Consumer complaint received 2017-12-22
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CO
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
Bank of American Dates and Amounts Regarding Fraud on My XXXX and Visa Cards for {$10000.00} XXXX XXXX, XXXX This Report is a supplement to a larger document, which reports on the details of my experience with a false company, personnel, and bank accounts over a period of approximately a month. Here is a brief summary of what has happened : A fraudulent company ( representing itself as XXXX XXXX ) sent me the information for a bank account with XXXX XXXX XXXX ( routing and account number ), stating that I was authorized to transfer a specific amount of money into my personal credit card account, and use them to purchase XXXX gift cards for the company, in preparation for their move to XXXX, Colorado. Since they did not ask for any account information on my part, I felt confident to proceed cautiously. I made the first transfer of {$2000.00} into my Bank of America XXXX XXXX account, which was first shown as pending, and a day later, it was shown as posted. This indicated to me that the XXXX XXXX XXXX account they gave me was valid, and the money had been transferred into my account. Therefore, I felt confident to proceed and purchase the first {$2000.00} gift card, as instructed. A few days later I transferred {$4000.00} into of my Bank of America Visa account, and an additional {$4000.00} into my Bank of America XXXX XXXX account. As before, the bank showed the transaction as pending, and the next day, as posted. Confident that the money was in my account ( this was also confirmed by an email from Bank of America ), I proceeded to purchase additional gift cards for the company, as instructed. 
To my dismay, when I looked, a short time later, at my account on line, I saw that the first {$2000.00} was returned for insufficient funds. I called Bank of America immediately to inquire about the situation. That was when I realized that the company I was working for was fraudulent. I checked the gift card accounts, and saw that they have all been used, and XXXX out ( the physical cards and the card numbers were/are still in my sole possession! ).  The company had the pins, only. 
Immediately, I wrote an extensive account and filed a detailed report ( see attached : Fraud Report Regarding XXXX XXXX ) with the Colorado Bureau of Investigation, The States Attorney Generals Office, XXXX Police, FBI, and Bank of America, explaining the situation. My hope is that the police and the FBI will pursue and catch these fraudulent people by following the gift card transactions. My concern is, however, that Bank of America has taken the {$10000.00} posted on my accounts, and holds me responsible for paying it. 
My position is that Bank of America is responsible for posting the funds as available ( the transactions had changed from pending to posted ), which led me to believe that the money had been transferred from the XXXX XXXX account into my card accounts. As I have indicated above Bank of America sent me e-mail confirmations that payment was received for the first transaction ( {$2000.00} ) and last two transactions ( {$4000.00} each ). 
Up to this point I have had extensive and unsatisfactory contacts with the Bank of America about why their accounting systems indicated that wire transfers were accepted with a pending status, and then a posted status, and then insufficient funds status. The pending and posted status of these three wire transfers is central to my complaint, since the fraud would have never occurred without the misleading change in status from pending to posted for each of these three transfers ( {$2000.00}, {$4000.00}, and {$4000.00}  XXXX. 

Dates and Amounts on my XXXX and Visa Cards relevant to the fraud. 
XXXX XXXX : Wire Transfer Pending Amt. Transferred Date Posted Card Purchased Date Status = Returned Pymnt XXXX XXXX, XXXX {$2000.00} XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX {$4000.00} XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX : XXXX XXXX, XXXX {$4000.00} XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX XXXXNOTE these gift card purchases were made after the money transferred into my XXXX and Visa accounts ( confirmed by Bank of America e-mail system ) and were changed from a status of pending to posted. 
Record of Phone Calls made to Bank of America XXXX XXXX & XXXX, XXXX - Called B of A ( fraud dept ) to report possible fraud and requested that XXXX XXXX ( XXXX ) and XXXXisa Card ( XXXX ) be replaced. On the XXXX requested all credit cards be closed. 
XXXX XXXX, XXXX Called B of A to verify that both accounts were closed and that they had recorded our report of fraud XXXX XXXX, XXXX Called B of A in response to letters I received regarding returned funds. Spoke with XXXX, XXXX, and XXXX ( in  fraud dept ). XXXX said that my accounts would be credited while fraud my claim was investigated ( 1-2 weeks to complete ). I stated my position to  XXXX that B of A was culpable for this fraud because the {$10000.00} in wire transfers to my account was Posted ( meaning that the funds were in my credit card accounts and could be used for purchases ). I also faxed XXXX a copy of my report Fraud Report Regarding XXXX XXXX ( See attachment Fraud Report.docx ). 
XXXX XXXX, XXXX I received confirmation that a temporary credit was posted to my credit card account while the investigation was in processes. 
XXXX XXXX, XXXX I called B of A in response to two letters ( one for each account ), informing me that my accounts would be debited. I spoke with XXXX about the investigation, and she said to ignore the letters. 
XXXX XXXX, XXXX Two letters from B of A ( one for  each account ) notifying me that my fraud claim investigation resulted in a finding that I was responsible for the purchase of the 5 gift cards. NOTE : In my discussions with B of A and in the Fraud Report, I never contested that I purchased the XXXX Gift cards. Rather, I only purchased the gift cards after the {$10000.00} in wire transfers had been Posted to my XXXX XXXX and Visa accounts. This claim was not addressed in the B o A investigation. 
XXXX XXXX, XXXX I called B of A to discuss the fraud report and denial of my claim. I talked to XXXX, who described himself as the Manager of the Fraud Department. I recounted to XXXX that the investigation did not address my concerns that B of A was culpable for the fraud. XXXX said that he would reach out to the investigators to request that the investigation be reopened, and that he would refer my concerns to a higher executive level. XXXX said that he would get back to me, no later than the close of business, the next day, XXXX XXXX, XXXX. NOTE : XXXX did not get back to me the next day or any day since I spoke with him on the XXXX. 
XXXX XXXX XXXX I spent most of the day on the phone, trying to find XXXX, with no success. Spoke with XXXX and XXXX in AZ, then XXXX and XXXX. XXXX tried to transfer my call to XXXX, his manager. The call to XXXX did not successfully transfer. Next, I spoke with XXXX, who transferred me to XXXX. XXXX tried to be helpful, and was going to transfer me to the Balance Transfer Team, but decided to transfer me to the Consumer Satisfaction department, and then decided to transfer me back to the Fraud department instead. The transfer to the Fraud department was not successful, as the department closed at XXXX. 
XXXX XXXX, XXXX I called Consumer Satisfaction department and spoke with XXXX. I related to XXXX my experience with B of A, and an overview of my claim. He said that he was sympathetic to my point of view, but that he could not do anything for me, and that I should probably seek legal help. 
I continue to believe that Bank of America is responsible for posting and then removing the funds transferred to my credit card accounts, without which there would have never been a gift card purchase, and the fraud would have never been possible. No one at Bank of America has either contradicted or even addressed this claim in my written and telephone communications with them. I am hoping that someone at the Consumer Financial Protection Bureau will help me. 
Please feel free to contact me if you need additional information. 
Thank you for your attention.

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