Bank of America Bank Account Or Service Complaint

Bank of America Bank account or service department,

Other bank product/service Account opening, closing, or management California

I am the beneficiary of my deceased brother 's ROTH IRA at Bank of America, which consists of - CD 's. I worked with an individual on the phone in the IRA department -/-/-, to set up the distribution of funds to coincide with the CD maturity dates in -/-/-, which were all within the 5 year period required by the Federal govt. However, after the first anniversary of the beneficiary IRA account, B of A sent a check for about - of the IRA. After I called to complain on -/-/-, they stopped payment on that large check and said they must do a minimum distribution. So they sent a check for $1900.00. I talked to a supervisor, - - on -/-/- and he said it is the bank 's policy to to make a minimum distribution. However, this minimum distribution was not stated on the form I was asked to fill out when setting up the distribution, nor did the man who helped me set up the distribution mention anything about this. I have asked supervisor - - to send me consumer information detailing this policy of minimum distribution. He said he would look and see if anything was available. In the time between now and -/-/-, I will lose over $700.00 in interest due to the early distribution of funds, since there are no CD 's currently available that will pay the interest I am currently receiving in the IRA CD 's. The Federal government says that I can leave the money in the account as long as it is all withdrawn within 5 years. This interpretation of Federal law was confirmed by - - ( -/-/- ) and also - - ( -/-/- ), 2 Bank of America IRA help desk employees. Yet Bank of America policy is above the law and requires a minimal distribution, without prior notification to the customer. This is wrong. They appear to be trying to get out from paying the better interest rate.