Consumer complaint received 2017-05-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
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:
Wednesday, XXXX XXXX, 2017 at XXXX XXXX, I received a text message from Bank of America to verify a business checking debit card transaction from XXXX XXXX ( XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX ) in the amount of {$8900.00} which was already approved by their bank/Visa department. I immediately responded via a text message that I did not authorize that transaction, and then telephoned Bank of America. I verbally informed them that I did not make a purchase, as I was at work at the time. Therefore, the Bank of America business debit card was canceled at that time and I submitted a fraud claim over the phone with the fraud department. I was informed that it would take up to 2 weeks before the charge would be reversed. I told them that was no acceptable to me, because that transaction created a negative balance in my checking account. In addition, I have been a customer with Bank of America for over 30 years personally and for 20 years with my business accounts. Based on my history, special consideration should be implemented. But again, I was told that it would take up to 2 weeks and that they were sorry for the inconvenience. Thursday, XXXX XXXX, 2017, I telephoned Bank of America requesting {$8900.00} be returned to my account. I was informed that since the transaction was still processing, that they could deposit the funds into my business account, and they did that immediately. Friday, XXXX XXXX, 2017, the transaction from XXXX XXXX in the amount of {$8900.00} posted to my business checking account which created a negative balance, and thus overdraft charges. Once again, I notified the Bank of America frauddepartment requesting the charge be reversed because I have a business to run. However, they said that they were sorry and told me that there was nothing that could be done until the investigation was completed. I voiced much frustration and deep dissatisfaction in the handling of this situation. Monday, XXXX XXXX, 2017, I telephoned the Bank of America frauddepartment because of returned payments along with an increasing negative balance in my business checking account. I requested that they pay the pending recurring transactions because I could not cancel them due to the timing of this event. My business partner, XXXX XXXX, and I were on the phone with the customer representative, XXXX, from the fraud department. She said she could escalate the claim to be reviewed in 48 to 72 hours as a hardship case to reverse the charges sooner than the 2-week timeframe. We both voiced that was still not acceptable and stated that we wanted to file a complaint, which she stated that she filed on our behalf. Tuesday, XXXX XXXX, 2017, I telephoned XXXX XXXX and spoke with XXXX XXXX, the assistant manager and informed her of this fraudulent activity. She indicated that she would file a fraud report and notify the corporate office accordingly. Wednesday, XXXX XXXX, 2017, I spoke with the manager, XXXX XXXX from XXXX XXXX inquiring as to whether their corporate fraud department was contacted by Bank of America. I was told that no contact was made. Once again, I contacted the Bank of America fraud department to check on the status of the escalation and was told that it was still processing. Again, I voiced my dissatisfaction with the handling of my claim as to why no one has contacted XXXX XXXX yet! At that point, I was livid and informed Bank of America I will obtain legal representation to deal with this matter. Thursday, XXXX XXXX, 2017, I spoke with XXXX XXXX from XXXX XXXX. She informed me that a man presented my Visa business credit card with his name on it and purchased a love seat, sofa and dining room set. XXXX also stated that the transaction occurred at XXXX XXXX on X/XX/17, and all cashier transactions are videotaped. Also, XXXX mentioned that the corporate fraud department was waiting on Bank of America to contact them. XXXX also advised me to file a police report, which I did the same day. I telephoned the Bank of America fraud department and gave them the information given to me from XXXX. I inquired why they still havent contacted XXXX XXXX. I was again told that my claim was still processing despite the escalation, which was to be within 48 to 72 hours. Therefore, I went into a Bank of America branch with the hope of getting some help with this situation, but to no avail. However, the customer service representative, XXXX XXXX XXXX refunded the overdraft charges to my business checking account. XXXX XXXX was puzzled as to why Visa authorized such a large debit authorization, especially when I have never made a debit transaction of this magnitude in the 20 years that Ive been a business customer with Bank of America. While at the bank, I explained to XXXX XXXX that I have my lease payment of {$2900.00} due on XX/XX/XXXX. As a last resort, I attempted to withdraw the said amount from my personal Bank of America Visa card. However, I was declined authorization by Visa and another Bank of America customer service representative, XXXX XXXX XXXX called Visa to ask why I was denied. She, too, was shocked as to why Visa approved such a large transaction but then denied me for an increase for a cash withdrawal level on my personal credit card. I explained to the Visa customer representative why I needed the cash. I also stated that Visa created this fiasco by failing to notify me before authorizing a large transaction. But that did not seem to matter to them and was transferred to the Bank of America fraud department, which again was not helpful at all. I was told that the claim was still processing. Therefore, I voiced my frustration and contempt for the disgraceful way in which this claim has been handled by a loyal customer for over 30 years. According to the Total Security Protection Package, the fraudulent charge should have been returned to the account within 24 hours. The Bank of America and Visa Security System totally failed to protect my account, illegally encumbered my money, and has caused unnecessary stress and harm to the financial well-being of my business.

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 monetary relief