Bank of America Complaint: Account opening, closing, or management

#1612376 18 Oct 2015

Bank account or service Savings account

Complaint #1612376 submitted on 10/18/2015 relating to Bank of America. Complaint relates to Bank account or service Savings account - Account opening, closing, or management .

Complaint was submitted via Web and sent to the company on Sunday 18th October 2015.

Narrative (may be redacted).

Since XX/XX/XXXX, I had a XXXX IRA Money Market acct with Bank Of America. From then until XX/XX/XXXX, I earned a total of {$130.00} in interest on a initial {$1000.00} deposit. Recently the interest rate was so low, that I decided to move the money to XXXX XXXX. I contacted BOA and they said they would not do a transfer. They would either send me a check or I could get XXXX to do the transfer. At no time during this conversation, did BOA mention a fee for making this transfer. Since the IRS has strict rules about taking the money from an IRA and moving it on my own, I decided to ask Ally to do the transfer. Once the transfer was complete, BOA notified me that they withheld {$50.00} from the transfer, calling it a processing fee. I contacted them and they said that they told XXXX about the fee and that XXXX should have informed me. They also said that this fee is stated on my quarterly statement. XXXX said that if BOA had told them about this fee, they would have instructed them to relay the information to me and that it was n't their responsibility to inform another bank 's customer of their fees. In addition as you can see from the attached statement, there is no mention of this fee on the quarterly statement. I have XXXX and XXXX and keeping track of all of a bank 's rules are difficult for me. I thought by calling BOA at the beginning of this process, I would be making sure that I made an informed decision about how to proceed. I do n't have a lot of money and they ended up taking XXXX % of the interest it took me 7 1/2 years to earn. Also, why are they entitled to a processing fee, when they refused to initiate the transfer and XXXX was the one who did all of the work? I spoke to several customer service people at BOA after this occurred and they maintain that they have a right to charge this fee. They may have this right, but is it fair, especially considering how small of an account this was. I also think this is unfair because the IRS recommends an account to account transfer to minimize tax problems and BOA is using this to their advantage.

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