Consumer complaint received 2020-03-24
Company: KEYCORP
State: CT
Product: Checking or savings account
Sub-product: Savings account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
I was a victim of fraud back in XXXX of XXXX with my savings account I have with Key Bank. I do not use this account, in fact, I did not even know my account number until the fraud occurred. It is my son 's savings account. I deposited money for my son and never withdrew money from it. There was {$5100.00} on XX/XX/XXXX. On XX/XX/XXXX there was a direct deposit XXXX  verify bank transaction for {$0.00} and then another direct deposit {$0.00} on the same day. On XX/XX/XXXX, the same day, there was a withdrawal verify bank for {$0.00}. This should have been flagged right away. On XX/XX/XXXX, ( 3 ) withdrawals from the XXXX account for the same amounts {$400.00} equaling to {$1200.00}. Again on XX/XX/XXXX, {$1.00}. In XXXX, XX/XX/XXXX {$4.00}. On the XXXX ( 2 ) more transactions equaling {$61.00}. On XX/XX/XXXX there were ( 4 ) more transactions. On XX/XX/XXXX and XXXX, there were ( 3 ) more large transactions. On XX/XX/XXXX, I went into my mobile online banking to deposit a check into my checking account as I was waiting at the airport and was locked out for too many attempts. Once I reset my password, I looked at all of my accounts to see why if anyone hacked into my account. I realized there was fraud. Again, I do not look or touch this savings account as it is not connected to my checking or any other account. The fraud department agreed and realized it was fraud. We went through every transaction over the phone for over an hour. I was leaving for vacation that day and was told to go to my branch when I returned to sign documents. There were pending amounts when I called and the bank flagged, stopped and contacted XXXX. XXXX stopped the account and my account was put on hold as well. On XX/XX/XXXX, the bank reimbursed me for all of the overdraft fees equaling to {$330.00}. I arrived at the bank the next week at XXXX. There were no documents to sign and I had to sit and explain the situation for an hour. At the end, the banker explained that there were lots of transactions and it would take too long. She explained they were closing so that they would send the documents to the house. I never received the documents. I finally went back to the branch on XX/XX/XXXX to find out what the status was. I explained my situation yet again for an hour to another banker. She pulled up emails from the investigator that was sent to the branch. She spoke to the fraud department and they explained there was nothing that they could do, that it was denied because I waited too long and that they have a 60 day policy. According to the statements, there are 11 transactions on the account within the 60 days of my initial report that equal to {$3700.00}. The bank told me there was nothing they could do. The amount total taken was {$5000.00}. This is a large sum of money that is for my son 's future. I decided to call XXXX  on XX/XX/XXXX to figure out if the account can be traced and figure out how I can receive my money. They explained the fraud department notified them the day I originally reported and reported the transactions that were pending but did not report on the others. I went through every transaction on the phone originally. At the date the bank reported to XXXX, XXXX shut down the fraudulent XXXX account. They explained to me that they allow 6 months to dispute a charge and would have reimbursed all charges when it was reported. Regardless, I believe that the bank is responsible for not flagging these transactions, for not accurately reporting to XXXX for immediate reimbursement and resolving this issue. Within 60 days of reporting there were still quite a few transactions on my account that were fraudulent and the bank refuses to reimburse me for the charges. I have been a customer since XXXX XXXX was the company for the last sixteen years. I have made multiple attempts to resolve this issue even though I have a very busy schedule. I have children at home, am a XXXX XXXX XXXX and have had medical issues for the last 6 months. There was no follow up from the bank or any notification that my case was denied or why it was. I shouldn't have to police my bank of sixteen years to do their job. Again, this is my son 's entire savings wiped out and the bank is refusing to help resolve this issue. I reported on XX/XX/XXXX, went to the bank two times XX/XX/XXXX and XX/XX/XXXX. Spoke to fraud department again on XX/XX/XXXX. Received a call from the bank on XX/XX/XXXX explaining there was nothing further they can do. Spoke to XXXX on XX/XX/XXXX.

Company response to consumer: Closed with explanation