Consumer complaint received 2023-08-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On XX/XX/XXXX, I wrote a check to a XXXX out of my XXXXXXXX XXXX XXXXusiness checking account in the amount of {$6600.00} and mailed it to my vendor. The check was intercepted in transit and never reached the intended payee. It was then improperly endorsed by the interceptor and deposited by Bank of America. This was brought to our attention XX/XX/XXXX at which point, I called XXXX and made a fraud claim on the phone. The fraud agent recommended I go into a local branch to complete a Declaration of Improper Endorsement form to complete my claim asap, which I did immediately that day. The branch offered to send copies of my paperwork directly to the fraud department on my behalf which I allowed. I followed up with the fraud department on the status of my claim for several weeks after that and kept being told they were still awaiting my Declaration of Improper Endorsement. I went back to the same local branch again on XX/XX/XXXX and the same advisor helped me contact the fraud department, who asked us to complete the paperwork a second time and resend. I did so, and once again the branch advisor sent copies to the fraud department via regular mail and digitally directly to the fraud department. I proceeded to contact the fraud department every few weeks to check on the status of my claim and was always met with the same response which was that they were still awaiting a response from the depositing bank which was bank of America. I went back to the branch again on XX/XX/XXXX to see if the same helpful advisor could help get me some more information on the status of my claim. We reached out to the fraud department together, and were told that there was no new update, and we were still waiting on Bank of America to respond. At this point it had been well over the 90 day period I was told they had to respond within. I called the XXXX XXXX fraud department every few weeks after that for the last 6 months and have been given no new updates on my case. On XX/XX/XXXX I contacted the CEO and XXXX XXXX XXXX XXXXXXXX XXXX directly and made them aware of details of my claim. I explained that while the amount of the check is small in comparison to most business transactions, the loss of funds has been directly impacting my small business operations. And that I had now spent several hours at the bank and on the phone with the fraud department and was growing increasingly frustrated by the lack of urgency in the matter. I recognized that I know it is up to the endorsing bank to reconcile this issue, however as a valued client of XXXXXXXX XXXX, I felt some effort should be made by them to refund my money as quickly as possible. I got a call and email response from a representative of the executive branch of XXXX within a week of contacting them. The rep offered me assurances that my case would not go unresolved and that they would check in with Bank of America again on my behalf and monitor the claim. On XXXX XXXX I received a letter in the mail from XXXXXXXX XXXX alerting me that Bank of America had declined my request for reimbursement and that my case had been closed. Enraged, I reached back out to the executive office and fraud department. I was assured they were handling my claim and that it would be resolved within a matter of month. I received a notice on XX/XX/XXXX letting me know they were still following up with B.O.A who had not responded to the claim as of yet. 

On XX/XX/XXXX, I received a letter from XXXXXXXX XXXX  letting me know for a fourth time that they were not able to recover my funds from Bank of America and that my case is once again being closed. As it stands right now, almost a full calendar year after the incident, I still have no recourse options available to me. 

It is overwhelmingly frustrating that neither Bank of America, who allowed the incorrect endorsement, and XXXX XXXX, who released my funds, will take ownership or offer any assistance. 

Shame on Bank of America for supporting and aiding a criminal over a hardworking, law abiding, XXXX XXXX XXXX

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