Consumer complaint received 2022-11-29
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
I received a call on XX/XX/2022 at XXXX MST from XXXX, which is the same number written on the back of my debit card from Bank of America XXXX The alleged customer service agent told me there were some fraudulent transactions on my account, and the bank wanted to verify if I had made those transactions. The customer service agent proceeded to ask me for the last 4 of my debit card or social security number, which is the exact same procedure used by Bank of America every time I have called or they have called me in recent years. While the agent was taking my information, I went to my computer and logged into my Bank of America account to verify the charges the agent was referring to, as I am very weary of fraud in recent times. I was able to confirm the two fraudulent charges mentioned by the agent on my account. The agent also confirmed the last 3 or 4 transactions that were indeed authorized by me. Next, the agent asked me to confirm again the amount of the charges, and then simply to log into XXXX and hit " transfer '', but not to actually transfer anything. This would reflect the two fraudulent charges being reversed, and to wait a few minutes up to a couple of hours for that change to be reflected. If I had any further questions, to call them back at the same number, XXXX. 
Thinking everything was in order, I thanked the alleged Bank of America agent and hung up. 
It was not until the next morning, on XX/XX/2022, that I noticed a transfer via XXXX to someone named XXXX, phone number, XXXX, for an amount of {$3500.00}. I never authorized this charge and I do not know who XXXX or this phone number are. 
Immediately, I called Bank of America at the name number from the previous day, XXXX, and realized I had fallen victim to a scam. Bank of America transferred me to the fraud department, where I filed a claim. 
On XX/XX/2022, Bank of America replied to the claim that " we [ the bank ] completed the transfers according to the instructions you provided us, and therefore no error occured. Based on this, your account won't be credited. 
However, as a courtesy, we're researching your inquiry with the other party in an attempt to recover the funds, and will notify you if we need any additional information. Keep in mind it may take up to XXXX calendar days for us to hear back from the other party ... '' I called the number found on the fraudulent XXXX transaction, XXXX, and the person who answered claimed to be XXXX and said she had also had fraudulent activity on her account the weekend of XXXX XXXX. Someone had deposited a check and she had to give it all back. Of course, I am not sure if the information provided by the person is true or not, but it sounds like my missing, fraudulent {$3500.00} are able to be found and returned. 
Third party transactions, like XXXX, are protected under Regulation E clauses, which falls under an odd gray area per the Bank. It is the choice of the Bank whether or not to protect Regulation E transactions, and in this case, Bank of America SHOULD refund the ENTIRE {$3500.00}, given how heavily they advertise and advocate XXXX as a safe option. 
The resolution I seek is to have my {$3500.00} credited back to me, as they would with any other fraudulent transaction on my account or debit card. This is the primary reason why customers put money in the bank in the first place, to keep it safe. Otherwise, sounds like it may be safer in a shoebox under the bed where fraudsters can not get to it.

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