Consumer complaint received 2023-01-13
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem using a debit or ATM card

Complaint:
To Whom It May Concern : My wife and I had online banking fraud on XX/XX/XXXX and somebody took our hard-earned money ( around {$78000.00} - XXXX different transactions ( {$24000.00}, {$26000.00}, and {$27000.00} ) that we have been saving to close house on XX/XX/XXXX. ) from our checking account. However, Bank of America ( BoA ) did not protect our money and is making this claim process very difficult and slow. We called BoA on the same day we received those alert emails to stop but BoA processed those transactions. We filed claim on XX/XX/XXXX ( they open only XXXXXXXX XXXX XXXX XXXX XXXX. Since we are in XXXX, we had to wait until next day ) and waited for their investigations. On XX/XX/XXXX, BoA got us back and refused to refund our money even though this is absolutely BoAs fault and they asked us to prove my laptop has been hacked or my laptop was at home during that time of period. 



On XX/XX/XXXX, during our family holiday travel ( We were in XXXX XXXX from XXXX ), I received emails from BoA about suspicious activities in my bill pay ( XXXXXXXX XXXX  XXXX ) and checking account transactions ( XXXX XXXX  XXXX ). We called BoA on the same day ( around XXXXXXXX XXXX XXXXXXXX ) that I received those emails and desperately asked to stop those transactions but BoA couldn't stop them. ( I clearly mentioned that I did not set up bill payment and did not approve those transactions when I got a call from BoA to check my identity and I have an email from BoA for writing a review about that conversation and I wrote what happened and submitted so BoA has the record. My wife also called several times but it was like talking to a brick wall. ) If BoA can not stop any transactions when an account holder calls within a reasonable amount of time after receiving the security alert email, what is the purpose of the security alert email? BoA should be able to stop or cancel or at least should be able to hold those transactions until they communicate call us. This is a serious issue in their fraud preventive system. These transactions were very suspicious enough because I have never added any credit cards that are NOT under my name as " Payee '' before and I have never paid around {$78000.00} through bill payment before. So all these activities were so suspicious enough that BoA should have contacted me before starting those transactions. XXXX of the mails from BoA said they may not complete this transaction if I don't call them but they completed those transactions within a XXXX hours since they sent me those emails! When we called BoA, XXXX of the associates from the fraud dept told us that the transactions were already processing and they couldn't stop and we could only submit a claim. How come BoA can go ahead and process those suspicious transactions for around {$78000.00} WITHOUT my verbal approval! This is clearly BoA 's negligence and wrongdoing! 



This ruined the last XXXX days of our holiday family travel and we had to call BoA numerous times to report, claim and escalate. During those tries, we learned that usual wait times were between XXXX min to XXXX hours and BoA doesn't have a direct case manager assigned to our case so whenever we called BoA, we had to explain everything over and over again and we were told different stories and responses. They don't give us the supervisor 's direct number and they don't even have a direct email address for the fraud dept and we can't even send an email to them. Every time we called, we got connected to different associates and we heard different stories and what to do next. How frustrating is that! 



On XX/XX/XXXX BoA denied this case unlike what we have been told before because the same device has been used for those transactions based on their investigation. We requested the documents related to this denial decision to BoA and they sent us some documents related to device id. I found that someone used my personal laptop for those transactions. They used my checking account from XX/XX/XXXX to XX/XX/XXXX freely from XXXX document. However I didnt know that and BoA didnt catch any suspicious things in checking account. I left my personal laptop at home ( it is a heavy XXXX inch laptop. ) during our trip and it looks like my laptop has been hacked and accessed according to the document that BoA provided to us. BoA suggested we bring my laptop to XXXX XXXX at XXXX XXXX so that they can find out if my laptop has been hacked. Someone else at BoA told us to check with an internet provider to check if my laptop was at home during that period of time. BoA doesn't have any formal instructions on how to identify the same laptop that was used for online banking. How will BoA know if I bring the right laptop to XXXX XXXX? If BoA trusts me in that, why don't they consider the fact that I tried to stop those transactions on the same day I received the alert email? Furthermore, we don't think that investigating banking fraud is the consumer 's responsibility but BoA is asking this part of investigation to consumers and we have to spend more money and time on this. I told BoA we did not make the transactions. What further evidence is needed? This is just ridiculous hoops they are making us jump through to get us to go away! BoA knows all information about those XXXX BoA credit cards that were added as " Payee '' when this incident happened. So BoA knows who stole the money as it was used to pay his/her ( the scammer ) BoA credit card accounts. Why dont they contact the credit card company and take back the money? 



For now, BoA closed our claim and will be reopened after we fax the proof that our laptop has been hacked and the reinvestigation takes XXXX days again. We need to wait XXXX days more? I am picking up the report from XXXX XXXX this afternoon and I am sending this complaint to CFPB to report BoA 's negligence, online banking fraud prevention system issue and their claim system and policies. We believe consumers like us need more protection regarding online banking and this incident shouldn't have happened to anybody who contacted their bank for suspicious activities within reasonable amount of time. 



Please help us in this case. We lost around {$78000.00} and we are still fighting with BoA. They are refusing to give us a refund even though we did everything we could do the day we received the alert emails. 



This is the case # that we received from BoA : XXXXXXXX XXXX XXXX XXXX XXXXXXXX I also attached the security email alerts that I received from BoA on the day this incident happened and the feedback email for the associate that I talked to stop the transactions. 



Thank you for your time.

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