Consumer complaint received 2016-11-14
Company: BBVA FINANCIAL CORPORATION
State: TX
Product: Bank account or service
Sub-product: Checking account
Issue: Using a debit or ATM card

Complaint:
Dispute No. : XXXX Institution has, as of this date ( XXXX ), taken 205 days without resolution to unauthorized charges to my debit card. I am aware the institution is aware of the rules regarding reporting of theft of ATM cards, however I will restate the law as below : Consumer Liability for Unauthorized Transfers : Electronic Fund Transfer Act - Regulation E ( 12 CFR 205.6 ) Event Timing of Consumer Notice to Financial Institution : Maximum liability : Loss or theft of access device. Within two business days after learning of loss or theft lesser of {$50.00}, OR total amount of unauthorized transfers Loss or theft of access device. 
Notice to the Financial Institution. At the consumer 's option, notice may be given in person, by telephone, or in writing. ( Section 205.6 ( b ) ( 5 ) ( ii ) ). 
15 U.S. Code 1693g - Consumer liability ( b ) BURDEN OF PROOF " ... the burden of proof is upon the financial institution to show that the electronic fund transfer was authorized ... '' This dispute is a simple theft of an ATM card. According to all applicable rules, the institution was notified with 48 hours of the theft. The institution 's claim that any additional paperwork was not received is completely irrelevant under the actual notification rules. The institution has further received all requested paperwork subsequent to notifying me including a signed affidavit that I did not make or authorize any other party to make the charges, a police report in which I stated the card was stolen without my knowledge and I did not authorize any other party to make the charges, and further proof that additional property was stolen on the same date, for which I filed an insurance claim for replacement ( XXXX ). 
I have tried several times to speak reasonably with the institution and have been assured by the branch, the branch manager, various dispute representatives, and other parties within the institution that the issue would be resolved. Filing with the CFPB is the only way I get a response. Response to my legal counsel so far was simply another restatement that the issue was " under investigation. '' I started out with the impression that the institution was providing good customer service and protection against criminals who managed to subvert their security measures. However, as this has dragged on now for well over six months, I am pretty much at my wit 's end and limit of frustration. 
I have gained nothing from this. I have spent significant money in legal expenses. I have incurred additional financial penalties to withdraw funds from other sources to cover the loss. I have put my engagement on hold as well as my vacation in which I had already invested unrecoverable costs in reservation of lodging. In short, this has significantly disrupted my life. The rules are written in such a way to protect the consumer, as if the bank were simply allowed to retain the funds and decide internally whether the transactions were authorized, the institution would always decide in its own favor. In any case, the burden of proof is on the institution, and they can either follow the rules or take me to court for fraud. However, placing the burden on me of proving to them I did not make the charges, and placing the burden of legal expenses on me to fight the institution is just wrong. At this point, even if the issue is resolved per the rules, I am already out around 50 % of the value of the losses including all the time spent on the phone with the bank, in the bank, gathering paperwork after the fact as the institution failed to notify a request for additional information ( I have already stated no paperwork was received at my current address and no representative has provided anything showing notice was sent certified mail ), and generally given an endless run-around for over six months.

Company response to consumer: Closed with explanation