Consumer complaint received 2022-07-18
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: AR
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
During review of my account on XX/XX/XXXX I noted that several transactions without approval had posted against my account at Bank of America. See below for transaction details. 


Posting date XX/XX/XXXX Description XXXX XXXX XXXX # XXXX ; XXXX Type Transfer Status Cleared Amount - {$990.00} XXXX XXXX XXXX XXXX # XXXX ; XXXX Merchant name XXXX Transaction category Cash, Checks & Misc : Other Expenses Posting date XX/XX/XXXX Description XXXX XXXX XXXX # XXXX ; XXXX Type Transfer Status Cleared Amount - {$1800.00} XXXX XXXX XXXX XXXX # XXXX ; XXXX Merchant name XXXX Transaction category Cash, Checks & Misc : Other Expenses Posting date XX/XX/XXXX Description XXXX XXXX XXXX  # XXXX ; XXXX Type Transfer Status Cleared Amount - {$700.00} Description XXXX XXXX XXXX # XXXX ; XXXX Merchant name XXXX Transaction category Cash, Checks & Misc : Other Expenses Total amount of unapproved withdrawals was {$3500.00}. 

I immediately called Bank of America at XXXX. They reviewed the transactions with me and notified me that the unapproved withdrawals were XXXX transfers and I would be transferred to the XXXX fraud account specialist. I remained on hold for over an hour awaiting the XXXX specialist. During this time I changed all passwords to all of my accounts and drove to my local Bank of America branch. 

I was very concerned that during this extended wait that additional transactions might occur. Arriving at Bank of America I spoke to an accounts manager. He informed me that they could do nothing until the XXXX account specialist opened an investigation. 

I requested to have all accounts put on hold and was told that I would need to call Bank of America to have this done, which I was already on hold with. 

I asked to close all of my accounts to avoid additional unapproved charges and was notified that if I closed the accounts I would not receive credit of any unapproved charges. 

In my final attempt to protect my accounts I asked to have all of my money withdrawn from the accounts. I was informed that they did not have enough cash on hand to complete the transaction, they would need to issue me a check. I then requested {$10000.00} in cash and this transaction was successful. My thought was that I would at least have some cash in hand until I could settle this issue over the phone with the XXXX specialist. 

Finally spoke to the XXXX specialist and reviewed all transactions. I was issued a XXXX claims number XXXX. Additionally two account claims numbers were issued to me. XXXX and XXXX. They informed me that they would need to complete an investigation and they would notify me within 10 days. Funds could not be credited until the investigation was complete. Following this conversation I phoned Bank of America again at XXXX. They assisted me in putting all of my accounts on hold. 

As of XX/XX/XXXX my accounts remain on hold. Received a letter from Bank of America on XX/XX/XXXX informing me that they were unable to honor the claim. Investigation found that the transactions were validated from my device. This is a false statement and none of the transactions were approved. This decision not to protect the consumer is in clear violation of the Consumer Financial Protection Act and Regulation E. 

I would like to ask for any assistance in enforcing the Regulatory Protection Act in order to obtain the money that was taken from me without approval. 

I currently have all documents on file and can provide in order to assist with any questions or concerns.

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