Consumer complaint received 2023-12-13
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Money order, traveler's check or cashier's check
Issue: Fraud or scam

Complaint:
I was scammed by people impersonating XXXX  and police and I ended up sending 3 cashier 's checks of {$140000.00} to the scammer on XX/XX/XXXX from my bank Bank of America. I filed a claim with BoA on XX/XX/XXXX, claim number XXXX, before the cashier 's checks were deposited on XX/XX/XXXX. Later that day, the checks were deposited. {$53000.00} and {$49000.00} was deposited to XXXX, {$40000.00} was deposited to XXXX XXXX. XXXX caught the fraud alert and froze the funds on XX/XX/XXXX. {$40000.00} was deposited to XXXX XXXX and they released the funds to fraudsters before investigation. On XX/XX/XXXX, BoA sent me the Scam Victim Acknowledgment letter and I have signed and returned on the same day. When following up with BoA, BoA has verbally informed me when I filed the claim, a fraud alert was flagged on the checks and the receiving banks should be able to receive the alert and hold the funds until the investigation is finished. On XX/XX/XXXX, XXXX check hold department called me to verify the {$53000.00} check and I informed them about the scam and they told me they would hold it and not release it. On XX/XX/XXXX, XXXX check hold department called me again to verify the {$49000.00} check and I informed them about the scam and they would hold it and not release it. When I followed up with XXXX, it seems to be the case and they told me they caught the alert on XX/XX/XXXX and froze the funds on that day and has not released the funds. When I followed up with XXXX XXXX, they have denied receiving any alert from BoA on XX/XX/XXXX until XX/XX/XXXX the hold harmless document, hence they already released the funds and there are no funds available. Without the alert document, it is unclear what and when actually have been alerted to XXXX and XXXX XXXX and which financial institution should hold accountable for negligence and misconduct. BoA and XXXX XXXX are playing " he said she said '' with BoA said they sent the suspicious alert on XX/XX/XXXX but XXXX XXXX said they didn't receive anything from BoA until XX/XX/XXXX. 
On XX/XX/XXXX, XXXX XXXX XXXX department also informed me they are holding {$51000.00} and {$49000.00} of the funds and BoA has to claim the funds from them to return. 

On XX/XX/XXXX, the claim is closed and only {$51000.00} was recovered. This doesn't align with XXXX 's holding both {$51000.00} and {$49000.00}. The {$49000.00} is missing. BoA should provide me a final decision from both XXXX and XXXX XXXX if they have officially declined the {$49000.00} and {$40000.00}, respectively. More over, if BoA did sent the suspicious alert to XXXX XXXX and XXXX XXXX didn't act on it, XXXX XXXX should be liable of releasing the funds, if BoA failed to send the alert, then BoA should be liable. I'm asking BoA to provide the document of what alert, flag and/or precautions have been taken on the cashier 's check or to the receiving financial institutions upon filing the claim. I'm also asking BoA to provide the final decision document made by XXXX XXXX and XXXX that they declined to refund the {$40000.00} and {$49000.00}, respectively.

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