Consumer complaint received 2021-10-29
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: DC
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On XX/XX/2021, my wallet was stolen after someone broke into my locked gym locker. Immediately, I contacted all of my key banking relationships to alert them to the theft, dispute charges and cancel debit and credit cards that had been stolen. 
I contacted Bank of America first on XX/XX/XXXX since I first received a fraud alert regarding an attempt to purchase items with my debit card from them. 
They canceled my debit card and flagged transactions in my checking account I noted as fraudulent. They did reverse or cancel the flagged transactions and returned the stolen funds to me. 

However, on XX/XX/XXXX, someone entered two Bank of America branches, one in Maryland and the other in DC, presented my stolen ID and withdrew a total of {$1000.00} from my savings account. 

I reported the thefts immediately to Bank of America after discovering them After on XX/XX/XXXX. Additionally, I visited the Maryland location on XX/XX/XXXX and the DC location on XXXX XXXX XXXX on XX/XX/XXXX to inform them directly about what happened in their locations. 

Since the thief now had access to my savings account, and under the advisement of a Bank of America employee I spoke to over the company 's fraud line, I closed it and transferred the remaining funds to my checking account with the hope that security in the checking account would be greater. There is no real security check in place to detect odd withdraws from savings accounts as there are for checking/debit accounts. 

I submitted these facts in a previous CFPB filing. 

While reviewing my checking account the morning of XX/XX/XXXX, I discovered a withdraw from the checking account for {$500.00} from a Bank of America branch in XXXX, Maryland ( XXXX XXXX ) on XX/XX/XXXX. I spent all but an hour-and-a-half of my XX/XX/XXXX inside my home in Washington, DC. The hour-and-a-half in the evening spent outside of my residence was spent at my gym and a XXXX Office location. Given the fact I told Bank of America about the ID and card thefts and that someone used my ID to withdraw money from my account, I thought they would take greater care when someone asked for funds from my account. Not only that, during my two in-person bank visits related to the initial unauthorized savings account withdraws, I was subjected to a two-step ID verification. I presented my passport and then a Bank of America employee used my on-record mobile phone number to text me a numeric code I then had to recite back to them in order to continue our conversation ( this method was also utilized during my calls with Bank of America employees ) . 

On XX/XX/XXXX, I requested that Bank of America now either text or call me when someone attempts to withdraw funds from my account in-person. I also requested that any in-person transactions involved a verbal code confirmation. 

This last part said, I had to request these heightened security features myself. They were never offered or suggested to me during my initial XX/XX/XXXX call nor any of my subsequent interactions with Bank of America. In fact, the only security they offered me was to freeze my checking account, which would severely curtail my ability to bank. 

I need to know, once again, why extra security methods were not exercised given that my accounts are being reviewed for reported fraud and, more than anything, I have alerted Bank of America about these issues on multiple occasions.

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