Consumer complaint received 2018-08-15
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem using a debit or ATM card

Complaint:
I have been a loyal Bank of America customer for over 30 years. I have a checking and savings account with them, as well as a credit card. For everyday purchases I use my credit cards to collect the cash back, and only use my debit card for atm withdrawals. I keep an extremely close eye on my credit cards because I use them everyday and don't pay much attention to my checking/savings accounts since I never use my debit card. 

From the dates of XX/XX/2018-XX/XX/2018 there were 13 total fraudulent charges on my account. I live in XXXX and these charges were made in XXXX, New York titled XXXX XXXX   XXXX XXXX NY. The charges were spread out over these dates to the tune of 10 charges of {$95.00}, 1 charge of {$93.00}, 1 charge of {$89.00}, and 1 charge of {$88.00} totaling {$1200.00}. Per XXXX research, XXXX XXXX is a street in one of the most dangerous gang neighborhoods in XXXX. 

I noticed the charges on XX/XX/XXXX and immediately called the fraud department to report them. The first question they asked was why I didn't notice the charges immediately. The reason I told them was because I never use my debit card so I don't keep a close eye on the balance or transactions. I had also just gotten paid the day the first fraudulent charge took place, and transferred {$4000.00} from my savings account because I had just sent in the rest of my taxes from the previous year, and had to pay my upcoming quarterly taxes. So in total I had {$9200.00} in my checking account when the charges began to take place. The reason I had so much in my checking account was because I was paying {$2000.00} to my IRA, {$4600.00} to the United States Treasury, and {$890.00} to the Commonwealth of Massachusetts, leaving me {$1700.00}. Those deductions were in 5 separate checks of {$2000.00} to my IRA, {$2800.00} and {$1800.00} to the United States Treasury, and {$560.00} and {$330.00} to the Commonwealth of Massachusetts. So over the course of these transactions I was assuming large amounts of money would be taken out of my checking account. Lastly I explained that one of the only uses for my debit account is a {$5.00} per day deduction to a company called XXXX that invests it into the stock market for you, so my daily balance is different literally everyday. 

After I explained what happened, the fraud department told me not to worry as I would be reimbursed for the fraudulent charges 100 % and that this sort of thing happens all the time, and that even though I never use my debit card I should keep a close eye on it everyday. I then asked how those charges were approved in New York and how could they have gotten my information. They told me they no longer notify customers that make out of state purchases, and that since I use my card to pay my monthly XXXX XXXX  fee, that their system could have been hacked and that's how my information was attained. I was then immediately reimbursed for these charges on XX/XX/XXXX, and canceled my card to order a new one. 

Fast forward to XX/XX/2018, and I woke up to find that my claim had been denied and all of the charges were reversed, without any warning whatsoever, 4 months later. I assumed there was a mistake and called the fraud department to which I was told that my claim had been denied because the charges weren't typical fraudulent activity and that because I didn't notice them right away, although I had previously explained to 5 different people in the fraud department why that was. The fraud department employee then told me my next step was to file a police report and take it to my local bank to have it faxed over, and that I would be temporarily credited with the money while they reopened the case. So I immediately went to my local police station and filed a report for the fraudulent charges, but was told the officer would not be able to process it until the following week because he would not be working. So I took work off on Monday, XX/XX/XXXX, to pick up the police report and head to my local bank. There I sat down with the manager who faxed over the police report and said I would be reimbursed for the charges the following day. The following day the charges didn't show up so I called the fraud department. After an hour wait I spoke with an employee that told me I had been misinformed by both the previous fraud employee, and the manager of the bank, and that all they would be doing is reopening the case and I may or may not get my money back, and that it could take up to 60 days. Furious that I had been lied to twice, I went back into my local bank the next day. As I sat with two employees they called the fraud department. What the fraud department told my local bank was that it could take 48-72 hours but I would be reimbursed with the damages by Friday XX/XX/XXXX ( 72 hours ) I was also told that the whole claim process would take 15 days total. When Friday came around and the money was not there I assumed that it may take until Monday. Nothing on Monday or Tuesday so I went back to my bank again on Tuesday wondering why everyone keeps giving me misinformation. The bank manager said multiple times that this is clear cut fraud and that he can escalate this and get it taken care of, however he never did anything about it. My local bank employees again called the fraud department because they couldn't understand why I was not being reimbursed well over the 72 hour time period. After another long wait they finally got an employee from the fraud department on the phone. This person said that I was once again misinformed and that they would reopen the case in 48-72 hours and I would not be credited with the fraud charges. He also said that I may or may not receive these funds and it could take anywhere from 45-90 days.

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