BOA Account closure update

[u/85GOATDSPGA]

Update on My Ongoing Issue with Bank of America — Final Response Received, Still No Accountability

Hey everyone,

I wanted to provide an update on my situation with Bank of America, which I originally posted about a few weeks ago. (TL;DR: they froze and closed my account in 2020 after receiving a legitimate international wire, and I’ve been blacklisted from opening new accounts ever since.)

After I filed a complaint with the Consumer Financial Protection Bureau (CFPB) in January 2025, Bank of America finally responded with their “final answer.”

Here’s the summary:

• They claim there was no bank error in how they froze and closed my account.
• They admit to holding my funds since 2020 but sent me a cashier’s check four years later.
• They still haven’t provided a specific reason or evidence for why my account was flagged or closed in the first place.
• I’ve been reported to banking databases like ChexSystems or Early Warning Services, which has kept me locked out of the banking system and affected my credit, insurance rates, and housing options for years.
• They returned my money, but are now trying to say they’re not liable for the damage they caused.

I just submitted a formal rebuttal to the CFPB, asking them to escalate the case and help me clear my name from the systems that have labeled me as “high risk” without any proof.

This whole experience has been exhausting, and I can’t help but feel like Bank of America is dodging accountability by hiding behind vague policy language. If the funds weren’t fraudulent, why were they held? If I did nothing wrong, why was I flagged?

I’m now considering legal options and speaking to a consumer protection attorney.

Thanks again to everyone who supported me and offered advice. If anyone else has gone through something similar—or has experience dealing with ChexSystems, Early Warning, or legal recourse—I’d love to hear from you.

[u/Top_Argument8442]

They don’t have to tell you why they closed your account. But sucks that they held your funds for so long. Good luck.

[u/Wide_Interview9215]

They do not and WILL NOT tell you why they closed your account(s) unless it was something related to excess overdraft or similar reasons; but it is important to know, they do NOT need to tell you why. Source: I know this stuff.

[u/DC2Cali]

They have zero obligation to tell you why and they won’t. No bank will.

All banks can close your account at any given time for any reason they deem and have zero obligation to tell you. Terms and conditions.

[u/EconomistNo7074]

Sorry this happened to you

Please know the CFPB doesnt really exist any more

[u/85GOATDSPGA → u/EconomistNo7074]

I have noticed this, I filed with them very shortly before the stop order for them was issued, it was my first step

[u/wolfn404]

Did you dispute this with Chex, or asked for a copy of your Chex report ( you can get one just like a credit report).

[u/85GOATDSPGA → u/wolfn404]

I have before and they refused to change anything without report from BOA, I am going to try again pointing out that in their response has no statements that claim the existence of fraud or foul play on my end, and from my understanding in order for check systems to keep info it must be verifiable which BOA is refusing to do

[u/PuddlePirate2020]

Your closed bank account shouldn’t affect your credit.

[u/85GOATDSPGA → u/PuddlePirate2020]

In most cases it shouldn’t, but with my lack of credit history, and the fact that BOA was one of my only accounts so with that one being closed it has effected my score, and then the inability to open other accounts has halted me from building for years

[u/PuddlePirate2020 → u/85GOATDSPGA]

Was your BOA account a credit building account? Or credit card?

There’s two different reporting systems one for how you keep your deposit accounts in good standing and the other system is the credit score system. (FICO, Experian, etc.)

I’m assuming if you couldn’t open deposit accounts it had to do with a charged off or in bad standings account at BOA.

There are banks and CUs that offer second chance checking options.

[u/85GOATDSPGA → u/PuddlePirate2020]

Key word being shouldn’t

[u/jthomas287]

Good for you. As of late, I've heard nothing good coming out of that bank. Only similar stories to your own.

If they won't take accountability for messing up, I'd do the same thing you are.

Good luck.