Report: #1371818

Complaint Review: Bank of America

  • Submitted: Sun, May 07, 2017
  • Updated: Sun, May 07, 2017
  • Reported By: Jin Liu — Plano Texas USA
  • Bank of America

    Nationwide
    USA

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We opened an account with Bank of America for my daughter's 18-year birthday.  However, due to no transaction on the account for the first 9 months, Bank of America declared the account inactive and an "unclaimed property".  The bank would earn interest on this "unclaimed property", but the account was frozen from customer.  That is taking money away, both principal and interest, from customers.  The bank claimed a letter was sent alerting the inactivities, but we never received the letter.  To take an account away from a customer as "unclaimed property" is a shocking action by the bank, how can they do it so easily?  

This can not be an isolated event, since it was originated from BOA internal policies.  If many customers suffer from the same lost due to illegal confiscation of accounts by BOA, and suffer from its potential danger, customers should for a class to get their legal justice back, and their properties back.

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This report was posted on Ripoff Report on 05/07/2017 09:03 AM and is a permanent record located here: http://www.ripoffreport.com/reports/bank-of-america/nationwide/bank-of-america-boa-unclaimed-property-inactive-account-plano-tx-nationwide-1371818. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
2Author
4Consumer
0Employee/Owner

#1 General Comment

Good luck with that---

AUTHOR: Striderq - (USA)

Again the bank did NOT take your money. Your daughter failed to properly maintain her account. Every bank has a set time frame that after no activity in the account, it will be declared "dorment/vacant/inactive/etc". The money by federal law is transferred to the State Treasurer with all information on every account owner so that it can be claimed by the owner. Her failure to maintain the account is not (in my opinion) grounds for a lawsuit. Yes, this happens. People may move and forget about a small account they hold. People may set up an account for their children, and then the child for whatever reason doesn't operate the account. People get divoraced and an account gets overlooked. There can be several reasons why an account is declared dorment/inactive/etc. So the bank has to have a system to follow fed law. NOT A RIP OFF. NOT A COURT CASE. But please, feel free to post the information of your lawsuit here so that we can follow your struggle to victory against the evil bank.

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#2 Author of original report

Bank Department of "unclaimed property"

AUTHOR: - ()

 Bank of America has Department operation set up just for "unclaimed property" -- those are not "unclaimed", they are bank customers accounts. Apparently, many have fallen victims to the bank operation. Laws do not specify frequency of bank transactions. To make low frequency of transactions implying "unclaimed property" is a giant stretch from the bank. In my case, the reason my daughter did not have any transactions in first 9 months is: she still lives with parents while commuting to a local university. We opened an account to prepare her on her own in the future. Banking attorney class action likely on bank fiduciary liability of taking unconscious advantage of bank customers by marking customer accounts as "unclaimed property" without onwers consents.

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#3 General Comment

What???---

AUTHOR: Striderq - (USA)

I'm sorry but basically your "reasons" are excuses. I don't know of anyone that has a bank account that they let set completely inactive for at least 9 months. But be that as it may. Exactly what do you think you're suing for??? The money (again) is not lost or stolen. It, by law, has been turned over to the State Treasurer in the name(s) of the account owner(s). Since there has been no loss (just inconvenience) I don't see what your lawsuit would be for or what you hope to gain by it (if it's even allowed).

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#4 Consumer Comment

Complex?

AUTHOR: Robert - (USA)

You can't sue a company for following State and Federal Law
You can't sue a company because you didn't understand of the terms
You can't sue a company because the concept of a checking account is too "complex".

Quite frankly I don't think your daughter is the only one that the concept of a Checking Account is too complex for and I have doubts by a couple of the things you have said that you are posting the full and correct details.  However, if by chance the account was sent to the State's Unclaimed Property division you now need to deal with the State.  In your case it appears to be Texas.  You can start the process of claiming those funds by going to the site below.

https://mycpa.cpa.state.tx.us/up/Search.jsp
 
As for your "banking industry expert".  At the very least perhaps they can explain this in a way you can understand.  If
there is some violation I hope they tell you EXACTLY what law or regulation was broken and you post that information here.

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#5 Author of original report

We did ...

AUTHOR: - ()

1. we did not know about the requirement of a transaction in 9-month period.  Deposit Agreement has no mentioning of 9-months either, it simply refer to federal and state laws (but which law?).  This is all fine prints.  My daughter is 19, she does not have a frequent transaction need in 9 months.  Many people do not have transactions in every accounts they own in 9 months.  Bank did not make this clear when opening the account.  

2. she called, a matter like this is too complex for her.  There are lot of legal jargons, fine prints to explain.

A banking industry expert attorney has been contacted for the case.  They had successes in Class actions with BOA and others.

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#6 General Comment

Information & questions---

AUTHOR: Striderq - (USA)

The money is not lost. The bank doesn't get to keep the money. They turn it into the State Treasurers office for the state the account was opened in.

1. Why did you not have any activity for over 9 months?

2. Why did you not call the bank as soon as the monthly statements stopped coming?

It's the account owner's respnsibility to maintain the account. You failed at this responsibility.

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