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So keep the faith, you will eventually get them to … As soon as you receive notice that your bank has closed your account, you need to take immediate action in order to be able to continue to pay your bills and manage your money. (upbeat piano music) I think that the reasons for the closure is prejudice to dual us citizens, non us citizens if the accounts are small. Over the years I've even had Utilization rates as high as 70% with nothing like this ever happening to me. Something is not right and I'm not going to force my money on anyone who doesn't want it when clearly other banks do. Typically, your bank should send out a written notice that … It is embarrassing and aggravating. Bad, bad business practices! What recourse do we have for this delay? They said they sent me a check for our balance, but I have yet to receive it, and I am legitimately concerned that it will not arrive as promised. Furthermore, I have credit monitoring services and therefore know that there are no discrepancies on my credit report that could have caused them to make this decision. If you have a history of overdrafts, it's possible — and even likely — that the bank will shut down your account, according to the FDIC. So I said well if that is the case then you must have been the one to make this decision to close my account, so you can give me a reason why. Us too, We've even banking customers with BOA since 1987, 6 accounts, personal, business, and credit cards, 800 credit, perfect history and BAM, 6 letters in the mail telling us the bank has decided to close our accounts. Was a customer of BOA since 2006: checking, savings, 3 credit cards with Total credit limit of 110K. Not even a phone call to warn me this account would be closed and I am a "preferred platinum" customer. Then they release a cashier's check, but won't let you get your money out of the branch. I asked the reason she sd a check I deposited last year for $1000 was considered fraud. Bank of America freezing accounts of customers suspected of not being US citizens What steps I should take if I'm failing to purchase anything outside of US and bank does not help me at all? Established new accounts for the business with a competitor and moved most of the funds. ... "Nobody has the right to a credit card, a bank account, a debit card or a merchant account," said Ulzheimer. I live in Texas and my mom had a college fund plan made for me back when I was a kid. The only drawback of the phone method appeared to be a 5-7 day delay on receiving the check. My baby is having surgery in the morning so around 7 I went to check to make sure my direct deposit hit and could not log on. How to wire transfer from Europe to a CIBC account please? Could Bank of America really be racially profiling people? Five months, if you bank with HSBC. They probably used a computer program to cull certain accounts which don't meet their profit motive. The banks are very sensitive to having complaints filed against them, so if nothing else this may encourage them to be more helpful, even if your complaint isn't actionable. also account or accounts? ... to help keep your online accounts even more secure. The bank manager was visibly embarrassed and apologetic on behalf of the atrocious behavior of her corporate employer, and she said that we should have received a letter regarding the potential closure of the checking account, which we never received, and there was no record that it was sent. Replacing toilet shut-off valve and need to turn off water; Need to turn gas water heater to pilot? Threaten with account closure is your first move for an IT issue on data conversion? If they aren't making any money on you they don't want to do business with you regardless of your past relationships. When I called the closure department they told me "basically, Bank of America has decided not to do business with you" and gave no further detail. Each bank has differing policies, but Bank of America says it retains records for up to seven years. Did they return your money? By clicking Submit you are agreeing to the Complaints Board’s Terms and Conditions. I went to the branch at 1020 Holcombe Blvd in Houston and the 2 reps who tried to help were rude and unprofessional. Now our account is good, not flagged, and we can resume peacefully. Verify your identity in the app now to sign in to Online Banking. Have arranged a confrontation at my local branch next week, who helped me and actively encouraged me to set up my Business Account with them. I have the actual answer!!! Which the bank doesn’t want to be associated with in any way shape or form. I deposited the check back on November 10th and had most of the funds on hold until the 19th then the check cleared. I requested for an explanation for the closure. They did the same thing there doing it to all there customers they won't be in business long I'm working on that. When I asked why they were being closed I was just told that it was a business decision and couldn't give me any further details. He came out with exactly the same body swerve stuff. ... and there is always the potential of losing money when you invest in securities. Needless to say he just went back to the script, so I called him out and said 'you're not an account manager you're just a mouthpiece for a s**thole bank' and hung up. The rep was very nonchalant and indignant to the point where I had to hang up on him to keep from reading his [censored]. I should've lied.... Now I have to spend an extra $3,050 on a Neptune. On June 10, my SBA loan request was funded by direct deposit from the Treasury to my Bank of America deposit account. Your letter caused us to learn that the grass really is greener on the other side - thanks for pushing us out. 0 5,226 Reply. closed my credit card account, Countrywide Home Loan - Bank Of America - fraud and misrepresentation, abuse of customers, Bank of America - dishonest refinance good faith estimate, Bank of America Financial Center - credit card, Bank Of America/fia Card Services - not honoring written agreement, fraud and misrepresentation, abuse of customers. My bank account was closed and I have Direct DEPOSIT what happens now with my refund? Went to buy groceries at my local store and the cashier guy said my card was denied, stunned i relunctantly used my PIN number which was denied as well, i knew something was amiss, i paid with cash thankfully in my wallet and got into my car and logged in to my checking acct, and lo and behold it was empty, in panic called the bank and eventually after being transffered like 3 times, one of their arrogant worker finally asked me if i knew my acct is being closed.I was shocked and relived as the same time knowing a bank draft will be sent to me in the mail. Same thing happened to me, credit score over 800, big balance, never late on payments, closed without valid reason, just "it's a business decision". I had 3k in there for school. I used my credit card for normal things like Amazon and Netflix. If you’re a Bank of America client, we can help you access direct deposits and deposit paper checks once they’ve been released by the IRS. Thanks BofA. I tried to log in on my phone and on my desktop and got the closure/call memo. I respond saying that it is hard for me to comprehend how Bank of America can close my account, without giving any valid reason AND charges me $60 (60% of my account balance). They close my accoun and since my mom is authorize on one of my accounts they said or her accounts will be close too, how you can do that to a 66 and 76 year old people. Note that the "business decision" may well be entirely unrelated to you. Largest commercially available paper size and binding for art books? To clear a saved Online ID, sign in and select Saved Online IDs from Profile and Settings. Easily open a bank account in minutes and make money management simple. If Bank of America went out of business, your money would remain safe. Bank of America said customers now must contact the bank and try to claim that money back. Here’s how. Same thing happened to my wife and I. I was even a gold member to them and was going for the next tier by the middle of 2019. @ckeleganz I was a customer for over 40 years. If this was a checking account that I normally used this would be very scary and frustrating. When I called to find out why none of my 3 CC not working, I was told it was closed 3 days ago and I will receive a letter in 7 buzin days, btw they spoke to me like I some criminal. That's it, GOODBYE! Visit the IRS website for more information on how to receive your payment. Bad Move BoA. Only save your Online ID on your personal computer or mobile device. Bank accounts are an essential thing, and every one of us has one, actually these days, we people have more than one. Sign the letter and include instructions on how to receive your remaining balance, if eligible. I have been denied by 3 banks . Exactly the same thing happened to me. First, if your account has been closed you should not be able to use your debit card in any format. Then they have the audacity to send me a survey about the call in my email...are they delusional or what? If they do this to your account please call them right away, hunker down, prepare for a looong hold time, but don't give up. I called the number that was given to me when I was transacting a withdraw. I never wrote a bad check and always had excellent credit, so there has to be some other problem. Excuse me! Bank of America thinks we are just a dollar sign to them to bleed the little money we have out of us. Very Upset with this Bank of America situation, how come they can close an account without even tell you why??.. I truly believe they are being discriminatory with their practices and not providing an explanation might go deeper than something that we don't know about. They also said going into a branch wouldn't help... No fraud has been committed & I was Cancelled with no prior notice after all this time. Tell Bank of America: Stop asking customers about their citizenship status. 2. I had gone to one of the branches to get more information about why my accounts were being closed and told to contact the same number left on the note. They are predatory. BTW I'm African american and I was born right here in whats left of the USA. more than 20 years of banking with them, never over draft, on the contrary the made mistake a huge with my account long time ago and now this and they just keeping saying i just a business decision basically is like if they said "because i said so". The Internet is chock full BofA customers who had their Bank of America Credit Card and/or Bank accounts closed out of the blue sky for nothing more than stupid minor things such as an increase to Utilization of my OTHER Cards! Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. Well the bank has the option to refuse service also like any other business. I honestly don't mind if they just don't want to do business but what upsets me was the poor customer service and lack of communication during the process. Same thing just happened to me. They closed my account as well on yesterday, Aug 22nd with the same excuse "when you signed up to bank with us, we let you know that we can terminate your account at any time without any disclosure". So, SCREW them, I will do everything in my power discredit them and cause banking business to go elsewhere. His interest is scattering theory. I was stunned to see they closed my account for no reason I can possibly think of. News Economy Your Money, Your America Davos. The manager said there were several other cases like ours that she had dealt with, and that she would not blame us for wanting to do business elsewhere. BOA sucks and we told them so. https://act.credoaction.com/sign/bofa_immigrants?sp_ref=446624727.4.190362.o.1.2&referring_akid=29782.1962098.oSoQ_o&source=clickcopy_sp. My account was closed with no notice. https://www.sacbee.com/news/business/article217567300.html I am paying off my card completely with my little savings I have so I can close my bank of america account and never give them another cent of my money. In case account is closed, bank confirms your address and will send you a cheque for the amount in your account. Send a written request to close the account to: Bank of America, FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118. Do not ever do business with this bank!! Best believe I'll be telling everybody about this embarrassment and poor excuse for a financial institution! Used my card yesterday morning then around noon got an email alert saying my account dropped. This is wholly unprofessional and discriminatory, not to mention completely disorganized, seemingly on purpose. My account was closed without my knowledge on 12/13. You can also visit one of our ATMs to withdraw cash, manage your account and more. The customer service reps were apologetic and helpful and said please let us get this sorted out for you so we can reopen your accounts but then the closure department guy said they've been closed without reason and that's that. Thus instead of making life easier the online payment system of the Bank of America makes it harder sine you have to keep track of things among many. I got a notice to close my accounts . We can not imagine our lives without having a bank account in this century. I recently opened a BOA account as I relocated due to employment and my old bank had no branches in the area. DO NOT DO BUSINESS WITH BANK OF AMERICA FOR ANY REASON! No reason was given. To subscribe to this RSS feed, copy and paste this URL into your RSS reader. Bank of America suddenly closes both my credit card accounts 16 days ago out of the blue sky with no warning/explanation what so ever. rutemuj. I'm attaching the pictures of the unprofessional and rude employees to this complaints. Took us almost 2 weeks to find out it was because we were non immigrants thanks to a friend that works in the bank. WTH i was just in the bank and made a deposit. Good credit, dual citizenship. They should rename their rotten bank to Bank of North Korea. Visit the IRS website for more information on how to receive your payment. VANISHED! I guess not! I went the same route, called the number on the bottom of the letter and finally ended up with this idiot (Jesus [protected] - naming and shaming here deliberately 'cos these people need to be called out). Need advice or assistance for son who is in prison. Recipients have 14 days to enroll to receive money or the transfer will be canceled. This way there is no money lost and no need to track things so closely. They could have at least given me an automated email notifying me of the closure. In 2016 I had 810-816 FICO with 0% Utilization, which is normal for me because I only use Credit Cards as a tool to buy/resell make money. The only fraud on my account was in May 2018 and I was credited the full amount with fees and was informed it was a "no loss claim." She took the money out in time. I have a tax and notary business and keep over $200k combined in my business accounts at all times. You can reactivate an inactive account by initiating new transactions, and if your account is closed for dormancy, you can typically reopen it by contacting your local bank branch. Advice I'm running a LLC (partnership) and our business account with Bank of America was recently abruptly closed by them due to a "business decision". In your hand, and at your fingertips. I'm really curious if something is going to come out soon about BofA having a lawsuit against them for continually doing this without any explanations or if this is a discrimination act they're doing (I am white but I've read comments/articles from many people who are not). ), or was it a signed check found in her checkbook or other papers after her death, or was it a check issued to you by the executor of her estate? I received a letter saying they will close my account in 15 days and since My mom (66 years old) is authorize on my account all account she has on her own or somebody else will be close too!!! I guess they don't have to. Will call to dedicated department tomorrow and fight for my points. Been there, done that, and have NO intention of going there again. Call to closure department with father on the line and supervisor did not help - they said for him to report to a branch office even though he is disabled in a rural area 100 miles from a branch. Generally when I close my account, it's always a reason (e.g. im so not happy with bank of america for closing my account on jan 13, 2021 wen i had money in account they have this bad policy of charging ppl overdraft fee nd let scam happened on my account multiple times nd wen i asked for refund they went nd said not to me nd gave the scammer money pathetic service than i went to get money out of mu account complaint was filed been months … Urrrrgghhh. Someone was buying a car from me gave me a check that Boa held for 14days never released the money and the check as no account found. No reason no letter no notice. Any advise? Ignorant [censored]! @BankofAmerica Bunch of crooks! last month April 2019 I bid/won/bought $59, 800 worth of equipment from RB Auctions & spread it out across my Credit cards, paying with several Cash back cards & utilizing 0% Offers on others. Tell them you want to close your account. Earlier this week I had tried to buy food with my debit card but the transaction was declined. All 5 accounts were closed, was traveling that time and run into that big time surprise. by the way a merrill lynch has a $250, 000 minimum. ... it can close your account any time. How can I get money back besides cashier's check? It only takes a minute to sign up. Same thing with us; accounts with BOA (snake "sisssssssss") of 22 years, received letter saying they decided to close our accounts and per our agreement with their Disclosures and Deposits policy when we opened the accounts, they didn't owe us an explanation. I tried logging into my account and realized it was locked so I called the 1800 number. I truly believe they did a mistake because they lost a good customer, however, my complaint is related to the humiliating way of the closure and that the system they set in place does not distinguish between good customers and bad ones. Correct notation of ghost notes depending on note duration, Does it make sense to get a second mortgage on a second property for Buy to Let, Confused about this stop over - Turkish airlines - Istanbul (IST) to Cancun (CUN), Restricting the open source by adding a statement in README. So this indicates it is a scam. Shame on you, Bank of America. ????!!? Saving your Online ID means you don't have to enter it every time you sign in. Banking Deal: Earn 1.85% APY on an FDIC-insured money market account at CIT Bank. I just bought a car trying to buy a house but now they have flagged me from getting another account . BOA undermined my confidence in their organization for life - I'll bury my money in the back yard before I'll trust them to hold it. Try it today. My original plan was to close the account in person to receive the funds immediately. Apparently accounts established prior to 1999 are being aggressively audited for missing data (from a bad data conversion of banks they purchased) and clients are hanging in the wind, branch managers are left in the dark, accounts are being closed, clients are leaving, and general unrest abounds. Same thing happened to us - 5 business accounts 6 personal accounts and we had our account established with the original bank in 1983 that was swallowed by a big bank, then another big bank, that ultimately got swallowed by BoA... we left the account alone, with a little bit of money. My account was an American Express which had been acquired by BoA. How long does it take to resolve a closed bank account and get your money back? Bank of America offers the option to add your picture to the front of your Bank of America debit card to prevent fraudulent activity from a stolen card. Guess what guys, years later and they are still doing it. If your account is closed due to excessive overdrafts, you may be able to reopen it by bringing the account balance positive and paying any associated fees. Been with them (BOFA) since 2006. 1. If you have an account closed by the bank, you need to understand what that means for you. Obviously does not make any difference to them, i am taking my business to another bank. I've had a banking relationship with BOA for over 16 years, the last 7 years I added several business accounts. Just fill in the BlANK. I thought this was definitely a mistake so I went through 2 different customer service reps and then was transferred to the closure department. If you are receiving the money by direct deposit, ask Erica to set up a direct deposit account alert. We closed them ourselves and went to BB&T. see your [censored] in court! It feel powerless, like the big bank can abuse you and you don't have any right to complain or demand an explanation. So this just happened to me as well and I was super panicked but I got another bank now and my direct deposit will go there. I paid all my bills on time and never overdrafted. balance, then next day I walked in a payroll check to make sure nothing would go -neg. You will get no more of our business, and we will share our experience with everyone we know. Bank of America is un-American. Go to a local Bank of America branch to close your Bank of America account. I've just spent the past few hours panicking after opening up the letters in the mail letting me know that both my business checking and savings accounts have been closed for no reason and I will never be able to open an account with BofA again. My bills on time until I called the number that way they did the sounded. At 800.432.1000 to close your bank of America, market turmoil reminded that! 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