Consumer complaint received 2022-04-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: OR
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:
I detected three unauthorized transactions on my Bank of America XXXX XXXX account after I received an email on Monday, informing me that my account was overdrawn. The three transactions removed all of the funds from the account. I immediately asked my XXXX Manager to call Bank of America to report the fraud, at approx. XXXX on XX/XX/2022. They said they could not release the details to him, and so I called at approx. XXXX XXXX and was on hold for almost an hour before reaching a representative. She informed me that the fraud was not with the debit card, which was her department, but ACH fraud and that I would have to submit a paper form by fax and that the ACH fraud department would contact me. I immediately submitted the form. 

The three transactions were : ID : XXXXXXXX XXXX Amount : {$440.00} ID : XXXX Amount : {$2500.00} ID : XXXX XXXX Amount : {$12000.00} The next day at bank opening, I went to my nearest Bank of America branch. The associate, and later the manager, told me they could not assist me but that I had to call the ACH fraud line. I insisted they call and explain my situation. We were on hold for 40 minutes before the line disconnected ( a landline ). I had before and have since called, with the same result. They have made contacting their fraud department to report a fraud so impossible, that their own branch managers can not reach the fraud department. The manager told me that they were probably experiencing very high call volumes. 

The manager and associate then strongly implied that this was some type of hack and the error must be in my security. I informed them that I was the only person with the account password, which was strong and not used anywhere else. Upon returning to my computer, I confirmed that the web interface had not initiated any incorrect ACH transactions and made a printout as a backup. 

She said there was nothing they could do, and this could take up to 45 days to resolve. I informed her that my business would have expenses before 45 days, including payroll and rent. She said there was nothing she could do to accelerate the process and return my company 's money. 

I subsequently spoke to the same bank manager ( XXXX XXXX, Assistant Vice President and Financial Center Manager ) and she suggested calling the same ACH fraud number in 2-3 days. She said the transactions were made XXXX and XXXX XXXX, and that Bank of America was blameless. I pointed out that she and I had called that same number without ever being able to reach anyone, and she said she hoped that this would not happen again in 2-3 days.

I have had no contact from the ACH True Fraud department that the bank associate mentioned. Bank of America has gone out of their way not to confirm any details and to deflect blame for what is clearly a massive security error on their part. Bank of America has created a system where it is impossible to reach their fraud department, even for their own vice-presidents.

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