Mortgage -- Trouble during payment process -- Complaint #11244701
Complaint Overview
Complaint ID: 11244701
Company: Bank Of America, National Association
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Escrow, taxes, or insurance
State: Michigan
ZIP Code: 48103
Date Received: 2024-12-21T12:00:00-05:00
Date Sent to Company: 2024-12-21T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
We had a 30 year fixed mortgage through Bank of America since XXXX for our home. We recently sold our home which paid this mortgage off on XX/XX/XXXX. There is an escrow balance held by Bank of America in the amount of {$6100.00}. I have inquired to Bank of America Mortgage Services Customer Service on multiple accounts regarding the timely return and status updates of our escrow balance. I have called on the following dates : XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX I was initially told that the escrow amount would take 20 business days from the time the loan was paid off to be returned. This would have given Bank of America a deadline of XX/XX/XXXX to return the escrow amount. I was told that the amount was sent out on XX/XX/XXXX. It was sent via USPS with non-trackable postage. I have not received this check as of XX/XX/XXXX. I was told that if I has not received the check by XX/XX/XXXX, a new check could be resent. When I called on XX/XX/XXXX, my concern was being elevated to a supervisor with my request that the funds be electronically ACH transferred to my checking. I requested a call from the supervisor. I believe my concerns have not been addressed by Bank of America. All I would like is my escrow balance of {$6100.00} be returned to us. There should be no reason why a large banking institution such as Bank of America take 20 business days to return funds rightfully owed to us as customers. I am concerned that Bank of America intentionally holds onto these funds for their own benefit of collecting interest investment income on this money. We need help. Thank you.
Frequently Asked Questions
What is Complaint #11244701 about?
Complaint #11244701 was filed against Bank Of America, National Association regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2024-12-21T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.