Consumer complaint received 2018-08-20
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MA
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
I am writing this letter to request assistance obtaining a reversal of funds withdrawn from my checking account at the Bank of America ( BOA ). This withdrawal created a negative balance and caused a financial hardship ; my bi-weekly paycheck hit the account. I requested the BOA to replace the funds to satisfy the overdraft while they further conduct their fraud investigation. I call the bank daily to obtain the status of BOA investigation. The representatives tell me that the investigation could take between 45 to 60 days to complete ; meanwhile, my account receives overdraft fees. On XX/XX/2018, I noticed an unauthorized withdrawal from checking account for {$550.00} ; I immediately contacted the bank to report the transaction. On XX/XX/2018, the bank refunded the money and conducted their investigation on the Merchant ( XXXX, TX ) to obtain more information on the company and the transaction. On XX/XX/2018, the BOA applied a temporary credit reversal on the XX/XX/XXXX fraudulent claim against my checking account for {$550.00} which caused an overdraft. I contacted the bank to obtain the status of the refund, and the representative asked that I submit a letter ; I sent the following letter : I am requesting a hearing on the decision to deny the fraudulent claim of an unauthorized withdrawal from my checking account on XX/XX/2018. The representative I spoke with on XX/XX/XXXX directed me to write a letter regarding my knowledge of the fraudulent withdrawal transaction from my checking account. The Bank of America representative said the denial was determined after an investigation raised questions about withdrawals that occurred in XX/XX/XXXX and XX/XX/2018. I am not aware of how the fraud happened, and I did receive calls from the Bank of America reporting the compromise of customer accounts. The BOA immediately canceled my debit card and reissued a new card by mail. I monitored the checking account and noticed a couple of unauthorized withdrawals ; I notified Bank of America immediately. I am requesting a hearing to reconsider the denial of fraudulent charges to have the money redeposit back to my account. I don't know anything about the company or who may have accessed my account. I feel it is unfair that I am penalized and held responsible for the unauthorized withdrawals. The overdraft on my account caused financial hardship, and I ask that I not be held accountable for transactions that are out of my control. I am requesting a hearing to replace the funds withdrawn from my checking account which created a negative balance and caused a financial hardship. I call the BOA daily to obtain the status of the investigation and decision to refund the {$550.00}. To date, the representatives say the decision may take 45 to 60 days meanwhile I lost my paycheck ( auto deposit ) to the account which continues to receive NSF fees. As I write this letter, I recall the airing of XX/XX/2018, XXXX XXXX XXXX with XXXX XXXX discussing problems many banks face dealing with XXXX hacking into checking accounts. I would appreciate your help to solve this problem with the Bank of America.

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 monetary relief