Complaint Review: Bank of America - Nationwide

I am in a battle with BOA in regards to a my late mother's CD account. I've reached out to FDIC, OCC & other agencies in an attempt to recover the funds. A banking attorney told me BOA is notorious of the following: Mismanagent of the funds which is the following. 1) Funds can't be held if the CD has matured, 2) And/Or on the CD have rights to the funds and, 3) it is illegal for them to hold the funds!!!!!

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.

 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.

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).

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.

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.

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.