Consumer complaint received 2019-01-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Traveler's check or cashier's check
Issue: Lost or stolen check

Complaint:
On XX/XX/2018 I visited Bank of Americas financial center in XXXX, CA located at XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX. I cashed BofA Cashier 's Check No. XXXX in the amount of {$25000.00} ( image attached ) and in exchange I received {$2500.00} dollars in cash and a new cashier 's check for {$22000.00} payable to myself. Mr. XXXX XXXX was the Bank of America teller/associate who helped me with my transaction on the first teller window from the left. He processed the transaction and handed me the new cashiers check for {$22000.00} inside a size # 10 envelope and {$2500.00} in cash along with two cash envelopes per my request. The next customer in line was immediately called to the teller window, and I was in a way forced to step away from the teller window in a rush, without having time to verify that everything was in order. 

I believe without being 100 % certain, that either a ) Mr. XXXX XXXX forgot to enclose the new cashiers check in the amount of {$22000.00} inside the white envelope and inadvertently handed me an empty envelope with no check inside or b ) as I was rushed away from the teller window by the next customer in line, it is possible that I dropped the white envelope with the new cashiers check I had just purchased on the floor or even left it at the counter window. Perhaps Bank of America can examine the security footage capture by the cameras inside the XXXX branch on XX/XX/XXXX and shed some clarity to this matter. 

On XX/XX/2018, I drove to Bank of Americas XXXX Branch in XXXX, CA to cash out a portion of the cashiers check I had purchased on XX/XX/XXXX from Mr. XXXX XXXX at BofAs XXXX Branch. It was at the parking lot outside the XXXX XXXX Branch as I was preparing to go inside the branch that I discovered that the cashiers check along with white non-negotiable customer copy of the check were both missing and were not inside my purse. I drove back home without visiting the branch to check whether I had misplaced the check somewhere in my house. I searched m entire house but was unable to find the item. I called Official Items at XXXX to notify them of the loss, but they were closed. 

On XX/XX/2018 I went to the XXXX branch to notify BofA of the lost cashiers check and since I was the purchaser ( remitter ) and the payee on the lost instrument to file A Declaration of Loss and Indemnity Agreement Stop Payment ) under UCC 3.312. I met with Mr. XXXX XXXX the same associate/teller that had issued the lost cashiers check in question that I purchased on XX/XX/2018. 
I advised him of the lost item and asked him to look up and locate the account number and the cashiers check number ( serial no ) for the lost instrument. He located the lost instrument which he identified with the following characteristics BofA Cashiers Check No. XXXX drawn on Account No XXXX dated XX/XX/18 in the amount of {$22000.00} and payable to XXXX XXXX. He advised me that the instrument was still outstanding and had not been presented for payment. Given that I was both the purchaser and payee of the lost instrument, I told Mr. XXXX that I wanted to initiate a claim for replacement/reimbursement of the Cashiers Check under UCC 3.312, by filing a Declaration of Loss and Indemnity Agreement to Stop Payment. Since I was both the purchaser and the payee on the lost item, I asked Mr. XXXX if the requirement for a surety bond could be waived. He responded by telling me that Ms. XXXX XXXX was the only associate with authority to approve such a request and told me to return to the branch on XX/XX/XXXX, as Ms. XXXX would be back in the office and could assist me with the Declaration of Loss. 

On XX/XX/XXXX, I called Mr. XXXX XXXX to inquire if Bank of America could flag the cashiers check as lost/stolen and place an internal informal stop payment alert on the cashiers check, He told me that that such an alert was already in place as of the XX/XX/XXXX. 

On Monday XX/XX/XXXX, before visiting the XXXX Branch to bank to meet with Ms. XXXX XXXX, I contacted Bank of Americas Official Item Department to check the status of the cashiers check. 
I spoke with Ms. XXXX who informed me to my utter shock that my cashiers check was negotiated and paid on XX/XX/2018. I asked Ms. XXXX how this could have possibly happened, given that I was the only authorized payee on the cashiers check and there were no endorsements on the check. 
Ms. XXXX looked at the image of the cancelled cashiers check and informed me that there was in fact an endorsement on the back of the check, which appeared however to be fraudulent as the signature didnt not match my signature on file with Bank of America in my customer profile. Ms. XXXX then contacted check fraud clams and initiated check fraud claim # XXXX XXXX. 

After the phone call, I went to the XXXX Branch to meet with Ms. XXXX XXXX and Mr. XXXX XXXX. My friend Ms. XXXX XXXX came to the branch with me and witnessed my entire conversation with Ms. XXXX and Mr. XXXX and the events that transpired during my visit to the branch. 
It is noteworthy to mention that right before meeting with Ms. XXXX, I asked Mr. XXXX XXXX if the cashiers check was still outstanding. His response was yes, it is still outstanding, I just checked. I met with Ms. XXXX XXXX and Mr. XXXX XXXX in her private office. As I mentioned above my friend XXXX XXXX XXXX was also present at the meeting. I told XXXX XXXX that the cashiers check was cashed on XXXX and I demanded an explanation as to why up to that point Mr. XXXX had told me that the cashiers check was still outstanding and had not been presented for payment yet. Why was the XXXX banking center providing me with erroneous information? Neither Ms. XXXX nor Mr. XXXX had an answer for me. 

I asked Ms. XXXX for a copy of the cancelled cashiers check. Shortly after I received image copies of t cancelled cashiers check., I concluded the meeting and left the branch. I drove straight to my local police station to file a policy report. 

The Substitute Check Image that I received from the XXXX Financial CenteXXXX and Bank of America as evidence that the cashiers check was negotiated and paid is completely deficient, defective and most likely fraudulent. 

As few of these deficiencies are : The back of the check is missing the mandatory initial physical indorsement from the BOFD or Bank of First Deposit ( XXXX XXXX ) as well as the subsequent physical indorsememts that should appear from the final Pay Bank ( Bank of America ). In fact, there are no financial institution indorsements on the back of the check whatsoever. The initial physical indorsememt from the BOFD is required by check law, the UCC Regulation CC, and are necessary for automated processing, forward collection, payment and handling. 

The mandatory substitute check identifier is missing from of the MICR line ( position 44 ). The amount of the check is missing from the MICR line.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation