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Bank Of America Corporation / service on ira account

Posted: Mar 7, 2017 by   User 
Complaint Rating:  0 % with 1 votes
0% 1
Contact information:
Essex, Maryland
United States
I am very upset concerning the lack of knowledge and service that my bank representative had during a IRA transaction last year, to the point of considering termination of all my accounts with Bank of America and selling of my BAC stock. The transaction that took place was the terminating of my father's IRA accounts to move the funds into his estate. It is true that I should have know or at least considered looking for advise, but I have always considered those acting as representatives of the bank to be knowledgeable about banking business. What happened is my sister and I, as my father's personal representatives, closed his 4 IRA accounts without the knowledge that this would result in a huge tax bill. And that there was a solution in moving the money into an " inherited IRA", which would avoided taxes right away. Plus, it was an opportunity for the bank to maintain the funds within Bank of America. I can assure you that of the 6 heirs, at least 5 would have left the funds at Bank of America. The fact that your banking representative while consulting with the legal department about closing the account with two personal representatives never even suggested this option to us, doesn't speak very highly about those people representing the bank and looking out for the banks interest as well. I can not even express my disappointment and lack of trust with Bank of America at this point.
Complaint comments Comments (0) Complaint country United States Complaint category Savings & Investments

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100 N Tryon St.
North Carolina
United States - 28255-0001
+1 800 432 1000
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