Consumer complaint received 2023-03-03
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Fraud or scam

Complaint:
To Bank of America, I am requesting a re-investigation of my recent fraud claim ( Claim Number : XXXX ) and an immediate full refund. I have strong reasons to believe you did not conduct a proper and thorough investigation as required by the law, leading to an irresponsible denial of my claim. 

On XX/XX/2023, a fraudulent charge was posted on my account. {$700.00} was transferred through Bank of America XXXX XXXX to a scammer named XXXX XXXX. Immediately, I contacted your customer service number, waited for an hour, finally I was connected to an associate. I ask the person on the line to stop the transaction immediately, but the person told me they can not stop the transaction, but they can file a claim for me. I described the event to the associate, and I told him I can provide any evidence to help the investigation. The person said they will email me if they need anything, and I have to wait for the investigation. However, through the whole investigation process, I did not receive any email asking me to provide any evidence at all. 

At the same night ( XX/XX/XXXX ), I also filed a full report with XXXX XXXX XXXX XXXX XXXX As I was anticipating your reply, I also filed a report with Federal Trade Commission ( Report number : XXXX ) on XX/XX/XXXX. ( The XXXX full reports are enclosed with this complaint, along with other important evidence ) On XX/XX/XXXX, I received a short message through email from you saying you are unable to approve my claim, The message says " The transfer posted to the requested account according to instructions provided ''. However, the truth is, the scammer had tricked me into transferring the money. " Regulation XXXX '' protects victims of fraudulent money transfers. According to the Consumer Financial Protection Bureau, that includes those who are tricked into giving access to their accounts. Therefore, you should refund my money, it is required by law. 

The " We recommend contacting the receiver of the funds for further assistance. '' part in the message is even more ridiculous. The receiver is a scammer, do you think if I contact them, they'll just give me my money back? If that's possible, I won't even have to call you in the first place. 

I also have strong reasons to believe you did not conduct a proper and thorough investigation for my claim. 
A reasonable investigation into this should involve the following : Asking for documentation to help verify the claim; Asking for a written, signed statement about the fraudulent transaction; Asking for a copy of any report about the unauthorized transaction you may have filed. 

None of the above was done by you. As stated above, when I first called to file the fraud claim, I clearly told the person on the line that I can provide any evidence to help the investigation. And I have the copy of my full reports with XXXX XXXX XXXX XXXX and Federal Trade Commission XXXX However, during the whole investigation process, you never once asked me to provide any formal statement, any report I made, or any other evidence. So, without needing any evidence, you closed the case and denied my claim. 

On XX/XX/XXXX, I called your customer service number asking for reasons for denial, you said you are going to provide me with a full report detailing the process of the investigation the same day. However, I did no received any report from you. The next day ( XX/XX/XXXX ), I called you again, and you said there's no report to provide, and refused to provide me with the report. 

Electronic Fund Transfer Act ( XXXX ) - Regulation XXXX, protects consumers when they transfer funds electronically.The law requires that after consumers notify their financial institution of a fraudulent transaction, it must : Promptly investigate the oral or written allegation of error. 
Complete its investigation within XXXX business days. 
Report the results of its investigation within XXXX business days after completing its investigation. 
Correct the error within XXXX business day after determining that an error has occurred. 

However, you not only closed the case and denied my claim without even asking for evidence, but also refused to provide me with the report detailing the process of the investigation. This is an extremely irresponsible and disrespectful way of conducting an investigation, and you are definitely not treating your client 's claim seriously. 

At this point, I am infuriated. Again, I ask for re-investigation of my claim and an immediate full refund. If you do not take any reasonable action, I will report this to my state attorney general. I am willing to take any legal action to protect my rights, including filing lawsuit against you. I know this is not the first time you treat your customers and the victims of fraud like garbage, and we will not tolerate this kind of action. If you can not treat these claims seriously, no one will feel safe to put their money in Bank of America, you will lose all of your customers eventually. 

Enclosed are the copies of my full reports with XXXX XXXX XXXX XXXX and Federal Trade Commission XXXX and some other important evidence. You irresponsibly denied my claim without even asking for evidence during the former investigation, I hope you can conduct a proper re-investigation using the evidence I provided, and refund the money ASAP. Keep your promise with your clients, and be responsible like a real big company.

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