Consumer complaint received 2025-08-15 00:00:00
Product: Checking or savings account — Savings account
Issue: Closing an account — Company closed your account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL

Complaint narrative:
CFPB Complaint Bank of America Account Closure I have been a Bank of America customer since XXXX ( over 25 years ), holding multiple accounts including savings, CDs, a credit card, and a safety deposit box. I have always maintained good standing and have never had account issues until recently, when I became the victim of an international scam. Instead of assisting me, Bank of America closed all of my accounts without a clear explanation. The only reason given was a vague reference to terms and conditions and a statement that the decision was based on information from XXXX, with no details provided. Initially, they left my credit card open. However, on XX/XX/XXXX, I received a final closure letter stating that even my credit card account will be permanently closed. They instructed me to : - Destroy all checks, debit/credit cards, and banking materials. - Stop using all Bank of America accounts immediately. - Continue making payments on the closed credit card until the balance is paid in full. They also informed me that because I am no longer a customer, my safety deposit box will no longer be free under my previous benefits and will now incur charges ( although I have not used it in years ). The bank has also refused to give me my complete account history. They deleted prior statements for my savings and CDs, saying only the most recent statement can be provided. They told me older records were destroyed, which I believe is improper. This closure and record deletion have caused significant harm : - Loss of all banking relationships after 25+ years of loyalty. - No clear, specific explanation for the closures. - Loss of access to funds without adequate notice. - Excessive penalty rate ( ~400 % APR equivalent ) on a prior cash advance. - Potential damage to credit reputation. - Time and stress from repeated, unproductive calls with bank representatives. Requested Resolution : 1. Provide my complete account history and transaction records for all closed accounts. 2. Give a detailed written explanation for the account closures, citing the exact policy or report relied upon. 3. Refund or reverse excessive penalties and fees tied to the cash advance and account closures. 4. Correct any negative credit bureau reporting caused by these actions. I believe Bank of Americas actions are unfair and punitive toward a long-term customer who was the victim of fraud. Impact Timeline XXXX XXXX : - Maintained multiple accounts with Bank of America for over 25 years ( savings, CDs, credit card, safety deposit box ). - Always in good standing, no missed payments or disputes. XXXX XXXX : - Became a victim of an international scam/fraud while overseas. - Contacted Bank of America to report the issue and request assistance. Following Fraud Report : - Instead of helping, Bank of America began closing all accounts except credit card. - Only vague terms and conditions cited, no written explanation provided. - Told closure decision was based on XXXX report, but no details disclosed. XX/XX/XXXXXXXX XXXX XXXX Received final closure letter stating even the credit card will be closed. Instructed to destroy all checks, cards, and materials. - Told to keep paying the balance on closed credit card until fully paid. - Safety deposit box no longer free as benefit ; charges will apply. Account History Issues : - Bank deleted prior savings and CD statements. - Only the most recent statement can be provided ; older ones destroyed. - Requested mailed copies, but access to complete history denied. Financial Harm : - Loss of all banking relationships after 25+ years of loyalty. - No specific reason for closures given in writing. - Loss of access to funds without adequate notice. - Charged excessive penalty rate ( ~400 % APR equivalent ) on a prior cash advance. - Potential damage to credit reputation.- Time and stress from repeated, unproductive calls with bank representatives. Attachment : Final closure letter dated XX/XX/XXXX ( to be uploaded separately ).

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