Checking or savings account -- Managing an account -- Complaint #4965333
Complaint Overview
Complaint ID: 4965333
Company: Bank Of America, National Association
Product: Checking or savings account
Sub-Product: Savings account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: Florida
ZIP Code: 330XX
Date Received: 2021-12-01T12:00:00-05:00
Date Sent to Company: 2021-12-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX, I received a notification from Bank of America that my savings account would be converted to a checking account due to more than six ( 6 ) transactions being processed against my savings account. See document attached. The letter indicated that this was a third notification, however, this is the first letter I received and the notifications and documents in my account do not reflect this as a pending action. The debits are automatically scheduled payments monthly. Had this information been conveyed, I would have been able to adjust my accounts- and deposits- accordingly. For further reference, I am a high-balance, Platinum-Preferred member since XXXX and the accounts have been open since XXXX ( first with XXXXXXXX XXXX ). When I contacted Bank of America at XXXX on XXXX, after initially speaking with a first-line customer service representative from the XXXX XXXX, Rhode Island XXXX XXXX XXXX I was routed to the manager on duty who identified himself as XXXX. Upon explaining my situation he indicated that this was standard practice and happens often and was as a result of Regulation D from the Patriot Act and was outlined in the terms of the account when opened. When I indicated to him that the account was opened in XXXX and therefore what he communicated to me was incorrect due to the timing of the Patriot Act, he then returned to blaming Regulation D and indicated that there was nothing [ he ] could do and that once the process started, it would automatically convert. When I advised him that the Federal Reserve has indefinitely suspended the six transaction limit associated with Regulation D due to the COVID-19 pandemic and - consequently - the governing logic he provided to me was incorrect, he had no response. In fact, he then stated that Bank of America would be taking this action irrespective of the lack of receipt of prior notifications regarding this potential impact. I am extremely concerned regarding the lack of concern regarding providing appropriate notification- especially when I have both paper and electronic notifications turned on for this account. I am even further disturbed that this individual who reflects regional management and stated multiple times that he processes these actions frequently would fail to have basic knowledge regarding the governing regulations of the accounts and legally authorized changes to account management. The obfuscation was breathtaking and- when caught communicating incorrect information - the individual had no meaningful response.
Frequently Asked Questions
What is Complaint #4965333 about?
Complaint #4965333 was filed against Bank Of America, National Association regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2021-12-01T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with explanation". 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 (Checking or savings account) 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.