Consumer complaint received 2022-10-20
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
Breach of Trust BOAs Failure to Protect Consumers Bank Account date : XXXX, XXXX Claim made by : XXXX XXXX XXXX XXXX  involved XXXX Bank of America Business Checking involved : Name -XXXX XXXX XXXX XXXX  and Checking account XXXX XXXX Violation of safe-guard of consumers business checking account and committed unlawful, unauthorized activities On XXXX XXXX I called Federal Reserve Bank Consumer Protection related to this Claim XXXX The consumer protection Agent then recommended me to contact Consumer Financial Protection Bureau. I spoke to XXXX XXXX in the Bureau who suggested me to file this claim on line and contact Federal Trade Commission ( FTC ) to further document this claim, which I did and spoke to XXXX XXXX XXXX. The background of my claim is as follows : On XXXX XXXX, XXXX, a scammer hacked into my computer through a pop-up yelling that my BOA Business ( BOA account ending XXXX ) account had been used to transfer its funds to a gambling account and warned not to turn off the computer, and must click on the number provided on the pop-up screen to remove the pop-up and get help. No matter how much I tried, I could not get rid of the yelling and the pop up. In desperation, I hit the number on the screen to get help. A female got access to my computer Immediately. She indicated that she is from XXXX and asked about all my banks balances to be used to identify the account holder and stayed on the screen while transferring me to a Bank of America Security Agent to help me to intersect the transaction. A man with an XXXX Accent told me to go to the bank to transfer {$18000.00} into the following BOA internal account that printed out from my printer ( apparently, they had accessed to my computer and was able to remotely print the following bank-to-be-transferred-in account information ) ; Acct Name XXXX XXXX Bank Name Bank of America XXXX XXXX XXXX XXXX XXXX Routing Number XXXX Bank address XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX CA XXXX Personal Address XXXX XXXX XXXX XXXX XXXXXXXX XXXX  XXXX CA XXXX The scammer advised that in order to find who was behind it, I needed to transfer {$18000.00} to the above BOA account so that when someone attempted to withdraw from my business account it will be directed to this guarded BOA internal account. In such, BOA could identify the person and avoid the transaction. I was in such a state of shock ; without reservation and with high XXXX, I fell into the scammers trap and went to the local Bank of America Office at A Street Branch in XXXX, California to make the transfer ; around XXXXXXXX XXXX on XXXX XXXX ( the Bank closed soon after ). I was told by the Bank Agent that since it was a late transfer request, the actual money will not be sent until next Tuesday, XX/XX/XXXX ( Monday, XXXX. XXXX was a Holiday for the Bank ). 

After I got home, I started feeling un-easy about the whole thing. I immediately made a call to the BOA Security and Fraud Department around XXXX ( 30 mins after I made the transfer ), I waited for about 90 mins to get connected to an Agent. I explained him the situation and was told by the Agent it was a scam and suggested it was the best to restrict the account, it was made around XXXXXXXX XXXX  of XXXX XXXX. The Agent indicated the transfer had not been executed and money still in the account, by placing a restriction, no one could access to the account, i.e., no one could transfer the money out of my account. Note : There was no misinformation given ; scam got identified immediately, money still in the account ; and the account was restricted by the BOA Security Agent. Simple, straight forward and nothing that I was misinformed. 

On XXXX XXXX, I reported the scam to the XXXX Police Department. Report case number XXXX. In the report I told the Officer ( XXXX XXXX - Barge # XXXX ) that an Angel was in my side and the BOA Fraud Department indicated the money was still in my account and should be able to stop the transfer. It turned out the money was transferred regardless and I called XXXX XXXX on XXXX XXXX for the need to amend the report. 

Over the weekend, I kept reviewing my account and found there were activities on my account, including on XXXX XXXX there was a return of the money back to my account ( which was allowed in a restricted account ) and then a transfer of {$18000.00} out to the scammers account at the same day, which was not allowed in a restricted account ; as I had been told repeatedly ; no money could be taken out. I was extremely concerned and went to the local bank to report such a transfer and ask for Banks help to stop the transfer. The Bank Agent said there was nothing they could do to stop the transfer. Basically, it was out of their hands. We, then, together at the Bank office, made a call to the Fraud Department for clarification ( second call to BOA Fraud Department ). Again, we waited for some time and finally we were able to speak to an Agent. After verification of who we are we asked her to check the status of the transfer made in my account. Once again, the Agent ensured us the money was still in the account and told me to wait for a couple more days for the funds to be diverted back to my account. Note : I was not misinformed for the second time. Money was still in my account and will be diverted ( Agent words ) to my account in a couple of days. Once again there was no misinformation given. Also Bank Agent was with me whiling making the call.

My account continued showing the transfer. I called again on XXXX XXXX to report that the money has not been returned to my account and continued to show a transfer made on XXXX XXXX ( the third call made ). The Fraud Department Agent could not answer my question, and she then transferred me to its digital banking Agent. After explaining the situation to the digital Agent, she told me the money had been transferred and there was nothing more they could do. I questioned how could the Bank transfer money out on XXXX XXXX from a restricted account which placed on XXXX XXXX, XXXX days earlier? She replied I WAS MISINFORMED, once anyone makes a transfer there is no way to stop it. I was extremely frustrated with what she said and begging her to tell me what else I could do. She added, the only thing she could do was to make a customer compliant just for their internal training purposes. No concern of my desire to understand how and why the transfer was made without the consideration of the account had been restricted. I felt hopeless and helpless and decided to pursue filing this compliant to the Consumer Financial Protection Bureau in hope this complainant could lead me to answers of some of the questions listed below : 1. Yes, I physically made the transfer out of a frightened state of mind, but I was able to identify the scam immediately after, in less than 30 mins. I reported to the Fraud Department, put restriction on the account, would these not be sufficient for the Bank to stop the transfer? What more could I have done to help stopping the transfer? To consumers, it should have been a top priority for BOA to stop any transactions regardless any situations, as long as it is reported in time as scams and while money still in consumers procession. In my case, I was informed repeatedly by the Fraud Department Agents, and, on top of that, BOA placed a restriction on the account, telling me that no one was able to take money out of the account. All of these are to the contrary of what digital Agent said once you made a transfer it is no way to stop regardless of account restriction. What kind of protection that was? 

2. The BOA digital Agent said the transfer was made prior to scam reported, so, it was too late to stop the transfer. I questioned, every wrongfully transfer is always happened prior to the scam is being identified and reported. It should never be too late as long as it is reported in time. In my case it took me less than 30 minutes to discover the scam and reported while the money still in my account, according to all Security Agents I spoke to. Obviously, I have no other means to control the transaction only to rely on the Bank to fulfill its basic duty that is to safe guard and protect my Bank accounts. What was the point to have a Fraud Department that was only able to restrict the account, and yet, still allowed the money to be transferred to the scammers account, which had been identified and reported as a scam? In my case I reported the scam on XXXX XXXX and money was transferred from the restricted account on XX/XX/XXXX. I could not do any business on my own business account and yet the BOA Digital Department could simply walk into my account to make the unlawful transfer, which I was disparately wanting Bank to stop. I have exhausted all I could have done to work with Bank to try to prevent a crime. I, however, could never have imagined that the Bank could not or was not willing to make the efforts to help me to stop a crime, instead, the BOA was actually promoting the crime. May it be one of the reasons that there are so many scammers targeting senior citizens ( I am a XXXX of XXXX ) simply because the scammers believe as long as they could coax a frighten senior into making a transfer, BOA will transfer the money to them regardless, even there is a scam reported early enough to be able to stop the transfer?

3. How could the BOA digital transfer Agent tell me that I was misinformed ( which I was never given a wrong information ) and that there was nothing BOA could be done in actuality to stop the transfer once one had made a transfer request. It implied that the reporting of a scam to BOA Fraud Department was a totally waste of time. Should consumers expect the BOA to ignore the fact a fraud is being reported? I would certainly like to know where are the banking regulations stating this rule.

4. Is it true once the account is restricted, no one, including any internal BOA Department personnel, is able to access to the account? A detailed explanation shall be provided as why and how the Digital Department was able to make a transfer on XXXX XXXX from a restricted account placed on XXXX XXXX? I would also like to know what were the bases telling me I was misinformed by the BOA digital Agent? It seemed after she made the statement, she kept saying it was nothing else the BOA could do and told me to work with Police, with BOAs cooperation, to get after the scammers. 

XXXX. Why there were no communication between Fraud and Digital Departments? I can not believe that when Digital Agent made such a transfer on XXXX XXXX, they did not know or see a restriction that had been placed on the account on XXXX XXXX. At the very least, I believe, whoever was making the transfer should have noticed that the account had been restricted and seek immediately for further clarification, either communicating with its Fraud Department or calling myself, the consumer, prior to making the transfer. If such a security check was conducted, the transfer would have never been made. In my case why these two Departments are set-up to operate separately? I wish BOA could offer an explanation. Further, it appeared on XXXX XXXX the {$18000.00} was indeed returned to my account ( reason provided return of posted check/item ( received XXXX XXXX ) Electronic transaction ) and then, all of a sudden, on the same day, someone desperately made a transfer, giving the reason force post debit from XXXX XXXXXX/XX/XXXX. Document ID XXXX XXXX XXXX XXXX XXXXXXXX XXXX out of my account to the scammer. Why in such a hurry to made the transfer without un-restrict the account and my permission/request? It is very suspicious that the money had already been diverted into my account on XXXX XXXX, at that moment, the account was still restricted ; I would think whoever wanted to transfer out of the account must either the account has left the restriction and the most importantly, it must obtain the account holders consensus which I did not authorize to do so. The transfer is actually unlawful and very suspicious of the intention of the force transfer. BOA need to find out who did it and provide the reasons behind why an unlawful, unauthorized activity was committed. Possibly an insider job? 

I will work further with XXXX Police XXXX to seek for transcripts of all phone calls I made to the BOA Security and Digital Transfer Departments. These phone conversations are important to support my claim. If needed BOA could have an internal review of the activities conducted in my business account during XX/XX/XXXX to XXXX XXXX and conversations/phone calls I have made with BOA XXXX XXXX , or Police report case # XXXX on XX/XX/XXXX, issued by XXXX XXXX # XXXX. I hope the BOA could voluntarily provide me with all appropriate phone transcripts. 

The unbearable stress, imposed on me to deal with the inconsistent information, had a tremendous impact to my health. One moment I was told not to worry ; the money is still in the account and no one could take the money out of the account, then, the other told me I was misinformed- all along there was nothing BOA could do to stop the transfer. But yet, the money was indeed returned to the account, but in some unknown reasons it was unlawfully transfer out immediately after. The most concerning I have now is that BOA was instead of helping its customer, in actuality, it abandoned the customer and, in turn, helped promoting the scam activities to grow. Every Senior must know the ordeal I went through and make certain their Banks would and could help once crimes identified early in time. 
I believe the BOA is a grossly either negligent or incompetent in handling my case. I believe also an unlawful, unauthorized activity was committed and therefore, the BOA shall not only be responsible for my monetarily lost but also my physical and mental sufferings as a result.

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