Checking or savings account -- Managing an account -- Complaint #14654231
Bank of America Fails to Credit Deposit, Closes Account
Complaint Overview
Complaint ID: 14654231
Company: Bank Of America, National Association
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: Texas
ZIP Code: 79721
Date Received: 2025-06-30T12:00:00-05:00
Date Sent to Company: 2025-07-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Tags: Servicemember
Risk Assessment
Risk Level: high
Failure to credit a deposit can lead to significant financial hardship and loss of access to funds, indicating a high risk of consumer harm.
Consumer Sentiment: negative
Topics: Checking account, Deposits, Account management
AI Analysis
CFPB complaint 14654231 was filed against BANK OF AMERICA, NATIONAL ASSOCIATION regarding Checking or savings account (Checking account), specifically about "Managing an account". A consumer's checking account deposit was not credited by Bank of America, leading to a closed account with explanation. The complaint was received on June 30, 2025 from Texas. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Always confirm that deposits have been credited to your account and keep detailed records of all transactions.
Legal Context & Consumer Protection Laws
This situation may involve violations of federal banking regulations regarding timely crediting of deposits and proper account closure procedures.
Regulatory Insight
Regulators are concerned with banks' internal controls and customer service processes to ensure accurate transaction handling and prevent account mismanagement.
Resolution Likelihood
likely
State-Specific Consumer Protections
In Texas, consumers have rights regarding banking services and dispute resolution, but specific state laws may vary.
Industry Comparison
This issue is common across the banking industry, where errors in deposit processing can occur, impacting customer trust.
Related Issues
Frequently Asked Questions
What is CFPB complaint 14654231 about?
CFPB complaint 14654231 involves Checking or savings account (Checking account). The consumer reported an issue with "Managing an account", specifically "Deposits and withdrawals". This complaint was filed against BANK OF AMERICA, NATIONAL ASSOCIATION on June 30, 2025.
Which company is complaint 14654231 filed against?
Complaint 14654231 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 14654231?
BANK OF AMERICA, NATIONAL ASSOCIATION responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 14654231 filed?
Complaint 14654231 was received by the CFPB on June 30, 2025. It was sent to BANK OF AMERICA, NATIONAL ASSOCIATION on July 14, 2025.
What state was complaint 14654231 filed from?
Complaint 14654231 was filed from Texas. You can view all complaints from this state at /state/TX.
Was the consumer satisfied with the resolution of complaint 14654231?
Dispute information is not available for complaint 14654231.
What product category is complaint 14654231 about?
Complaint 14654231 is categorized under "Checking or savings account", specifically "Checking account". This is one of the product categories tracked by the CFPB.
How was complaint 14654231 submitted?
Complaint 14654231 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 14654231?
This situation may involve violations of federal banking regulations regarding timely crediting of deposits and proper account closure procedures. This relates to a Checking or savings account complaint against BANK OF AMERICA, NATIONAL ASSOCIATION involving "Managing an account".
How likely is complaint 14654231 to be resolved?
Resolution likelihood: likely. 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 14654231?
This complaint is rated as high risk. Failure to credit a deposit can lead to significant financial hardship and loss of access to funds, indicating a high risk of consumer harm.
What regulatory actions apply to complaint 14654231?
Regulators are concerned with banks' internal controls and customer service processes to ensure accurate transaction handling and prevent account mismanagement. 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 14654231?
Always confirm that deposits have been credited to your account and keep detailed records of all transactions.
Are there state-specific protections for complaint 14654231?
In Texas, consumers have rights regarding banking services and dispute resolution, but specific state laws may vary. This complaint was filed from Texas.
How does complaint 14654231 compare to industry norms?
This issue is common across the banking industry, where errors in deposit processing can occur, impacting customer trust.
What steps should a consumer take if a deposit is not credited promptly?
Contact the bank immediately to report the issue, provide transaction details, and request an investigation. If unresolved, consider filing a formal complaint with the CFPB or relevant state banking authority.
What are the typical reasons a bank might not credit a deposit?
Reasons can include technical errors, issues with the deposit method (e.g., a bad check), or account restrictions. However, banks are expected to have clear procedures for resolving such discrepancies.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.