Consumer complaint received 2021-06-24
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
At XXXX on XX/XX/XXXX, I saw online at XXXX that three fraudulent checks were posted pending on my business account ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX. XXXX XXXX, XXXX XXXX, CA XXXX, XXXX, XXXX ) of Bank of America, Account No. XXXX. Check no. XXXX was dated XX/XX/XXXX for {$1800.00} paid to the order of XXXX XXXX XXXX XXXX and was stamped XX/XX/XXXX XXXX on the back [ Exhibit 1 ]. It was cashed at XXXX XXXX XXXX Bank of America ( Police report XXXX XXXX XXXX XXXX at XXXX Police Department ). Pending checks were : # XXXX dated XX/XX/XXXX for the amount of {$2400.00} paid tothe order of XXXX XXXX XXXX XXXX stamped XX/XX/XXXX XXXX on the back, and check # XXXX dated XX/XX/XXXX paid to the order of XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX of {$3200.00}. Check XXXX was paid to the order of XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX CA XXXX ( we never heard of that name ) [ Exhibit No.2 ]. We had the physical checks of those numbers in our office [ Exhibit No.3 ] and it was obvious that those were fraudulent checks. Somebody printed the check and forged the signature with the intent to steal, and cashed it. I called the Bank of America right away, and they told me to wait 45-60 days. We stopped payment on XX/XX/XXXX on check numbers XXXX [ Exhibit No.2 ]. I was not advised of reporting to the police. I trusted that the bank would contact the person who cashed and revert the fund. 80 days later on XX/XX/XXXX, I received a mail from the Bank of America that they have closed the case, that they concluded that I authorized those checks, and the temporary credit of {$5700.00} will be reversed on XX/XX/XXXX [ Exhibit No.4 ] Only then I realized the bank was negligent in investigating the case, so I reported to the police ( Police report XXXX XXXX XXXX XXXX at XXXX Police Department ) and called the Bank of America immediately and appealed the case. But today on XX/XX/XXXX, when I called the Bank, the bank said that they reconsidered the case but concluded again that I authorized the check and they would take the credit back. Due to the obvious negligence of the bank to protect its customers from fraud, we lost {$7500.00}. We are 100 % sure those checks were fraudulent and we have the physical blank checks with those numbers that have not been used. The bank should have investigated those criminals ( or victims of criminals ) who cashed the checks, and taken the fund from other bank or individual and returned it to me, but they have not done so for 90 days. When I asked them to send me the details of investigation, the bank failed to give me any information on the alleged investigation. The bank failed to take due diligence to investigate in good faith. Please investigate this case and return my hard earned money so that I can pay my employees suffering from pandemic, or refer us to any government agency that can protect its citizens from criminal theft.

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