Consumer complaint received 2018-09-14
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NV
Product: Checking or savings account
Sub-product: Savings account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
On XX/XX/2018, I was paying bills online and balancing my checkbook. I noticed that the balance of my XXXX XXXX XXXX Savings account was incorrect. I do not use this account for paying bills. I rarely take money out. More often I put money in so I don't check it often, and hadn't in quite some time. The balance should have been over {$57000.00}, but it said it was about {$21000.00}. When I checked the account, there were 16 unauthorized debits totaling {$36000.00}, made via a XXXX XXXX by a person or company called XXXX XXXX XXXX. I have never heard of this person or company and have never done business with this person or company ( XXXX XXXX ). This is my life savings and someone was clearly stealing my  money. The bank 's fraud department is closed on the weekend, so I initiated the claim on XX/XX/2018. A hold was placed on this account. I was told by my local Bank of America branch that my money was FDIC insured and I would get it back.

On XX/XX/2018, I received a letter from the Fraud Department telling me that they had credited 11 of the 16 unauthorized transactions back to my account. Meanwhile, this XXXX XXXX  person or company made two additional fraudulent attempts to debit my account while it was on hold. Both attempts were denied.

On XX/XX/2018, I received a letter from the Fraud Department stating that they issued a credit for my claim. It was basically a second letter about the 11 of 16 fraudulent transactions for which I received a credit.

On XX/XX/2018, I received another letter from the Fraud Department stating that they issued a temporary credit for two of the five remaining unauthorized transactions.

On XX/XX/2018, I received a letter from the Fraud Department stating that they issued a temporary credit for the three remaining unauthorized transactions. On XX/XX/2018, I went to my local Bank of America branch and requested that the funds from the original savings account be transferred into a new account. The relationship manager was able to do this with the authorization of myself and the bank manager. On XX/XX/2018, I received a letter from the Fraud Department stating that they concluded that all 16 transactions were authorized, even though I stated several times that I did not know the person or company who was using their Discover card to pay bills or purchase goods with my money. They told me to take it up with the merchant. And, the Fraud Department determined that the claim was closed and that all 16 transactions that were credited back to me were going to be reversed on XX/XX/XXXX and returned to the thief. On XX/XX/2018, I faxed a letter to the Fraud Department disputing their resolution. I also went into my local Bank of America branch and explained the situation to the manager. She copied some of the Fraud Department 's letters and a letter I wrote to them.

The next day, the bank manager called me. She had spoken with someone at the Fraud Department and asked about backup documentation they had from XXXX  and the person or company who made the fraudulent charges. They said they received a notice or email saying that the person who owns the XXXX  card claimed to be my sister and I authorized her to take my money. Aside from the fact that I don't have a sister, this is truly unbelievable to me. The bank ( Fraud Department ) has shown no loyalty to me and they have virtually no valid documentation proving that I authorized this. I have been a customer with Bank of America for 20 years and I am done with them.

Although the Fraud Department is continuing now to investigate, I want this to end. I want my hard-earned money to stay in my account where it rightfully belongs and I intend to close my accounts with Bank of America when this is over, and the outcome BEST be in my favor. I don't even want to wait 60 more days until the incompetent people at the Fraud Department figure it out. I am at my wits end, and I don't want this person or company getting one cent. This is my life savings. And, the person or company owning the XXXX   card that was debiting my account should suffer some sort of consequence. This has been beyond stressful for me.

I've attached letters I've written to the B of A Fraud Department. The first one I sent on XX/XX/XXXX, I sent in haste, not realizing at first that they were going to reverse all 16 transactions ; I thought they were reversing just the last 5 temporary credits which would still be absolutely unacceptable.

Please help me resolve this!

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