BANK OF AMERICA, NATIONAL ASSOCIATION – CFPB Complaint ID 2776761

Date Received: 2018-01-09T00:00:00

Product: Other debt

Issue: Took or threatened to take negative or legal action

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: Hello, I am the Sole and only beneficiary of an XX/XX/XXXX irrevocable court crated trust for an incapacitated minor, created with funds awarded from settlement / finial judgment in Case XXXX in the XXXX Judicial XXXX XXXX XXXX XXXX XXXX XXXX Texas in XX/XX/XXXX.

In XX/XX/XXXX ( XX/XX/XXXX ) XXXX XXXX/ Bank of America was court appointed sole trustee of a court crated incapacitated minor irrevocable trust. XXXX XXXX/ Bank of America Sole Trustee received specific trust investment options ( stocks, annuities, mutual funds etc ) to invest irrevocable trust funds. XXXX XXXX Bank of America used trust funds to secure XXXX XXXX Bank of America Life Insurance Policies as trust assets in XX/XX/XXXX.

In XX/XX/XXXX XXXX XXXX/ Bank of America started placing loans against the irrevocable trust/ trust asset ( s ) to send care distributions for the incapacitated minors care, not sending care distributions from trusts net income and principal per the trust terms/ trust distributions guidelines.

More than XXXX years later ( XXXX years ) XXXX XXXX Bank of America sales the irrevocable trust asset ( s ) belonging to the incapacitated minor to XXXX XXXX XXXX XXXX XXXX , with current debt on the asset ( s ). In XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX communicates to the sole and only beneficiary of the trust / trust asset ( s ) that he has ordinary income of {$690000.00} to be reported in XX/XX/XXXX to the IRS, which is the loans and loan interest placed on the irrevocable trust starting in XX/XX/XXXX.

* Irrevocable court crated trust for incapacitated minor with specific distribution terms, from net income and principal ( if income is insufficient ) were violated/ not followed by Sole Trustee- XXXX XXXX Bank of America .
* The use of loans is/ was not authorized within the irrevocable court crated trust for incapacitated minor, by beneficiary or trustee.
*Texas Property Code 142.005, which the irrevocable trust was created under specifically voids out trustee lending beneficiary property/ funds from the irrevocable court created trust.
*Trust asset ( s ) and all income should have been paid-out to the beneficiary free of the irrevocable trust upon termination in XX/XX/XXXX.
*Assets were sold to XXXX XXXX XXXX XXXX XXXX from XXXX XXXX Bank of America around XX/XX/XXXX according to an employee with XXXX XXXX XXXX XXXX XXXX XXXX

See also  Receivables Performance Management, LLC - CFPB Complaint ID 2856371

The above information has been communicated to XXXX XXXX Bank of America for a resolution. Current day only letters of acknowledgment have been sent stating more research is required to address the identified trust matter.

Company: BANK OF AMERICA, NATIONAL ASSOCIATION

State/Zip: TX 770XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2776761

The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.

Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.

In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.