Product: Checking or savings account

I am writing to formally address a series of unauthorized transactions on my Central Bank accounts and to express my deep concern regarding the banks handling of this matter, particularly in relation to Regulation E ( Electronic Funds Transfer Act ). I've also been in contact with a former compliance professional in the banking industry, who is well-versed in the protections afforded to consumers under this regulation, and I believe that the banks actions thus far have not been in compliance. 

Details of the Fraudulent Activity : On XX/XX/year>, I discovered XXXX unauthorized transactions totalling {$1900.00} stemming from linked external accounts and immediately contacted the fraud department using the number on my debit card. I was informed that my savings accounts could not be shut down since they were not tied to my debit card, and I would need to wait until the bank reopened on XX/XX/year>. Before I could visit the bank, but AFTER I spoke to the bank 's fraud department, additional funds were taken from my money market account in the amount of {$1900.00}. A total of {$3900.00} was fraudulently taken from my accounts. 

On XX/XX/year>, I met with XXXX XXXX at the XXXX XXXX in XXXX XXXX, where my accounts were closed, and new ones were opened. My online banking was also suspended pending further action to secure my device. Despite these measures, I continued to face significant challenges : On XX/XX/year>, I was informed by XXXX that an attempt to cancel the XXXX payments was unsuccessful, and I was advised that someone from the fraud department would reach out to me. No follow-up occurred. 

On XX/XX/year>, I contacted XXXX in the fraud department, who informed me that there was nothing further the bank could do and that the unauthorized access to my account was, in effect, my fault. This is an unacceptable response. 

On XX/XX/year>, I filed a police report after reviewing my statements with XXXX XXXX. Later that day, XXXX informed me that a Regulation E dispute could not be filed because ACH transactions are not covered under Reg. E. However, my research and professional advice clearly indicate otherwise.

Violation of Regulation E : Under Regulation E ( 12 CFR Part 1005 ), ACH transactions are explicitly defined as covered under Section 3 ( b ) ( 1 ) ( ii ). The regulation states that a bank is required to investigate unauthorized electronic fund transfers ( including ACH payments ) and provide a resolution within a reasonable timeframe. Refusing to file a Reg. E dispute and failing to conduct a thorough investigation of the fraud on my account directly violates these requirements.

Further, Regulation E places the burden of proof on the bank to determine whether an electronic fund transfer was authorized. The banks current stancethat the unauthorized transactions were my faultis both inappropriate and inconsistent with the protections afforded to consumers under this law.

Request for Immediate Action : I formally request the following actions be taken immediately : The initiation of a Regulation E dispute for the unauthorized ACH transactions.

A thorough investigation into these unauthorized transactions, as required under Regulation E.

A written response outlining the banks findings and actions taken to resolve this issue.