Consumer complaint received 2023-08-24
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
To Whom It May Concern, I am writing to file a formal complaint against Bank of America for failing to reimburse or properly investigate {$81000.00} in fraudulent transactions that occurred on my account over the past few months. 
As explained in my previous letters to Bank of America, I was the victim of an elaborate cryptocurrency investment scam that resulted in fraudulent transfers from my account. Bank of America has repeatedly refused to take responsibility and denied liability for these fraudulent transactions, in violation of Regulation E and the Electronic Funds Transfer Act.

Regulation E requires banks to conduct a timely investigation of reported unauthorized transfers and reimburse customers in cases of demonstrated fraud. Despite providing extensive documentation, Bank of America failed to adequately investigate, provisionally credit the disputed amounts, or stop any further fraudulent transfers as required under Regulation E. 
Bank of America is also in violation of anti-money laundering regulations that mandate banks to have policies to detect suspicious transactions. Allowing over {$80000.00} to be transferred to cryptocurrency platforms without scrutiny shows negligent practices that enabled criminal activity. 
Furthermore, Bank of America may be engaging in unfair, deceptive, or abusive acts concerning my complaint. The Bank Secrecy Act states banks must have appropriate procedures in place to prevent fraudulent electronic transfers. Yet Bank of America has failed to take reasonable steps to detect and prevent unauthorized transfers, despite advertising these protections to account holders. 
I request the CFPB use its full authority under the Dodd-Frank Act and other consumer protection laws to compel Bank of America to reimburse the full {$81000.00} lost through fraudulent transfers. The CFPB should use its supervisory and enforcement powers to investigate Bank of America 's apparent violations of Regulation E, AML regulations, and the Bank Secrecy Act and hold them accountable for their failure to prevent or address this fraud. 
Bank of America 's denial of liability in the face of clear evidence of unauthorized transactions represents gross mistreatment of a consumer that should prompt immediate action by the CFPB. I urge the CFPB to stand up for consumers and use every tool at its disposal to get justice for the financial harm Bank of America has caused me. The CFPB must enforce the law and require the bank to fulfill its legal obligations to customers who are victims of fraud. 
I look forward to the CFPB intervening on my behalf and establishing a precedent that makes banks more accountable for detecting and preventing unauthorized electronic transfers. Please contact me if any additional information is required in support of my complaint against Bank of America. Thank you for your attention to this very serious matter. 

I have attached the document with transaction details. 

Also listing transactions details here : DATE : XXXX AMOUNT : XXXX $ TO : XXXX XXXX XXXX XXXX DATE : XX/XX/ AMOUNT : XXXX $ TO : XXXXXXXX XXXX XXXX XXXX DATE XXXX XXXX AMOUNT XXXX XXXX XXXX TO : XXXX XXXX XXXX XXXX DATE XXXX XXXX  AMOUNT:XXXX XXXX TO : XXXX XXXX XXXX DATE : XXXXXXXX AMOUNTXXXX $ TO : XXXX DATE : XX/XX/XXXX  AMOUNT:XXXX XXXX TO : XXXX

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