Checking or savings account -- Problem with a lender or other company charging your account -- Complaint #5173707
Complaint Overview
Complaint ID: 5173707
Company: Bank Of America, National Association
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Problem with a lender or other company charging your account
Sub-Issue: Transaction was not authorized
State: California
ZIP Code: 92887
Date Received: 2022-02-01T12:00:00-05:00
Date Sent to Company: 2022-02-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
This complaint has a previous CFPB Case Number ( XXXX as in the attachment ). This case is NOT resolved, as Bank of America is engaged in fraud. Bank of America forgave the PPP loan ( as in the attachment ). Per IRS announcement IRS announces no reporting forgiven PPP loans on Forms 1099-C In Announcement 2020-12, the IRS has clarified that lenders should not file Forms 1099-C, Cancellation of Debt, to report the amount of qualifying forgiveness of covered loans made under the Paycheck Protection Program ( PPP ) administered by the Small Business Association. The CARES Act established the PPP, which allows qualifying businesses to obtain loans guaranteed by the Small Business Association. Those loans will be forgiven if certain conditions are met, and forgiven amounts will not be includible in the borrower 's gross income for tax purposes. In Announcement XXXX, the IRS confirmed that the lender is not required to, and should not, file a Form 1099-C with the IRS or furnish one to the borrower as a result of the qualifying forgiveness when all or a portion of the stated principal amount of a PPP loan is forgiven because the borrower satisfied the forgiveness requirements under the loan. The Announcement notes that filing such information returns could result in the issuance of underreporter notices and confusion for borrowers. Yet the Bank of America gave me 1099-C just to harass me.
Frequently Asked Questions
What is Complaint #5173707 about?
Complaint #5173707 was filed against Bank Of America, National Association regarding Checking or savings account specifically about Problem with a lender or other company charging your account. It was received by the CFPB on 2022-02-01T12:00:00-05:00.
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.