Consumer complaint received 2022-04-04
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: AR
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement
Sub-issue: Credit card company isn't resolving a dispute about a purchase on your statement

Complaint:
I called Bank of America about an XXXX  refund fraud the day it posted to my account on XX/XX/XXXX. There was a {$1500.00} charge on my account labeled XXXX  Refund- which originally was initiated on XX/XX/XXXX. I originally thought there had been some error in making a payment and would see this reflected as a credit to my checking account, yet I couldn't find it. 

Upon calling Bank of America the day the fraudulent transaction posted, XX/XX/XXXX, representatives were initially confused. The second lady I spoke with stated that this isn't fraud and that she would transfer me to someone who knew how to explain it, even after I told her the {$1500.00} was missing from my checking despite showing as a balance on my credit card. I was transferred to Card Services who stated right away that this was fraud and that they had notes saying there was a suspicious caller previously who had requested the payout and even gave me the bank account number the money was sent to. I was befuddled as to how someone random could call into my account and request payment outside of my account. I'm not sure if they spoofed my cell phone number, had parts of my identity, or if Bank of America was just inept in this department. After 2 months of this case dragging on, pure ineptitude seems to be my leading theory. 

This was no genius mastermind attack. They simply called Bank of America, asked for a refund to a completely different unassociated account, and Bank of America sent it. In the interim, my credit card doesn't automatically let me report/dispute this transaction due to the nature of the transaction. This means the system automatically charges interest on a fraudulent charge as well. Luckily, I have the capital to pay off this fraudulent charge ; however the extreme irony of Bank of America effectively lending {$1500.00} from me interest free isn't lost. I should expect this returned to me at 14.99 % compounding interest if I'm following the same rules they give me. 

I was given a case number of XXXX. XXXX weeks passed in XXXX and then entire month of XXXX with not a single update. The online system doesn't even register the complaint the way it usually would. There's nothing to even show I am claiming fraud on their website like a normal dispute would. I called Saturday XX/XX/XXXX and after holding and transferring agents that day couldn't even confirm there was an active case since the active fraud cases department only works during the weekdays. Finally, today XX/XX/XXXX, the XXXX person I was transferred to was finally able to confirm that the case was under review. I was told that the initial two billing cycle deadline, the latest I was originally told this could take, hadn't passed yet and to wait for that. I am filing this report in anticipation of that deadline passing.

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