Checking or savings account -- Managing an account -- Complaint #8870499
Complaint Overview
Complaint ID: 8870499
Company: Bank Of America, National Association
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-Issue: Deposits or withdrawals
State: Kentucky
ZIP Code: 42104
Date Received: 2024-04-26T12:00:00-05:00
Date Sent to Company: 2024-04-26T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
This is a claim following up upon my previous claim ( XXXX ) about Bank of America manipulating CD interest rate that Bank of America haven't responded yet. Around XX/XX/XXXX, a representative from BOA named XXXX contacted me, acknowledging their error in misrepresenting the CD interest rate : despite being informed during the purchase that the rate was 4.65 %, I was credited interest at a rate of 4.51 %. XXXX assured me that the shortfall in interest would be rectified promptly. However, to date, I have neither received the owed amount, which exceeds {$1000.00}, nor received any updates despite repeated attempts to contact XXXX. Today, when I finally spoke with him, he refused to reimburse the interest. It is evident that BOA engaged in deceptive practices by manipulating the CD interest rate. They enticed clients with the promise of a high interest rate upon purchase only to deliver a lower rate upon maturity. This bait-and-switch tactic is misleading and unethical. Additionally, I discovered that BOA had reopened my CD account without my consent. This unilateral action is both frustrating and unacceptable. It violates my right to control my account. As a result, I have filed a second complaint outlining three claims : 1. BOA 's unauthorized reopening of my CD account. 2. BOA 's deceptive manipulation of CD interest rates. 3. BOA 's failure to honor their promise to return the reduced interest amount. I respectfully request the CFPB to initiate an investigation into these claims without granting BOA any further extensions for response. It is imperative that BOA be held accountable for their actions and that appropriate measures be taken to rectify the situation. Thank you, XXXX XXXX
Frequently Asked Questions
What is Complaint #8870499 about?
Complaint #8870499 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 2024-04-26T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with monetary relief". 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.