I opened a checking and savings account at Bank of America, the branch was located in Augusta, Maine, specifically civic center drive. I did not enter the bank with the intention of doing anything other than to cash my financial aid check that was drawn from a Bank of America Business account. The teller initiated the action, I insisted I did not want to open an account, and that I wanted to simply cash my check. The teller would not take no for an answer, and I didn't seem to be succeeding in conveying to her that I only wanted to cash my check.
I finally gave in, feeling it would be the quickest way to get my check cashed, and opened the account. Now, I wish I had never walked into the bank, but I could never have imagined what would happen just a few weeks down the road. This was in January. I had no reason to believe there would be any reason why I should not utilize my new account, so I did just that.
There were automated transactions scheduled to be direct deposited into the account, repayment of monies I had loaned in advance to three separate individuals. Each individual, by their own hand, designated their 2008 federal income tax refunds to be directly deposited into my account at Bank of America. Each individual not only authorized this ACH direct deposit by affixing their signature to the tax return which is legally binding, contractual, and full authorization and testiment that every item on the return, including the information of the bank account that is specified to receive the direct deposit of the refund.
The signature of each person not only authorizes the deposit, but the entire tax return itself. Once the return is signed all information on the tax return is confirmed correct, and this is legally binding, without exception. Further, each individual signed the power of attorney and right to receive refund document, to myself, the owner of the account to which the persons had designated as the account to which the funds would be directly deposited. Additionally, each person exercised the options to grant other authorities by filling in exactly what the action was and to whom it was given and for what purpose.
This makes the form no longer just a right to receive it makes it a directed power granted to a specific person, for specific purposes, and it is also legally binding and valid. Each was directed to deposit the funds from their respective tax refunds, to the account of myself, as listed, and it specified the exact deposit amount, the powers to be granted, and to whom granted too. This was a detailed description of the voluntary tendering of funds, complete legal authorization for the ACH direct deposit to be deposited into my account, but releasing any claim or right to said funds, directly transferring the funds to the sole account owner, and fully acknowledging this act. This was done and it was how the loan I provided to each individual was to be repayed.
These documents were provided to Bank of America, and in fact Bank of America was not only aware that the deposits would be hitting my account but they pre approved them after I brought in the documentation to them, which I did because there were problems with my account and the account was set for closure by the bank. I was concerned of the ACH direct deposits, so I brought all the documents into the bank, sat with one of the account specialist, who viewed the documents, then confirmed that they would enter my account without a problem, and the funds would be available within 24 hours.
The ACH direct deposits hit my account on January 29 and the bank accepted each deposit, processed each deposit, and credited each deposit to my account. They then said they would continue the closure process, and at time of official closure they would mail my funds to me. The bank did not turn my funds over within 24 hours, nor as of yet, have they turn them over. The money sat in my account for 12 days, minus 135.00 that the bank withdrew from proceeds from the ACH direct deposits of these very same tax
refunds.
During this entire time, the bank assured that the remaining funds would be mailed to me as soon as the account officially showed closed. I was unable to access the account, I was completely blocked from performing any transactions, make any changes, or initiate any withdrawel. I spoke with the bank several times during these 12 days, each time I was told that I would receive my money and the money would be mailed in form of a check, to me, on the date the account was officially closed, that date was Feb. 10. Still on that date the bank said nothing or raised a single concern. The bank continued to assure that the funds would be mailed, and later that they were in the process of being sent to me.
After several weeks of being informed that my money was in route, I became frustrated. After several weeks, with no notification by the bank, I was informed that my funds were being held, a fact I only learned because I was persistent, and one that only surfaced after the bank had taken money from the funds to pay bank fee to themselves, after they withdrew the entire remaining amount from the account and bringing my balance to zero. I was told that a transaction on my account triggered the hold, a transaction that was performed by the bank, not myself, and was done with intent to trigger such a hold, so the bank, or bank employee, could access my funds, basically steal my money.
That is exactly what they have done. The bank knew about the deposits, every single aspect of them, they approved them, they then accepted each and every ACH direct deposit, processed them into my account and then took money from the
funds for themselves, and then taking the entire balance of my
acccount. They claim many reasons but not one reason holds, and
the actions by the bank have continued to prove that they intentionally
acted, and stole my money.
I have been trying to access my funds for nearly a year, funds the bank has no right to hold, and are holding outside of any bank account. To resolve this problem I reached out to the executive offices, and was told that I needed to provide documentation stating that these were valid transactions and that each transaction was authorized. I have done this on several occassions, and the bank has received the documents which were notarized at their request. They still will not release my funds, and will not give me any information relating to where the money is and when it will be released.
I recently sent new documentation to the person who is working this case, Asuncion Ngaosi, who is in the executive offices in Brea, California. This included separate notarized agreements for each deposit and one for specified for my signature. These are release and hold harmless agreements, (not even standard or policy agreemtents that are designated by the bank). These documents authorize the transactions, release the bank from any and all liability past, present, and future. They also confirm the funds are tendered to myself, and are to be released. The bank drew these up for this case, as what they are doing is not standard policy, and these forms are not the forms that bank of america uses for all other purposes when they are holding or freezing funds legitimately.
These documents were written by the bank, and refined by myself, as after having a lawyer review the agreements, I was advised to add a sentence nullyifying the agreement if the bank does not release the funds. The Bank worded the agreement in such a way as to deceive and trick me out of any claim to the funds that were in my account and if any party involved had signed these agreements without the addition from myself, we all would have basically turned over the entire amount of money to bank of america, and would have signed away any right to file a claim to the funds.
That is unacceptable for a financial institution, and it is clear that they are intentionally trying to keep the funds, using deception to obtain them.
The documents were sent overnight to Asuncion Ngaosi, and she has confirmed the receipt. I had sent documentation several times to Bank of America, and each time I was informed they had them, two days later they denied ever receiving them. Therefore, this time, I sent them copies of the notarized agreements, afraid to send my originals because the bank has lied about them and if I were to lose the originals I would have no evidence for my records.
I spoke with Mrs. Ngaosi, who will not give me a straight answer about anything. She told me that they need the originals, and my money will not be released until such time. I attempted to confirm that if they were provided original documentation they would in turn release my funds sending them via overnight delivery by fedex, as I had been assured by Ken Lewis, CEO, and she would not say when or how, or even if, my funds would be released.
The bank is fully aware that these funds are legitimate, they have been in the banks possession for over 10 months, and the only person who has filed claim to those funds, is myself the account holder of the account the funds were in. I know the bank is not concerned about the validity of these funds, as they used some to pay bank research fees associated with this matter, and they have refused time and time again to revert the deposits back to originator, and allow the Irs to mail them. They wont do that because they have stolen my money and do not have it to give back to the originating bank. Nor will the bank provide any documentation stating the funds have not been released, which is the sole reason the bank held these funds outside of an account which is not how the bank freezes funds.
Bank of America intentionally withdrew my funds, closed my account, and then froze them, because it would prevent the funds being reissued by the originating agency, as they purposely set out to have it appear the funds have been disbursed so that they could not be called back at my request and re issued. They refuse to even provide any documentation in this matter.
Bank of America is beating up on its customers, and it needs to stop. The deposits that went into my account are no different then deposits that have gone into other accounts there without any problems, and I know because I have evidence that the same deposit type, with exact same criteria, were processed and paid, without having to provide any additional documentation. I have jumped through hoops, and I want this to end. They have all the documentation they need, and in fact, they have held these funds past any legal hold for ACH deposits, and legally should have released the funds after 90days.
I am being taken advantage of by this bank and it can happen to anyone, in fact, it is happening to many consumers who have banked with bank of america. It is time that this bank is held accountable, no longer being able to abuse the financial regulations of our country. They need to be stopped, they need to compensate for interest on these funds, and they need to release my funds to me at once.
Please, let there be no more victims of this monster called Bank of America!
Note: I can provide immediately upon request proof of this matter, with the documentation in addition original agreements. I have kept a record of all and the bank has no standing but I am one and they are stomping on me. I will fax any documentation if needed to support this complaint, and prove my right to have my funds released.
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