Checking or savings account -- Closing an account -- Complaint #6873789

Complaint Overview

Complaint ID: 6873789

Company: Bank Of America, National Association

Product: Checking or savings account

Sub-Product: Checking account

Issue: Closing an account

Sub-Issue: Funds not received from closed account

State: New Jersey

ZIP Code: 082XX

Date Received: 2023-04-21T12:00:00-05:00

Date Sent to Company: 2023-04-21T12:00:00-05:00

Company Response: Closed with monetary relief

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

On Thursday XX/XX/XXXX I called Bank of America to close my checking account, which had approximately {$1400.00} remaining in it. On the phone I was told that my options to settle the funds out of the account included ACH transfer for a {$3.00} fee that would take up to 3 business days. Unhappy with the fee proposed to close my account, I asked for an alternative settlement option. I was told that a Cashier 's Check could be mailed out to me without incurring a fee. I was told the Cashier 's Check would be mailed in 2 business days. I accepted this option as I did not want a fee, and the 2 business days was an acceptable timeframe for me. Today, Friday XX/XX/XXXX, having not received the cashier 's check yet via mail, I called into Bank of America to inquire if there was a tracking number they could provide for the Cashier 's Check. I was told by the first representative I spoke with that the Cashier 's Checks take roughly 2 weeks to arrive. When I told her that the previous agent on Thursday XX/XX/XXXX had confirmed a 2-business day lead time, the representative said that was incorrect. I was transferred to the department that handles the issuance of these checks and they told me that they have no way to track the checks, and do not even have a confirmation in their system of whether or not the check was indeed sent out. She recommended that I continue waiting at least 10 business days from the date the account officially closed ( Mon. XX/XX/XXXX ). If the check has not arrived, then I can request a new Cashier 's Check, which will take 7-10 business days from that point. This is entirely unacceptable from a major banking institution. They should 1. offer no-cost ACH transfers when closing accounts. or 2. Have actual controls and tracking system in place for checks that are mailed. Having been told completely incorrect information that determined my decision to use Cashier 's Check, I have little confidence that the check will arrive in a timely manner now. I have no ability to view the status of the check. Bank of America is making it difficult and untimely to access my own money. The first agent I spoke with today said she always recommends customers use transfers when closing out their accounts to avoid this type of issue, however they charge a fee to do so. This seems like a sketchy at best business practice and one that should be scrutinized by the CFPB. Bank of America does a considerable amount of harm to the working class in this country through their fee structure and ridiculously low interest rates for deposits ( being the key reasons I sought an alternative banking partner ). While Americans do have freedom of choice to change banking partners, they should not be penalized for deciding to change.

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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• Bank Of America, National Association Company Profile
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• Closing an account Complaints
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