Consumer complaint received 2022-11-22
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On XXXX  I received a text message from who I thought was my bank. Which is Bank of America. The text asked if I had sent funds to a XXXX XXXX for {$3500.00} through XXXX. Shortly after that my cell phone rang. It was Bank of America Customer Service calling. It was their phone number that popped up when the phone range. The representative from BofA informed me that someone was trying to transfers funds out of my checking account. They asked if I had authorized the transfer. I said no. The representative stated that he could help. I would have to do two 'credits ' from my checking account to a phone number that they were going to be provide to me. The 'credits ' would offset the debit for {$3500.00}. It sounded suspicious to me. I asked the representative to confirm my mailing address, my full name ( including my middle name ), and the last 4 digits of my debit card. He confirmed all of that information correctly. With their assistance I initiated two credits- one for {$1500.00} and a 2nd one for {$2000.00}. 

When the representative called me I was not at home. As the end of the call was I asked the representative that if when I got home I called BofA fraud would they able to confirm everything that I was being told was valid. The representative said no. The fraud department was closed. I knew at that point that I had been scammed. 

I raced home and immediately called the BofA fraud department. I explained what happened. They opened a case. A few weeks later I called for an update and was told that my claim had been denied. I had done my research and told the representative that under Regulation E I should get my money back because a 3rd party fraudulently convinced me to transfer money. I told the representative that in XX/XX/XXXX the Consumer Financial Protection Bureau put out a directive to financial institutions informing them that consumers are protected by Regulation E for these types of scams. The representative informed me that he thought my claim should have been paid. He escalated my claim back to the fraud investigator. A few weeks later I called for an update. My claim had been denied again. I asked to speak to a supervisor. Supervisor XXXX informed me that because the fraudster did not access my account without my permission, my claim had been denied again. I informed her of Regulation E. She informed me that my money went to XXXX but there was nothing BofA could do. They would not go after XXXX to try and get my money back. I told XXXX to escalate my claim again back to the fraud investigator. A few weeks later I called for an update. I was informed for a 3rd time that my claim was denied. I spoke with another supervisor and got nowhere. 

I have banked with Bank of America for 24 years. I am currently going through a divorce. We sold our townhouse in XX/XX/XXXX. I have 2 savings accounts that currently have more than $ XXXX in each account. Those funds are the proceeds from my house sale. I don't know if BofA looked at those accounts and thought 'Oh she doesn't need the {$3500.00} '. If that is the case, they are profiling me without even knowing my situation. I am a single mom with a special needs daughter. My daughter attends a XXXX XXXX  due to her special schooling needs. That money in my savings accounts is used for her tuition. My ex-husband pays me little child support. I was the breadwinner when we were married. He makes substantially less then me annually. 

I have done research. Bank of America is paying some of these claims and others they are not paying. There is no rhyme or reason. I think this is crazy. In this day and age, with gas prices and the cost of groceries, {$3500.00} is a lot of money. It is a lot of money for me. I need help in getting it back. The fraud case number opened at BofA is XXXX 

Any help that you can provide would be greatly appreciated. 

Thanks so much! 

XXXX 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