Consumer complaint received 2025-01-07 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: NY

Complaint narrative:
On XX/XX/XXXX, I registered my business, XXXX XXXX XXXX, with the New York Department of State ( File Number : XXXX ). The following day, I obtained an XXXX ( XXXX ). Shortly thereafter, I filed all required documents with New York State and the IRS, including an S-Corp tax election, which was approved.

Since my business was not set to take clients until XXXX, I delayed opening a business checking account until XX/XX/XXXX. As a lifelong client of Bank of Americaholding a checking, savings, and three credit card accounts in good standingI naturally chose them for my business account to streamline banking and facilitate easier transfers between accounts. 
On XX/XX/XXXX, I applied online for a small business checking account and was approved immediately - BOA Business Checking ending in XXXX. Shortly after, I received a letter dated XX/XX/XXXX, welcoming me as a new account holder and expressing that the bank was honored to have my business. The letter listed XXXX steps to complete : submitting a XXXX XXXX XXXX, activating online and mobile banking ( which I had already done ), and making a deposit. No deadlines were mentioned for these requirements. 
Before I could complete these steps, I received another letter, dated XX/XX/XXXX, stating that Bank of America had decided to close my account. The letter warned that this decision could affect my ability to open accounts at other financial institutions for up to five years and that the decision may be reported to XXXX XXXX XXXX XXXX or XXXX XXXX XXXX XXXX XXXX. An XXXX number was provided for questions. 
Attempts to Resolve the Issue XXXX. Initial Call ( XX/XX/XXXX ) : o I spoke with a representative at the XXXX number provided. Her responses were dismissive and unhelpful. She stated that per the terms and conditions, Bank of America could close accounts without providing a reason. Concerned as a loyal client, I escalated the call to a supervisor, who reiterated the same response, offering no additional information. 
XXXX. Second Attempt to Open an Account ( XX/XX/XXXX ) : o Assuming the issue stemmed from not funding the account quickly enough, I applied for a new business checking account and attempted to transfer money immediately. However, I was unable to use a bank transfer because I was only given the option to fund the account using a debit card, which I did not have due to it being replaced. Despite this, I submitted the application, but it was reviewed and rejected. 
XXXX. Phone Appointment ( XX/XX/XXXX ) : o XXXX setup a phone appointment to speak to a representative about this matter. The representative assured me that there were flags on my account that could be resolved. She transferred me to the risk department, where I was informed that Bank of America had decided not only to deny my application but also to prohibit me from opening any future accounts. I was given no explanation for this decision. 
XXXX. Follow-Up Call : o That afternoon, another representative called me to follow-up. She encouraged me to visit a branch in person, expressing confidence that the issue could be resolved there. She helped me schedule an appointment for XX/XX/XXXX. 
XXXX. In-Person Appointment ( XX/XX/XXXX ) : o At the XXXX XXXX XXXX NJ XXXX XXXX I met with XXXX XXXX XXXX Initially warm and helpful, she took my ID and business paperwork, but after entering my information into the system, her demeanor changed. She informed me she could not assist me and referred me back to the XXXX number. 
o Frustrated, I called the number from my car, while still parked in the banks parking lot. The representative attempted to verify my account using my business establishment date. Despite providing the correct information, she could not verify me and advised me to return to the branch for assistance. 
o When I re-entered the branch, I was informed that no additional information would be provided, even if the branch called on my behalf, and that there was nothing further anyone could do to assist me. 

Concerns : XXXX. Lack of Transparency : o I was never given a clear reason for the account closure or why I was barred from opening future accounts with Bank of America. 
XXXX. XXXX XXXX of a Loyal Client : o As a lifelong customer with accounts in good standing, this experience has been deeply frustrating, confusing and somewhat offensive. 
XXXX. Potential Errors : o The lack of transparency raises concerns about possible inaccuracies or errors in the banks records that I am unaware of.

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