Consumer complaint received 2023-08-28 00:00:00
Product: Checking or savings account — Savings account
Issue: Opening an account — Confusing or missing disclosures
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: HI

Complaint narrative:
Early morning of XX/XX/2023, I received a promo email from Bank of America. As there appeared to be a lot of " fine print '' to the offer, I decided to visit a branch bank and speak with a specialist in-person to make sure I understood everything before enrolling in the new promo savings account and depositing money. 

Around XXXX on XX/XX/2023, I visited the Bank of America XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX XXXX. I was met by the bank specialist, XXXX. He seemed very polite and knowledgeable. I addressed all my concerns about the promo and he assured me everything was fine and there was nothing for me to worry about. I was enrolled into the new BofA Advantage Savings Account with the promo offer and then, XXXX asked me how much would I like to deposit. I replied, I'm currently earning a little over 4 % at my Savings Account at XXXX XXXX ( currently, it's at 4.25 % as it went up a little lately ), so I would be happy to transfer {$250000.00} into the BofA Advantage Savings Account as long as the promo rate of 4.41 % will be honored immediately. XXXX assured me it would. 

On XX/XX/2023, I noticed BofA only credited {$2.00} for interest on my bank statement. 

On XX/XX/2023, I texted, called, and emailed XXXX immediately to express my concern about what little interest I earned. While waiting to hear back from XXXX, I also reached out to the BofA 's main customer service number ( XXXX ) and spoke with a phone rep, XXXX. XXXX said that the promo had a " wait '' period before the promo interest was activated. I said this was not very clear which is why I personally visited a branch bank. I explain my interaction with XXXX and expressed my disappointment in having lost " real '' interest I could have earned at XXXX XXXX on my {$250000.00} ( which is not small money ) during this time. If XXXX would have better explained the promo and had me only deposit a small amount and then transfer the {$250000.00} once my promo rate was activated, I would not have lost all this interest rate opportunity I could have stilled earned keeping my money at XXXX XXXX longer. XXXX clearly communicated her disappointed in my experience and said a supervisor will get back to be soon to address my concerns. 

On XX/XX/2023, XXXX returned my call ( around XXXX XXXX ). He appeared just as disappointed and bewildered as me on discovering how little interest I received on my account. He claimed he would look into the matter and get back to me soon. 

On XX/XX/2023, not having heard back from any BofA supervisor or XXXX, I decided to call the main BofA line again. The rep, XXXX, apologized to me for the fact no one has gotten back to me yet and told me I should hear back from a supervisor for certain with the next XXXX hours. 

Today is XX/XX/2023, I still haven't hear back from either BofA supervior or XXXX. In the meantime, I have tried contacting XXXX via text, phone, and email to no avail. I believe all my phone conversation with XXXX, XXXX, and XXXX were on BofA recorded lines. Also, I have documentation of all my attempted communications with XXXX as well as the day I went in to his branch to see him in-person. 

While I await to hear back from someone from BofA, I have lost all trust and confidence in them. So, as I wait for a fair judgment on my situation, to minimize my interest losses, I will be moving most of my funds out of BofA ASAP. 

Thank you!

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