Complaint Review: Bank of America -
Bank of America They have denied complete distribution of our family trust, and come up with any excuse they can to hold it longer and charge phantom fees.
My great grandmother set up a family trust for us back in 1977. It was set for closure and complete distribution to the benificiaries (myself and a couple family members) in 2016. Since 2016, they have denied distribution and wracked up phantom lawer and court fees stating that it was all necessary. From a trust of $1.2 million, they have taken over $700 thousand.
While there is an understanding of some cost, this is absolutely outragous. Considering that they had the contracts and doctuments for this trust for over 30 years there is no reason they would trip over themselves because of "document error" and then charge our trust the fees for their own negligence.
I have in the last year or so been looking into the activities of Bank of America, and it is absolute shade.
Drilling into safety deposit boxes with the reason account information was lost, but it never was.
Stopping automatic payments from customers of their own credit line, so that they can then take the complete sum from the customers account, even though that may mean that individual or family cannot pay rent, bills, or buy food that month.
I am a homemaker, my husband is a disabled veteran. We make ends meet only because my husband volunteers at a local food bank, and it saves us just enough a month on food to make it by. I am posting this today because I am at a complete and total loss.
I recieved in the mail today a citation from the bank stating that if I do not fly myself from southern california to new york to be in court at 9am on the decided day to oppose the final decision, or pay for a lawyer to represent me to do those same things- it is considered that I agree to the banks decisions and it will go unchallanged. I have 28 days to do that.
This trust, my share of it, would allow me and my family to be able to move from our home that is too small for us. It wouldnt be very much, just a couple hundred thousand. To Bank of America that may be small cash, but apperantly its enough that they would prolong closure for 4 years just to find a way for us to be unable to oppose it. The very idea that a bank is stealing from myself and others is just outragous.
I feel that Bank of America has used the Covid-19 travel limits and the national insecurity as a final reason for this sudden and startling development. I was not even contacted via email from my "designated representative" before recieving this notice. I have been completely blindsided. They drug their heels and came up with any and every excuse, placing their faith on me and my families financial position during this time of crisis to be unable to fight this decision.
I am not very legal smart, and in this citation I recieved this morning many of the previous contract sections have been redacted. I know right from wrong, and this is very wrong. There is definately theft from Bank of America to their customers. It needs to be tracked down so that those responsible can be held accountable.
I would be willing to part with every penny of my share if that means making sure this never happens again, to anyone. It would be nice to have it, for myself and my family, but to me it would be an acceptable loss if only that means they are held accountable.
This report was posted on Ripoff Report on 09/02/2020 10:05 PM and is a permanent record located here: https://www.ripoffreport.com/report/bank-america/denied-complete-distribution-1499454. 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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