Not BofA I guess. Who can help me? Bank of America is closing her bank account on May 4 because of her “risk profile” and, it would appear, her “connection” with the crypto space. Because I went to college on scholarship I didn't need to use the money to pay for school so after I graduated I requested. Same thing happened to me. Don't do business with BOA. So this just happened to me as well and I was super panicked but I got another bank now and my direct deposit will go there. ... where you can access our full range of services 24/7. Account closed after 26 years. If you don’t have it, download our Mobile Banking App so you can monitor your account. I respond saying that it is hard for me to comprehend how Bank of America can close my account, without giving any valid reason AND charges me $60 (60% of my account balance). I agree. My account was an American Express which had been acquired by BoA. My experience proved that this bank is not customer friendly when it comes to discuss such issues. Bank of America said customers now must contact the bank and try to claim that money back. To close your account at Bank of America, you should just be able to walk into a branch, withdraw your funds, instruct the teller to close the account, and walk out a … This is awful and irresponsible behavior, and it clearly indicates their lack of concern for their customers. I honestly don't mind if they just don't want to do business but what upsets me was the poor customer service and lack of communication during the process. Now that the account "passes" your audit (for a phone number?! We need answers. I will tell all my kids to close their accounts too. Along the way, I’ve learned a lot about customer service and online-only bank accounts, businesses, and branches of government that protect consumers – and how far up the chain you need to go to get results. So now I’m looking at my check arriving the first week of February. It feel powerless, like the big bank can abuse you and you don't have any right to complain or demand an explanation. The problem isn’t the Bank it’s the customers that don’t know anything about running a business / reading the contract or getting an attorney to dumb it down for you. So as not to be litigated by any bank, "$^$^* of ^()&&" refers to ANY bank in question. THIS is when I obtained a BofA Cash Rewards card $10, 000 Limit and BofA Platinum Plus $18000 Limit. Is there any means of transportation available to tourists that goes faster than Mach 3.5? Enjoy a bank account with the flexibility you need for your busy schedule. They did it to me! On June 10, my SBA loan request was funded by direct deposit from the Treasury to my Bank of America deposit account. Thanks BofA. What is it that makes them so afraid to just tell the customer what they've done that's not compliant? more than 20 years of banking with them, never over draft, on the contrary the made mistake a huge with my account long time ago and now this and they just keeping saying i just a business decision basically is like if they said "because i said so". In 2016 I had 810-816 FICO with 0% Utilization, which is normal for me because I only use Credit Cards as a tool to buy/resell make money. The way they did the call sounded threatening and as an ultimatum. Now I'm left trying to figure out how to pay rent while I wait for a cashier's check. New Member ‎June 5, 2019 10:46 PM. im so not happy with bank of america for closing my account on jan 13, 2021 wen i had money in account they have this bad policy of charging ppl overdraft fee nd let scam happened on my account multiple times nd wen i asked for refund they went nd said not to me nd gave the scammer money pathetic service than i went to get money out of mu account complaint was filed been months … The banker told me the reason why it was closed was because of a business decision, they told me the same thing on the phone along with the fact that they dont have to tell me any reason why it was done. Banks in the U.S. have to obey a very complicated system of federal laws. Our account had a paltry .50% rate of interest, and I wasn't expecting them to raise the rates anytime soon. I own 3 companies each bringing in over a million a year, perfect credit and perfect accounts and bank of america decides to close my accounts…. As of now I have about $32k total that is just sitting and cannot do anything with it and am frustrated because that's nearly all my money and cannot wait for almost two or three weeks to get a check in the mail when I have bills and other things to pay for within that time. If you have an account closed by the bank, you need to understand what that means for you. Never bounced a check or had any problem other than a year ago. Saving your Online ID means you don't have to enter it every time you sign in. However, I would think they are obligated to quickly return your funds, but can't find anything specific to that. I just opened a letter from BOA thinking it was more terms and agreements or how we share information. @tbill07 Try it today. Apparently accounts established prior to 1999 are being aggressively audited for missing data (from a bad data conversion of banks they purchased) and clients are hanging in the wind, branch managers are left in the dark, accounts are being closed, clients are leaving, and general unrest abounds. Just got off the phone with EDD. I have great credit no chargebacks no claims always funds available. Bank manager looks, says nothing flagged on the account. Bank of America suddenly closes both my credit card accounts 16 days ago out of the blue sky with no warning/explanation what so ever. We raise money to send to Central America for educational purposes, and I think that is what B of A found "risky" without telling us up front, and without ever letting us know. Bad Move BoA. Obviously does not make any difference to them, i am taking my business to another bank. Then they have the audacity to send me a survey about the call in my email...are they delusional or what? Understand Why the Account Was Closed. I wish the CEO would loose everything, none of the management deserve anything considering this is what they do to their customers. Did they return your money? How long does it take to resolve a closed bank account and get your money back? So how the hell do u close an account for something that was a year ago. Ignorant [censored]! After giving him my information all he did was read off the agreement from opening the account that says myself or the bank has the right to close any accounts without explanation for any reason at any time. No warning, no phone call and I was overseas on business when this happened - … Ridiculous!. I guess they don't have to. They suck, that's all I can say!!! The rep said that this is currently a very common issue and that the bulk of their calls lately have been about this exact thing. They are the worst bank I have ever known. I just bought a car trying to buy a house but now they have flagged me from getting another account . Luckily had other financial institution card with me, still was quite a concern. 30 days came and went, account stayed open. Edit to add: 2 hours later they finally unblocked my card, yay! All 5 accounts were closed, was traveling that time and run into that big time surprise. The 2 worse POS companies EVER. Somehow the fraudsters are able to duplicate your card and your pin and then drain your account in … Your letter caused us to learn that the grass really is greener on the other side - thanks for pushing us out. FDIC Insured. Have you ever been inside an establishment where they have a sign disclosing we reserve the right to refuse service? A while back I talked about how my wife and I were looking to close out our account with Bank of America because the rate of interest that we were receiving on our money was not very good, even in today's market with low rates across the board. Bank of America is notorious for closing credit card accounts because they wanted to. @ckeleganz Were you able to find out if there is anything we can do with a lawyer? Wonder if CFPB will regulate them. She mentioned new regulations in October that were implemented to crack down on potential money laundering and foreign accounts, and I think this is exactly what it was about, though we are neither. For your protection, Bank of America must confirm your identity and obtain your consent before sharing your account data. In your hand, and at your fingertips. The reason for asking is that if the check that you deposited into your account reached your mom's bank. It's banking made easier with the Bank of America mobile banking app. Went to buy groceries at my local store and the cashier guy said my card was denied, stunned i relunctantly used my PIN number which was denied as well, i knew something was amiss, i paid with cash thankfully in my wallet and got into my car and logged in to my checking acct, and lo and behold it was empty, in panic called the bank and eventually after being transffered like 3 times, one of their arrogant worker finally asked me if i knew my acct is being closed.I was shocked and relived as the same time knowing a bank draft will be sent to me in the mail. Bank of America makes it easy to securely manage your bills in the mobile banking app. rev 2021.1.26.38399, The best answers are voted up and rise to the top, Personal Finance & Money Stack Exchange works best with JavaScript enabled, Start here for a quick overview of the site, Detailed answers to any questions you might have, Discuss the workings and policies of this site, Learn more about Stack Overflow the company, Learn more about hiring developers or posting ads with us, I am sorry for your loss, but could you tell us a few details about the check "that my mom left me"? Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. BOFA rep said I was going to get an account closure letter as of 12/30 and I would need to go to a branch to get my money. I hope they are fined for fraudulent and discriminatory business practices. They said it was a business decision, no explanation, no nothing. Now our account is good, not flagged, and we can resume peacefully. Those points were earned at BOA, but it was big amount of $ spent to earn them, I could spent it at other bank, but I preferred BOA. I now how upcoming car payment and credit card bills that will be paid late due to them withholding my funds. Real professional! Recipients have 14 days to enroll to receive money or the transfer will be canceled. He then told me he was the Account Manager for my account and there was nobody else to talk to. Replacing toilet shut-off valve and need to turn off water; Need to turn gas water heater to pilot? The other odd part is that the closure letters were dated only 2 days after the other letters I got saying thanks for opening your accounts, here's your debit card and all the information to enroll online. Greg, we checked it out and confirmed your branch is closed along with several other Bank of America branches statewide and around the country. Correct notation of ghost notes depending on note duration, Does it make sense to get a second mortgage on a second property for Buy to Let, Confused about this stop over - Turkish airlines - Istanbul (IST) to Cancun (CUN), Restricting the open source by adding a statement in README. Too bad for them, I just setup my paycheck to auto deposit with them. The customer service reps were apologetic and helpful and said please let us get this sorted out for you so we can reopen your accounts but then the closure department guy said they've been closed without reason and that's that. Visit the IRS website for more information on how to receive your payment. The manager said there were several other cases like ours that she had dealt with, and that she would not blame us for wanting to do business elsewhere. BOA undermined my confidence in their organization for life - I'll bury my money in the back yard before I'll trust them to hold it. Now I'll try and find a new small business bank that's hopefully a great one! I'm attaching the pictures of the unprofessional and rude employees to this complaints. I recently opened a BOA account as I relocated due to employment and my old bank had no branches in the area. Although it might sound strange, I feel better now knowing I'm not the only one that this has happened to. Do not ever do business with this bank!! Each bank has differing policies, but Bank of America says it retains records for up to seven years. According to the OCC FAQ, the fact that they closed the account is in their prerogative. Shame on you, Bank of America. I can’t even got to the bank until they open and by these response they are not going to give me my money. How can I check if any accounts were recently opened in my name. I truly believe they are being discriminatory with their practices and not providing an explanation might go deeper than something that we don't know about. 2 days later the regional manager called and apologized about the accounts closure, saying the best she can do for me is to file a formal complaint, I'd really like to start a petition through my lawyer and see how far law abiding citizens like us can fight this, anyone??? Tell them you want to close your account. 99.9% of Banks will decline your request to bank with them on the spot the other 0.01% of Banks will eventually close your account for the reason Bank of America stopped doing business you. Five months, if you bank with HSBC. In the two years I banked with BoA I never had an overdraft or any negative marks on my account so the only thing that would stick out was a check that I deposited for $26k that my mom left me after she passed. This is wholly unprofessional and discriminatory, not to mention completely disorganized, seemingly on purpose. Established new accounts for the business with a competitor and moved most of the funds. There was a time that with American Express you needed very good credit to obtain an American Express card and they wasn't concerned about how much you spent but that's not the case with BoA. Returning to my money now entrusted to Bank of America, market turmoil reminded me that this particular trustee is simply not safe. Over the years I've even had Utilization rates as high as 70% with nothing like this ever happening to me. They closed my account today . Days later I received an email that my initial funding had not gone through (even though the account I used to fund it showed a debit by BOA) so I called BOA customer service and was notified my account was closed due to a "risk". Credit Card Closures Can Hurt Your Credit Score. Bank of America closed my account last week as well that I had open for over 25 years when they could not contact my elderly father who I added to my account 20 years ago to help pay for my college. The bank manager was visibly embarrassed and apologetic on behalf of the atrocious behavior of her corporate employer, and she said that we should have received a letter regarding the potential closure of the checking account, which we never received, and there was no record that it was sent. Been there, done that, and have NO intention of going there again. Note that the "business decision" may well be entirely unrelated to you. Just setup my paycheck to auto bank of america closed my account with money in it with them take to resolve a bank. Withholding my funds be canceled desktop and got the closure/call memo use that so your back is. Me two months ago and I was transacting a withdraw even tell you why??? us... 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The ones they can make money on you they do n't meet their profit.! Bofa cash Rewards card $ 10, 000 minimum would receive it in days.

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