Consumer complaint received 2022-09-21
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: SC
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

Complaint:
On XX/XX/XXXX, I was contacted via phone by my landlord ( XXXX XXXX XXXX to pay my rent for his rental unit. XXXX XXXX provided the XXXX account number, I entered it via my phone, entered the amount ( {$1200.00} ), and made the transfer. However, an error was made - either his saying of the account number or my entering of them into my phone- and I sent the {$1200.00} through XXXX to an account one digit off from XXXX XXXX. XXXX XXXX let me know that he did not receive any funds ( as we were still on the phone ). Panicked, I asked him to repeat the account number- noticed the error - corrected it, and sent XXXX XXXX {$1.00} to confirm. XXXX XXXX confirmed that {$1.00} transfer, so I sent XXXX XXXX the rest of the amount ( {$1100.00} ). 

After hanging up with XXXX XXXX, I immediately called Bank of America to let them know of my incorrect electronic fund transfer from my account. I was NEVER told I was making a claim. Instead, I was led to believe I had made the correct choice in contacting BOA immediately and that my funds would be returned within 10 days, as opposed to the " normal '' window of 45 days. 

What I did NOT understand or know, was that by " claiming '' an error was made - which the call-center person reframed as " an authorized transaction '' - that I essentially provided XXXX with the proper cover not have to make any refund, or any action, for me. 

I did not receive any notice or call until I initiated a call on XX/XX/XXXX - wherein I was told that " Bank of America ( BOA ) has processed my claim ( again, never told I was making a formal " claim '' ) and had called to see if they would reverse the transfer, and they refused. '' Now what was also made ambiguous on XX/XX/XXXX was the " they '' in that statement. I asked who " they '' were and that answer oscillated between " the person you sent that to '' and " Bank of America '' as I pressed for clarification. 

This money did not, as far as I can tell, go to any specific person, but from the various persons I talked to including the one person on XX/XX/XXXX who gave me no options, leads me to believe BOA and/or XXXX has that money. The person from the XX/XX/XXXX conversation stated, " BOA contacted the other bank on your ( my ) behalf to seek resolution, but they refused. '' I asked, " who was the other bank so I could contact them? '' He said, " BOA. '' I said, " so you're saying BOA won't return my money I sent in error because BOA refuses to release my money back to BOA - which is my bank? '' He replied, " Yes. '' The person I spoke to told me ( a ) there was nothing I could except to " call the person myself and ask for the money back '', and ( b ) that BOA will not pursue my claim further ( again, never knew I made a " claim ''. ) Finally the person I spoke to said there's nothing I can do. 

Today ( XX/XX/XXXX ), I had time from work to make follow-up calls to BOA and XXXX. I called several provided numbers XXXX, XXXX, XXXX and XXXX. To clarify, I called XXXX the BOA customer service number. All the other numbers were " provided '' after I called, would be placed on hold or placed into the waiting queue to be called back, and then figured out to ask for those numbers. 

The process went : Call - Hold - Talk - Transfer - Hold - Talk - Transfer - Hold - Talk - etc. 

I started that process today ( XX/XX/XXXX ) around XXXX XXXX XXXX and stopped at XXXX XXXX XXXX. I was transferred over 10 times, many of which led to an immediate disconnection- to which I had to start the process all over again. 

I stopped because another person ( probably my 10th of the day ) placed me on hold, but did not transfer me. She said, " she would check on my case, but there's nothing we can do. In fact, XXXX makes it neigh-impossible to get your funds back, but I'll check. '' I was placed on a brief hold ( 10 minutes ) only to have her come back on and immediately apologize stating " there's nothing I can do. You can not have your money refunded. '' {$1200.00} is an incredible amount of money for my family to " lose ''. Like many in America currently, we are surviving month to month. I am working out of state ( GA ), as well as my wife ( XXXX ), in order to make ends meet at our house in South Carolina. We pay our bills on time - including the extra {$1200.00} rent I'm having to pay to do the job in GA - but " losing '' {$1200.00} places my family in an extremely tenuous position financially. 

Since XXXX, we've had to sacrifice savings, retirements, credit and any other meager financial ventures to keep our bills paid on time. I paid my XXXX  landlord and my XXXX  mortgage - its a struggle, but these jobs allow us to manage month-to-month. 

But this is robbery. One digit off on the XXXX transfer, and I have no rights? I did the right thing and reported my error immediately and was penalized for it. BOA & XXXX preys upon these errors and uses ignorance, confusion and misinformation to place themselves in a " legal '' position to take money. 

According to Regulation E, authorized under the Electronic Fund Transfer Act ( EFTA ), I should be allowed to dispute this electronic funds transfer. If I understand this correctly, " Regulation E protects consumers when they transfer funds electronically. '' However, BOA and XXXX are using my " claim '' to walk away from the transaction. 

This is why I am pleading with the Consumer Financial Protection Bureau for assistance. 

Sincerely-

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