XXXX, XXXX ] XXXX to XXXX who phoned BoA departments. Those departments said that BoA is unable to send forms to XXXX, MA retail office so we can fill them out and close the account. BoA Retirement Office tells us that we have to open an IRA and transfer funds from my fathers account to my new Bank of America IRA, effectively retaining the funds at BoA. I thank XXXX for her efforts and leave bank telling them that I will personally escalate the problem on Monday AM if we can not close out the IRA as stated in the original contract. 

XX/XX/XXXX Thursday : emailed XXXX XXXX [ Officer, Financial Solutions Advisor, XXXX XXXX XXXX XXXX, XXXX, MA, XXXX, XXXX ], thanking her. They have calls into management but there is no reply. 
XX/XX/XXXX Friday : emailed XXXX XXXX [ Officer, Financial Solutions Advisor, XXXX XXXX XXXX XXXX, XXXX, MA, XXXX, XXXX ]XX/XX/XXXX She replies that they still have no reply from management about closing the account. 

XX/XX/XXXX Friday afternoon : The landline lit up with BoA caller id. Picked up on one ring. The line disconnected before any voice could be heard. 

XX/XX/XXXX Friday XXXX : Sent email to XXXX XXXX, Director of Customer Care. I then emailed this same message to XXXX XXXX [ Officer, Financial Solutions Advisor, XXXX XXXX  XXXX XXXX, XXXX, MA, XXXX, XXXX ] informing her I am starting to escalate the issue at my end. 

XX/XX/XXXX Saturday : I heard back on Sat morning from XXXX XXXX [ Officer, Financial Solutions Advisor, XXXX XXXX XXXX XXXX, XXXX, MA, XXXX, XXXX ]. There is still no management reply to XXXX request. XXXX said they understood that I was expecting an answer before XXXX Monday. 

XX/XX/XXXX Monday XXXX : No email reply to my gmail from XXXX , MA. No email replay to XXXX from Bank of America Customer Service. No receipt of phone calls. Filing complaint with CFPB since Ive made numerous attempts to close the IRA account and no success.

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