ED Magedson – Founder
Bank of America203 N. Lasalle Street Chicago, Illinois USA
Bank of America Risk Closure Unit Account closed. All Monies held for "review" No explanation given. Chicago Illinois
My savings and checking account was opened without incident. Everything at the LaSalle branch went as expected. I was given a temporary debit card, checks, and told everything was fine!
I deposited about $5,000 in cash and checks and all of those monies are being held.
When I attempted to use my debit card, it was declined. When I called the bank for more information, I was told my card had been canceled.
I was then told that the tellers could not see my account anymore and that I needed to call the Risk Closure Unit.
The Risk Closure group then dealt with me like I was a criminal. They were curt and rude during the entire conversation. I was advised that they could not tell me why my account had been closed. They also could not tell me when my funds would be released. I was then told that whenever the "review" of my account was completed, I would receive a cashiers check in the mail.
The representative showed no compassion for the fact the my hard earned money was now trapped for an unspecified amount of time.
Two days ago I received my permanent debit card with my name on it and an email stating, "Welcome to your new Bank of America checking account." All of these items have been voided, canceled or closed by the Risk Closure Unit. The tellers and customer service reps seem to have no clue what this seceret unit is doing.
At this time my money is still being held without explanation. Without a doubt BoA is collecting interest and using my funds in their investments. This seems fraudulent and completely unfair.
I was in no way notified that my account was closed ahead of time. No one called me to say my account had been flagged. I cannot cancel the checks as they have already processed them. I am also liable for any overdraft accrued during this process.
I am beyond upset. I am absolutely stunned at the unprofessional manner in which this matter is being handled and will never advise anyone to do business with Bank of America.
Please open an account with another financial institution. BEWARE OF BANK OF AMERICA.
This report was posted on Ripoff Report on 01/17/2014 12:30 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-of-America/Chicago-Illinois-60601/Bank-of-America-Risk-Closure-Unit-Account-closed-All-Monies-held-for-review-No-explana-1116357. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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