Today received a letter regarding BoA keeping in compliance with the Patriot Act and they could not establish/verify "CIP" - so we met with the branch manager who checked our account and sure enough, a phone number, a license "issued date" and year our company was established were missing. I'm disgusted by the lack of customer service, the lack of communication, and their disorganization. Countrywide - Bank Of America/short Sale - Incompetent Department and Service, Bank of America - b.o.a. 1. Then they release a cashier's check, but won't let you get your money out of the branch. I think that the reasons for the closure is prejudice to dual us citizens, non us citizens if the accounts are small. Wasn't bank of America accused of closing or freezing Iranians accounts. 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" Same thing happened to me two months ago and I have not received my checks. 60 days came and went... account still open. Just as long that it’s not under the bases of discrimination in any form race, religion, gender and etc. I too have received the aforementioned closure letter today. News Economy Your Money, Your America Davos. I agree. I just had the same thing happen to my father's account. They list every transaction that happens in a given account and may be critical resources if you are dealing with some kind of financial dispute. Completely appalling. She took the money out in time. @Don Mock Can I cash a cashier's check at any bank? In the two years I banked with BoA I never had an overdraft or any negative marks on my account so the only thing that would stick out was a check that I deposited for $26k that my mom left me after she passed. Recipients have 14 days to enroll to receive money or the transfer will be canceled. Same ting just happen to me. Each bank has differing policies, but Bank of America says it retains records for up to seven years. Bank of America is notorious for closing credit card accounts because they wanted to. How to clear a saved Online ID . Many times, there is no remaining balance, particularly if the bank paid a check that overdrew your account. 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. You can also visit one of our ATMs to withdraw cash, manage your account and more. Deposits in checking accounts, savings accounts, money market savings accounts and Certificates of Deposit (CDs) are insured up to $250,000 per depositor, per insured bank, for each account ownership category under the FDIC's general deposit insurance rules. 2. My bank of america account just got closed today for no reason. We were only sent a letter in October that our unused credit card account would be canceled, but nothing about our business checking account. Don't do business with BOA. Wow, this is so crazy to me! In 2016 I had 810-816 FICO with 0% Utilization, which is normal for me because I only use Credit Cards as a tool to buy/resell make money. Don't worry. Bank of America is crooked Bank Because there not Honest with ME & and their Customers. Do yourself a favor, don't do any business with Bank of America, do your research, you will find the internet is full of reviews like all of these you read above & below, this bank & all it entails is S C U M right up there with CHASE! You will get no more of our business, and we will share our experience with everyone we know. What really gets me is the way they do it. What happens if my direct deposit went to my closed account? I just woke up and gone I no longer have my money. The major one is it is safe to keep our money deposited in the account. First, if your account has been closed you should not be able to use your debit card in any format. They did the same thing there doing it to all there customers they won't be in business long I'm working on that. Call Bank of America at 800.432.1000 to close the account. 99.9% of Banks will decline your request to bank with them on the spot the other 0.01% of Banks will eventually close your account for the reason Bank of America stopped doing business you. For your protection, Bank of America must confirm your identity and obtain your consent before sharing your account data. Make it your mission in life to tell friends and family absolute lies and horror stories about "$^$^* of ^()&&"...Bad news travels faster than good news and sticks around much longer...this will discourage those that hear the news NOT to bank with "$^$^* of ^()&&"... @Banking Explained Bank of America thinks we are just a dollar sign to them to bleed the little money we have out of us. They also said going into a branch wouldn't help... No fraud has been committed & I was Cancelled with no prior notice after all this time. Not only did they state my accounts will be closed soon but they have already taken away my 250, 000+ reward points. If your cousin simply signs the back, it becomes a “bearer instrument”, and anyone can deposit it. If something in my account flagged a computer somewhere, how hard is it to just send me a text and have me come into a branch and resolve the issue? A while back I talked about how my wife and I were looking to close out our account with Bank of America because the rate of interest that we were receiving on our money was not very good, even in today's market with low rates across the board. Days later I received an email that my initial funding had not gone through (even though the account I used to fund it showed a debit by BOA) so I called BOA customer service and was notified my account was closed due to a "risk". 30 days came and went, account stayed open. Where in the world can film in a crashed photo recon plane survive for several decades. The decision to close the accounts is FINAL and there is no appeal, recourse and department above customer service to talk to. I wish the CEO would loose everything, none of the management deserve anything considering this is what they do to their customers. They are full of liars and dirt bags, @Acehockey I am paying off my card completely with my little savings I have so I can close my bank of america account and never give them another cent of my money. So as not to be litigated by any bank, "$^$^* of ^()&&" refers to ANY bank in question. 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. Find current open/close times and locations offering drive-thru or video-conferencing services. 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. I got a notice to close my accounts . 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. 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). Been with them (BOFA) since 2006. 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. When we went to deposit our latest donations, we found that the account was closed, and we received a letter that day saying that our credit card was canceled, along with "any other associated accounts because your risk profile no longer aligns with the bank's risk tolerance." 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. 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. Somehow the fraudsters are able to duplicate your card and your pin and then drain your account in … My account was opened 30 years ago with Fleet and now BOA. Using Online Banking or Mobile Banking, you can access your Bank of America checking, savings accounts, CD, IRA, credit card, mortgage and line of credit account information.You can also access your account by phone, ATM or the nearest financial center. 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!!! @tbill07 To clear a saved Online ID, sign in and select Saved Online IDs from Profile and Settings. What can we do? This was how they closed my account (Company) without any notice. 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". The risk department closed the account on the 23rd of June for depositing $20 into my checking by atm but i forgot to put the check and i only put my deposite slip in. 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. 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. Bank of America hours have been updated due to the coronavirus. 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. Threaten with account closure is your first move for an IT issue on data conversion? @Jesus Eniyan I tried logging into my account and realized it was locked so I called the 1800 number. And if you think banking with any other Bank will solve the issue think again. 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 had an account with BOA until this morning. Exactly the same thing happened to me. 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." Bad, bad business practices! They blocked our credit cards which were paid on time and even where in the negatives, meaning BofA had excess credit on it. 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. Here’s how. I sent a complaint on the web through my account, i was advised to go to a local branch. My BoA account was restricted, not closed but I still can't access my BoA portal. There are many cases where an account closure can negatively affect you. Note that the "business decision" may well be entirely unrelated to you. I didn't need another checking account and this is very scary and frustrating. Generally when I close my account, it's always a reason (e.g. I called as was told my account was closed why wasn’t I told before I made a deposit. ... recently after news reports said that "hundreds" of porn stars suddenly had their bank accounts closed … 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. I first learned of it when logging into my online account, both my account were GONE! by the way a merrill lynch has a $250, 000 minimum. @richbam ), we will truly cancel all the accounts and move on. He is 95, legally blind and lives on a fixed income. This topic on how long a bank can hold a large deposit before making funds available may also be helpful. (upbeat piano music) All rights reserved. Paul writes, “Did you know a “closed” checking account is never really closed? BTW I'm African american and I was born right here in whats left of the USA. Replacing toilet shut-off valve and need to turn off water; Need to turn gas water heater to pilot? 17 Credit cards $151, 800 Combined limit. 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. The money was taken from my account and I was never told about this. Bad Move BoA. site design / logo © 2021 Stack Exchange Inc; user contributions licensed under cc by-sa. 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. I guess they don't have to. Account closed after 26 years. I was told that a check was mailed from Atlanta and he would receive it in 7-10 days. The bank had no trouble contacting me for an odd, extended interview several months ago regarding what we do and where we send our funds. Only save your Online ID on your personal computer or mobile device. It's YOUR money and they WILL give it back to you. Ok, whatever, another concern: I had over 500K points on credit cards with them and received a letter today from bank that reward points FORFEITED...I mean guys, honestly??? I tried to cash out points online, since they all shown still at my BOA profile once I'm logged in but I wasn't able to, system doesn't let to. I immediately contacted my bank (BoA) and was told there was a note left with a number to call. Will call to dedicated department tomorrow and fight for my points. I called to know what went wrong or the offense we committed but the couldn't give any reason. 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. 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. They should rename their rotten bank to Bank of North Korea. 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. What a joke! 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. Not BofA I guess. The Bank of America thing happened to me. I had left a message to the number that way they could call me the next day. Try it today. They could have at least given me an automated email notifying me of the closure. my question is it easy to open an account with different bank? The only drawback of the phone method appeared to be a 5-7 day delay on receiving the check. Credit Score bank of america closed my account with money in it and he would receive it in 7-10 days I 'd suggest you the... Luckily had other financial institution card with a Linux command that means for you mark wonders his! 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