Consumer complaint received 2022-11-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: KS
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On Sunday, XX/XX/2022, I fell victim to a scheme via XXXX XXXX where I paid {$500.00} under fraudulent circumstances. Payment was made via XXXX on my Bank of America account. Immediately after payment was issued, I realized it was a scam and called BOA to stop the transaction. The representative I spoke with advised that payments can not be reversed once submitted through XXXX. Please keep in mind that XXXX is a vendor that Bank of America endorses. At that time, I was advised that a fraud claim would be filed, which would include contacting the other party 's bank requesting the funds returned ( which BOA called " a courtesy, '' but I would call " the bare minimum '' ). After not hearing anything for several days, I called BOA back on XX/XX/XXXX, only to be advised that a claim was never filed. Fraud claim was filed that day. A few weeks later, I received word from BOA that since it was a willful payment on my end, they would deny my claim and their " attempt '' to recover my funds from the other party were unsuccessful. Of course they were unsuccessful ... they didn't file the claim when they said they would ( date of transaction ) so after I followed back up XXXX weeks later, it should be no surprise the funds were longer available in the recipient 's account. In late XXXX, I transferred funds from another bank account I have to my BOA account via XXXX. After submitting the transaction, there was wording on the confirmation page that the transaction could be reversed for {$10.00}. Clearly that would indicate that funds submitted via XXXX could be reversed, but BOA 's utilization of vendor obviously doesn't include that option. I provided a screenshot of that confirmation page to Bank of America, spoke with a representative, and a manager from the XXXX Complaint department both of which confirming my claim would be denied. When asked to speak with someone with the authority to reverse the decision, the manager advised me that anyone that she put me in contact with was not going to reverse the decision. Also, between the time of the fraudulent transaction and now, BOA customers have received at least 2, maybe 3 generic emails about the use of XXXX and its potential for fraud - BOA continues to use and endorse this vendor despite of its fraudulent potential for its customers. My only ask is for Bank of America to do the right thing and credit my account back the {$500.00} lost. I did my due diligence to reverse the transaction immediately, but the real detriment is BOA not following up with doing what they said they would do ( file a fraud claim immediately ). I have been a customer for 16 years and I would expect better service to a long-term customer. Also, why would BOA continue to use AND endorse XXXX if they know the potential and high number of fraud schemes using 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 explanation