She took the money out in time. Credit Card Closures Can Hurt Your Credit Score. There was a time that with American Express you needed very good credit to obtain an American Express card and they wasn't concerned about how much you spent but that's not the case with BoA. I wonder if it'll cause my other banks to close my accounts too but so far all my other accounts with other banks are active and normal. https://act.credoaction.com/sign/bofa_immigrants?sp_ref=446624727.4.190362.o.1.2&referring_akid=29782.1962098.oSoQ_o&source=clickcopy_sp. The way they did the call sounded threatening and as an ultimatum. Have you ever been inside an establishment where they have a sign disclosing we reserve the right to refuse service? They are too big to care and i hope people learn to close their acct and move to another bank. I just opened a letter from BOA thinking it was more terms and agreements or how we share information. 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! I agree. They said it was a business decision, no explanation, no nothing. All they can tell me is they have the right to choose whom they want as customers and they can not tell me why they have closed my account. They claim to have called two older numbers that we no longer use, yet they clearly had my current number, and they had no problem contacting me at that number before, as recently as three months ago. No email, no phone call to inform me of the closure. In the event that a payment is sent to a closed account, the IRS requires Bank of America reject and return the payment. On top of that, I have never spoke to any customer service person that was so rude. I had left a message to the number that way they could call me the next day. 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. Visit the IRS website for more information on how to receive your payment. By clicking Submit you are agreeing to the Complaints Board’s Terms and Conditions. Banks in the U.S. have to obey a very complicated system of federal laws. @shakray On June 10, my SBA loan request was funded by direct deposit from the Treasury to my Bank of America deposit account. @mistasteve The problem isn’t the Bank it’s the customers that don’t know anything about running a business / reading the contract or getting an attorney to dumb it down for you. @Folusha Adigun These point here is they didnt warn me of any wrong doing on my 2 decade old acct, i wasnt warned that my account will be closed, i was embarrassed at the grocery store, and none of their employees could tell me why the [censor] they closed my acct. Bank of America closed my account last week as well that I had open for over 25 years when they could not contact my elderly father who I added to my account 20 years ago to help pay for my college. You may wish to review this article My account was opened 30 years ago with Fleet and now BOA. Edit to add: 2 hours later they finally unblocked my card, yay! If you have an account closed by the bank, you need to understand what that means for you. Bofa closed my account here in LA, that ive had for like 20years. I have a tax and notary business and keep over $200k combined in my business accounts at all times. I called the bank to see what I needed to pursue this person they said small claims court but they never released the money so it did not cause any damage just a 35 fee. Terrible bank! 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. BoA - all you had to do was tell us to update our profile information with a Bank manager and we would have complied. I'm not owing the IRS, I keep more than the minimum balance in my account, and all transactions on this account is legit. Account closed after 26 years. I guess not! What is it that makes them so afraid to just tell the customer what they've done that's not compliant? As of now I have about $32k total that is just sitting and cannot do anything with it and am frustrated because that's nearly all my money and cannot wait for almost two or three weeks to get a check in the mail when I have bills and other things to pay for within that time. 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". Bank Of America Takes Back My Claim Money Because My Account Was Compromised Twice 2.2.12 5:00 PM EDT By Mary Beth Quirk @marybethquirk doubly robbed bank of america Your cousin should write “pay to the order of ” to make it payable only to you. Ignorant [censored]! In your hand, and at your fingertips. 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. Your deposits at Bank of America are FDIC insured up to $250,000 per account. I have the actual answer!!! I spoke with several reps on the phone and going into the branch with no resolution. 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 … Any advise? Was a customer of BOA since 2006: checking, savings, 3 credit cards with Total credit limit of 110K. see your [censored] in court! balance, then next day I walked in a payroll check to make sure nothing would go -neg. So in February my Navy Federal accouunts got hacked and all my money was taken from checking and savings and they applied for credit. Federal banking laws require banks to Thank you. Quite to my surprise I must add. 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. "If we receive something, we may reopen the account to accept the item, and the account may be subject to associated fees," Betty Reiss, a Bank of America spokeswoman, told The Huffington Post. 0 5,226 Reply. and I always provide them an explanation. I appreciate all the security measures you have put into place, Its going make it that much harder for people that make it a practice to steal from people that work. We raise money to send to Central America for educational purposes, and I think that is what B of A found "risky" without telling us up front, and without ever letting us know. Send a written request to close the account to: Bank of America, FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118. Will call to dedicated department tomorrow and fight for my points. Earlier this week I had tried to buy food with my debit card but the transaction was declined. 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". Same thing happened to me... perfect 20 year account.. business account.. the only difference with me is they said if I opened a merrill lynch brokerage account I could stay and keep my relationship. The manager was not concerned that he would not have access to any money to buy groceries for that time. I sent a complaint on the web through my account, i was advised to go to a local branch. They did the same thing there doing it to all there customers they won't be in business long I'm working on that. Replacing toilet shut-off valve and need to turn off water; Need to turn gas water heater to pilot? To subscribe to this RSS feed, copy and paste this URL into your RSS reader. It gives me some comfort but at the same time makes me incredibly sad and angry to see so many other people have been treated this way by no fault of their own, and to see that the bank has been doing this for years. Bank of America closed my account and took all my money $7400 for no reason.First they told me i was overdrawn $88000 and gave me a number to call. It was almost as if they were just fabricating any excuse to close our account for some reason. they closed my accounts too with perfect credit and accounts. my attorney loves a good fight and so do i. I appreciate all the security measures you have put into place, Its going make it that much harder for people that make it a practice to steal from people that work. I own 3 companies each bringing in over a million a year, perfect credit and perfect accounts and bank of america decides to close my accounts…. They are the worst bank I have ever known. As a business, you should be able to provide an explanation as to why you're choosing not to do business with someone. If your cousin simply signs the back, it becomes a “bearer instrument”, and anyone can deposit it. https://www.sacbee.com/news/business/article217567300.html I use currently online payment service from two other banks which are excellent since funds are not deducted from the account until actually the checks are cashed or deposited. Good credit, dual citizenship. 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 guess they don't have to. I hope they are fined for fraudulent and discriminatory business practices. I called to know what went wrong or the offense we committed but the couldn't give any reason. Bank of America is closing her bank account on May 4 because of her “risk profile” and, it would appear, her “connection” with the crypto space. BOA is a BS institution! There has been multiple reports in the last 48 hours of Bank of America closing some credit card accounts (here, here & there).At this stage we aren’t 100% sure why accounts are being closed, regular customer service representatives are unable to provide any details – simply telling customers that they will receive a letter in the next few days explaining the decision. 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. So this indicates it is a scam. So, SCREW them, I will do everything in my power discredit them and cause banking business to go elsewhere. 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. How can I convert a JPEG image to a RAW image with a Linux command? If they aren't making any money on you they don't want to do business with you regardless of your past relationships. Along the way, I’ve learned a lot about customer service and online-only bank accounts, businesses, and branches of government that protect consumers – and how far up the chain you need to go to get results. Find current open/close times and locations offering drive-thru or video-conferencing services. Saving your Online ID means you don't have to enter it every time you sign in. by the way a merrill lynch has a $250, 000 minimum. @richbam Selling our stock in BoA as well. 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. My bank account was closed and I have Direct DEPOSIT what happens now with my refund? So how the hell do u close an account for something that was a year ago. ????!!? I noticed there are several hispanic names listed here and I am hispanic as well. 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. And if you think banking with any other Bank will solve the issue think again. They blocked our credit cards which were paid on time and even where in the negatives, meaning BofA had excess credit on it. I went into the branch and I couldn't get an answer so I called the 1800 number again only to be told it was due to a fraud claim but no other details. Been with them (BOFA) since 2006. I said..."okay, so there isn't a reason?" 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. I will be withdrawing all of my funds first thing in the morning. Man I feel better (slightly) after reading all these comments - I got a letter on May 6th saying "your deposit accounts listed above will be restricted from use in 50 days and permanently closed 60 days from the date of this notice" Is there any means of transportation available to tourists that goes faster than Mach 3.5? The reason is because the funds are taken away immediately from my account at the time I schedule the payments. Bank accounts are an essential thing, and every one of us has one, actually these days, we people have more than one. If this was a checking account that I normally used this would be very scary and frustrating. Returning to my money now entrusted to Bank of America, market turmoil reminded me that this particular trustee is simply not safe. They are contrary to everything this country stands for. Verify your identity in the app now to sign in to Online Banking. When I went in to speak with a bank manager the next day, she called a number and the person she spoke to said that they tried to reach me claiming that there was something that needed to be updated on the account, yet we confirmed with the manager that everything was up to date. 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. This is awful and irresponsible behavior, and it clearly indicates their lack of concern for their customers. Bank statements are important financial records. This way there is no money lost and no need to track things so closely. Bank of America: Branches are open weekdays 10 a.m. to 4 p.m. starting March 23.Saturday hours vary. 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