Consumer complaint received 2021-03-20
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CO
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement
Sub-issue: Credit card company isn't resolving a dispute about a purchase on your statement

Complaint:
Bank of America XXXX XXXX Visa Credit Card. 

I am currently out {$3000.00} with no sign of getting it back because Bank of America 's ridiculous security policies allowed them to be duped into transferring money to a random stranger. 

XXXX XXXXI paid my credit card bill of {$3100.00}. 
On XX/XX/XXXX, I was looking at my credit card statement and noticed two strange things.

1. ) An interest charge of {$70.00} 2. ) An ACH PAYMENT REFUND of 2933.04 that I didn't recognize nor ask for On XX/XX/XXXX, I called Bank Of America asking what the ACH PAYMENT REFUND charge was. They explained that I asked for a partial refund of my XXXX credit card payment and that the money had been wired to my bank account. 

I explained that I never requested a refund and that they needed to look into who stole {$2900.00} from me and that I shouldn't have to pay the {$70.00} interest fee since the bill was paid on time. 

The guy I talked to seemed a bit confused and didn't seem to believe me, but he said they'd look into it. A week passed and I didn't hear anything so I called again on XX/XX/XXXX. After explaining to multiple people that they had wired my money to some random bank account without my consent, they finally put me through to the fraud department. 

After another hour on the phone, I think I finally convinced them that this was fraud. I asked them to tell me the account number that they wired the money to and all they would say was the last 4 digits were XXXX. I don't have any accounts that end in XXXX. They said they'd look into it. 

On XX/XX/XXXX, I called again asking them what the status was and I demanded to talk to a XXXX. They put someone else on the phone to ask a few more questions before putting a XXXX on line. I answered the questions, but they never did put a XXXX on the phone. I did get some more information though .... 

On XX/XX/XXXX, someone called Bank Of America two times between XXXX and XXXX asking for a payment refund ( ACH PAYMENT REFUND ). Apparently this person had my credit card number, 3 digit security code, and my zip code. I honestly can't think any piece of credit card data that is less secure and easily obtained than those three, but Bank of America apparently felt those nuggets could only be known by the account holder and gladly accepted a bogus request to transfer almost {$3000.00} into some random thief 's bank account.

Bank of America knows this is going on ... it didn't take me long to find at least 3 people on XXXX complaining about the exact same fraud. 

https : XXXX XXXX  : XXXX It is astonishing to me that they would transfer money to a new, unverified bank account without requiring a more secure identity challenge. They wouldn't even allow me to report the fraud without sending me a 6 digit code to my cell phone! Anyway, I have lost faith that Bank of America will resolve this issue and hope that you can help. 

Thanks.

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