Checking or savings account -- Problem caused by your funds being low -- Complaint #5104668
Complaint Overview
Complaint ID: 5104668
Company: Bank Of America, National Association
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Problem caused by your funds being low
Sub-Issue: Non-sufficient funds and associated fees
State: Missouri
ZIP Code: 64152
Date Received: 2022-01-12T12:00:00-05:00
Date Sent to Company: 2022-01-12T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
Bank of America offered a {$300.00} bonus if one started a checking account in the months of XXXX and XXXX, 2021. Part of the stipulation for the bonus was : : " Set up and receive Qualifying Direct Deposits of {$4000.00} or more in that new personal checking account within ninety ( 90 ) days of account opening. A Qualifying Direct Deposit is a direct deposit of regular monthly income such as your salary, pension or Social Security benefits, which are made by your employer or other payer using account and routing numbers that you provide to them. Examples of non-qualifying transfers and deposits include the following : teller deposits, wire transfers, debit card transfers, ATM transfers or deposits, Online and Mobile Banking transfers or deposits, or transfers from a bank or brokerage account or Merrill account. '' As I am retired, and as discussed with the person over the phone who enrolled me, essentially all my income is from brokerage accounts, but also social security. As my social security checks exceed $ XXXX, I signed up. An incredible amount of time was spent on the phone, going to the local branch ( which never answered the phone so one had to go in person to find either no bankers or that the branch was closed due to Covid- no fault of BOA ). However, after all these efforts I found out that when switching which bank my Social Security check would be directed to, the Social Security web site states it will take 3-4 months for the switch to occur! This means as most only one qualifying deposit will possibly make the 90 day time allotted, or perhaps none. SO, my complaint is that BOA clearly had to know that listing social security benefits WOULD NOT QUALITY, a bait and switch on retired individuals. I don't know how many simply receive a pension, but a qualifying 'salary ' excludes most retired individuals by definition, and by listing XXXX XXXX XXXX XXXX was the BAIT to capture senior citizens. Either their research was incompetent or they ignored this problem when other senior citizens must have called in XXXX with this roadblock, or they decided to intentionally perpetuate this scam. When I called today, I was simply told that it was up to the customer to insure that deposits could be made prior to initiating these new accounts ( BUYER BEWARE ), and that the bank was not responsible for how Social Security is run. I would amend that a respectable bank is quite familiar with money transfers, etc, and only from a position of fraud or a scam would this BAIT been offered.
Frequently Asked Questions
What is Complaint #5104668 about?
Complaint #5104668 was filed against Bank Of America, National Association regarding Checking or savings account specifically about Problem caused by your funds being low. It was received by the CFPB on 2022-01-12T12:00:00-05:00.
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.