Consumer complaint received 2023-10-27
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem using a debit or ATM card

Complaint:
To Whom It May Concern, I am writing to formally complain about the issues I've encountered with Bank of America. I believe the bank has not adequately addressed the fraudulent withdrawals from my Bank of America checking account ending in XXXX, which occurred in XX/XX/2023. 

I. Background On XX/XX/2023, my car was stolen, along with my driver 's license and a paystub containing my signature and the last four digits of my Social Security number. I reported this theft to the police. On XX/XX/2023, my stolen car was recovered, but my identification and paystub were missing. 

Following these events, several suspicious activities took place : On XX/XX/2023, I received a text message from my cell phone provider, XXXX, alerting me to unauthorized access attempts on my account. 
Shortly after, I lost service on my cell phone and could no longer access my email accounts or my online Bank of America account. 
Similar incidents occurred multiple times in XXXX and XX/XX/2023. 
On XX/XX/2023, I visited the XXXX XXXX Bank of America branch to regain access to my previous account ending in XXXX, and I interacted with a bank associate named XXXX. 

Throughout these events, over {$40000.00} was stolen from my account. I filed numerous claims seeking a refund of the stolen funds but have received only {$10000.00} in reimbursement. 

The following is a summary of my claims : XX/XX/XXXX : Claim ID - XXXX, Amount- {$1900.00}, Status - DENIED XX/XX/XXXX : Claim ID - XXXX, Amount- {$31000.00}, Status - DENIED XX/XX/XXXX : Claim ID - XXXX, Amount- {$2000.00}, Status - UNKNOWN XX/XX/XXXX : Claim ID - XXXX, Amount- {$5000.00}, Status - GRANTED In addition to these claims, I previously filed a complaint to the Consumer Financial Protection Bureau under Complaint ID XXXX. However, Bank of America only reimbursed me {$1500.00} out of the {$30000.00} I am still owed. 

XXXX. Issues I believe I am not responsible for the fraudulent activity on my account and should be refunded the stolen money. 

A. Bank of America 's Online Banking Service Agreement and the Electronic Fund Transfer Act Bank of America 's policy states that account holders are not liable for unauthorized transactions if the bank is notified within 60 days of the receipt of the transaction statement showing the unauthorized charge. I reported the unauthorized activity promptly upon being alerted on XX/XX/2023, and should not be held responsible for these transactions. 

The Electronic Fund Transfer Act ( EFTA ) also dictates that customers ' liability is determined based on their promptness in reporting an unauthorized electronic fund transfer. I reported the fraudulent transactions in a timely manner, as soon as I became aware of the issue. Therefore, Bank of America should approve my claims and refund the stolen funds. 

B. Bank of America Neglected Its Duty to Protect Its Customer Bank of America failed to block obviously fraudulent or suspicious withdrawals. They had a responsibility to use common sense and account history to block such transactions, but they did not. My account history did not align with the fraudulent activity, and I believe the bank should have identified the suspicious withdrawals exceeding {$31000.00} on XX/XX/2023, and blocked them. My accounts at other banks were able to detect and stop similar unauthorized transactions. 

XXXX Denial of Claims Bank of America has been denying my claims, asserting that I authorized the payments. However, I visited Bank of America repeatedly to report the fraudulent activities, and it is evident that they did not adequately protect me. Despite my consistent efforts to notify the bank, the unauthorized transactions continued. 

XXXX. Request I kindly request the Consumer Financial Protection Bureau to investigate these matters and ensure that Bank of America complies with its policies and federal regulations. I look forward to a swift resolution and request that you contact me at the provided contact information for further discussion. 

Thank you for your assistance. 

Sincerely, 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 monetary relief