Checking or savings account -- Closing an account -- Complaint #13282210
Bank of America Closes Account, Customer Files CFPB Complaint
Complaint Overview
Complaint ID: 13282210
Company: Bank Of America, National Association
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Closing an account
Sub-Issue: Company closed your account
State: Virginia
ZIP Code: 23836
Date Received: 2025-03-31T12:00:00-05:00
Date Sent to Company: 2025-05-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Risk Assessment
Risk Level: low
The risk is low as the account closure was explained, suggesting a reason was provided to the consumer, and the CFPB's involvement is likely for documentation or a minor inquiry.
Consumer Sentiment: neutral
Topics: Account Closure, Banking Services
AI Analysis
CFPB complaint 13282210 was filed against BANK OF AMERICA, NATIONAL ASSOCIATION regarding Checking or savings account (Other banking product or service), specifically about "Closing an account". A Bank of America customer in Virginia had their checking or savings account closed with an explanation, and the CFPB categorized this as a complaint regarding another banking product or service. The complaint was received on March 31, 2025 from Virginia. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should carefully review any communication from their bank regarding account closures to understand the reasons and ensure they have met any stated requirements.
Legal Context & Consumer Protection Laws
While banks generally have the right to close accounts, they must do so in accordance with their terms of service and any applicable consumer protection laws.
Regulatory Insight
Banks are required to provide explanations for account closures when requested or as stipulated by their policies, ensuring transparency in their banking practices.
Resolution Likelihood
unlikely
State-Specific Consumer Protections
In Virginia, as in other states, banks have broad discretion in managing customer accounts, provided they adhere to federal and state regulations.
Industry Comparison
Account closures by banks, while sometimes necessary, can be a point of friction for consumers, leading to complaints across the industry.
Related Issues
Frequently Asked Questions
What is CFPB complaint 13282210 about?
CFPB complaint 13282210 involves Checking or savings account (Other banking product or service). The consumer reported an issue with "Closing an account", specifically "Company closed your account". This complaint was filed against BANK OF AMERICA, NATIONAL ASSOCIATION on March 31, 2025.
Which company is complaint 13282210 filed against?
Complaint 13282210 was filed against BANK OF AMERICA, NATIONAL ASSOCIATION. You can view all complaints against this company on their profile page at /company/bank-of-america-national-association.
What was the company's response to complaint 13282210?
BANK OF AMERICA, NATIONAL ASSOCIATION responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 13282210 filed?
Complaint 13282210 was received by the CFPB on March 31, 2025. It was sent to BANK OF AMERICA, NATIONAL ASSOCIATION on May 1, 2025.
What state was complaint 13282210 filed from?
Complaint 13282210 was filed from Virginia. You can view all complaints from this state at /state/VA.
Was the consumer satisfied with the resolution of complaint 13282210?
Dispute information is not available for complaint 13282210.
What product category is complaint 13282210 about?
Complaint 13282210 is categorized under "Checking or savings account", specifically "Other banking product or service". This is one of the product categories tracked by the CFPB.
How was complaint 13282210 submitted?
Complaint 13282210 was submitted via Referral. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 13282210?
While banks generally have the right to close accounts, they must do so in accordance with their terms of service and any applicable consumer protection laws. This relates to a Checking or savings account complaint against BANK OF AMERICA, NATIONAL ASSOCIATION involving "Closing an account".
How likely is complaint 13282210 to be resolved?
Resolution likelihood: unlikely. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 13282210?
This complaint is rated as low risk. The risk is low as the account closure was explained, suggesting a reason was provided to the consumer, and the CFPB's involvement is likely for documentation or a minor inquiry.
What regulatory actions apply to complaint 13282210?
Banks are required to provide explanations for account closures when requested or as stipulated by their policies, ensuring transparency in their banking practices. The CFPB tracks complaints like this one to identify patterns of misconduct across the Checking or savings account industry.
What should the consumer do about complaint 13282210?
Consumers should carefully review any communication from their bank regarding account closures to understand the reasons and ensure they have met any stated requirements.
Are there state-specific protections for complaint 13282210?
In Virginia, as in other states, banks have broad discretion in managing customer accounts, provided they adhere to federal and state regulations. This complaint was filed from Virginia.
How does complaint 13282210 compare to industry norms?
Account closures by banks, while sometimes necessary, can be a point of friction for consumers, leading to complaints across the industry.
What specific reasons might lead a bank to close a customer's account?
Banks may close accounts for various reasons, including suspected fraudulent activity, violation of terms of service, excessive overdrafts, or inactivity, often after providing notice.
What recourse does a consumer have if they believe their account was closed unfairly?
If a consumer believes their account was closed unfairly, they can file a complaint with the CFPB, contact the bank's executive customer relations, or seek legal advice.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.