Consumer complaint received 2017-09-12
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
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:
I was a victim of identity theft and bank fraud from XXXX XXXX XXXX to XXXX XXXX XXXX in the amount of over XXXX XXXX. I was in XXXX for most of XXXX and part of XXXX and was not able to to check my Bank of America account ( extenuating circumstances.XXXX When I became aware of the fraud I immediately went into a branch of Bank of America XXXX XXXX XXXX New Jersey on XXXX XXXX, and opened a new account and opened a fraud complaint. 
I received papers from the fraud department at Bank of America XXXX XXXX XXXX. I then submitted the signed papers and received a temporary credit for the entire amount of over {$19000.00}. XXXX weeks ago i checked the account at bank of america and noticed about {$3700.00} credited back to paypal. I contacted Bank of America and spoke to XXXX a XXXX in the fraud department at Bank of America and he told me indeed the money was sent back since according to Bank regulations there is a XXXX  day time period from the complaint is filed and signed by the consumer so the extra {$3400.00} falls outside the XXXX day time period and it is my problem to collect the money. He suggested I contact paypal. I called paypal and spoke to XXXX in the fraud department he said that Bank of America is not being honest and in fact according to regulations there is a XXXX day grace period. I then called Bank of America and spoke to XXXX XXXX fraud XXXX in XXXX Bank of America. She said indeed there is a XXXX day grace period from the day I signed the documents not the date reported at the branch. 
However when reviewing the regulations below this is not at all accurate. The date counts from when i became aware and reported it which is XXXX XXXX XXXX not the date it was signed in XXXX XXXX. So when the bank calculated my XXXX day grace period it was from the date I signed not when i made the original complaint.. Also there are special circumstances since I was in XXXX. I spoke to XXXX XXXX/XXXX/XXXX a XXXX in Georgia. He confirmed that the date starts from the date I informed the bank of the fraud at the the branch in XXXX XXXX new jersey XXXX XXXX XXXX, not from when the forms were returned XXXX XXXX XXXX I want my money returned to my account PERIODIC STATEMENT ; TIMELY NOTICE NOT GIVEN. 
A consumer must report an unauthorized electronic fund transfer that appears on a periodic statement within XXXX days of the financial institution 's transmittal of the statement to avoid liability for subsequent transfers. If the consumer fails to do so, the consumer 's liability shall not exceed the amount of the unauthorized transfers that occur after the close of the XXXX days and before notice to the institution, and that the institution establishes would not have occurred had the consumer notified the institution within the XXXX period. When an access device is involved in the unauthorized transfer, the consumer may be liable for other amounts set forth in paragraphs ( b ) ( XXXX XXXX or XXXX b ) ( XXXX XXXX of this section, as applicable. 

OFFICIAL INTERPRETATION TO XXXX ( b ) ( XXXX ) SHOW EXTENSION OF TIME LIMITS. 
If the consumer 's delay in notifying the financial institution was due to extenuating circumstances, the institution shall extend the times specified above to a reasonable period. 

OFFICIAL INTERPRETATION TO XXXX ( b ) ( XXXX ) SHOW NOTICE TO FINANCIAL INSTITUTION. 
Notice to a financial institution is given when a consumer takes steps reasonably necessary to provide the institution with the pertinent information, whether or not a particular employee or agent of the institution actually receives the information. 

The consumer may notify the institution in person, by telephone, or in writing. 

Written notice is considered given at the time the consumer mails the notice or delivers it for transmission to the institution by any other usual means. Notice may be considered constructively given when the institution becomes aware of circumstances leading to the reasonable belief that an unauthorized transfer to or from the consumer 's account has been or may be made. 

OFFICIAL INTERPRETATION TO XXXX ( b ) ( XXXX )

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