Consumer complaint received 2024-11-25
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (GA)

I reported a fraudulent transaction on my account which customer service agreed was " a clear cut case of fraud '' and told me money would be back in 48-72 hours 10 days max. Things started to get suspicious when I called in to check on the status of my claim after a week had passed with no update and I was told that I would not have a resolution until a much later date. I reached out to XXXX for help, and I received a call from someone named XXXX at Bank of America " Enterprise Resolution. '' I responded to him as such : -- -- -- -- - Dear XXXX, Thank you for reaching out. 

I have been having a very difficult time dealing with Bank of America after reporting fraud on the account on XX/XX/XXXX. 

I was called by an 800 number that was linked to Bank of America customer service and instructed by an agent to follow their instructions to prevent a wire transaction on my account. I followed the instructions provided, only to discover that the call was not legitimate and {$2400.00} had been transferred out of my account. I reported this to Bank of America the same day ( XX/XX/year> ) over the phone with the fraud department and was told the funds would be easily recoverable in this " clear cut fraud case '' and that I was being sent paperwork by email I needed to complete to get my money returned. The email never arrived. I had to go to the branch twice to get the claim moved forward. On the second visit, I was told I had to complete a " Scam Victim Acknowledgment, '' even though I disagreed with the premise of the form, which implied I initiated/requested/authorized the transaction, which is false. I have never used XXXX, I did not sign up for XXXX, and I never authorized {$2400.00} to be moved out of my account. However, I was told it was just an essential part of the paperwork and I needed to fill it out that day at the bank to get my money back. I was told after completing the form, my money would be returned to my account in 10 business days or less. 

I have called in multiple times to check on the status of the return of funds over the course of this week, and the fraud department has told me a dozen different things. Some have told me the funds will be returned by XX/XX/XXXX, another by the XXXX, and some have said they can not provide a date. All of them refused to provide status updates or share any information about what was happening. 

Since this occured, I have been looking into what happened and my rights. This clearly falls under the Regulation E policy, and my understanding is that based on federal law, the bank needs to provide credit within 10 days of fraud being reported. Which would have been yesterday, XX/XX/XXXX. 

I feel misled by the bank, by the representatives who have provided such unclear instructions and failed to act in a timely fashion, and the trauma of the incident honestly has left me wondering whether this email is legitimate or this is another attempt to commit fraud against me. I have been nothing but cooperative, but when it gets to the point where I am being given so much conflicting information, I do not trust that Bank of America is actually working to resolve this fraud claim in the correct way or to get my money returned to my account. The bank should be able to see the IP address that initiated and completed this transfer and see that someone from a different IP address initiated and executed this transfer. I don't even know who the recipient of the transfer is or if they live in my state or even my country. They did this transfer without my knowledge or permission. I have never used XXXX, and I am shocked that Bank of America would not have done anything to block the transfer or put time in place before processing a first-time transfer of such a large sum of money. Indeed, since reporting the incident I have been locked out of access to most of my account features, even though I have taken all the steps to protect my account from future fraud. I am left 10 days post claim wondering what has happened and why what representatives told me was a clear case of fraud that would likely be resolved in 48-72 hours and 10 days at the most. 

I called twice yesterday after receiving your message and was unable to get through. I left a message, and I hope to speak with you on Monday so we can get this matter resolved in a timely fashion. 

Thank you, XXXX XXXX -- -- -- He called me today and told me that I did not have a fraud on my account but was experiencing a " billing error. '' He told me I had no protection under Regulation E. 

This is patently false. This is not a billing error. This is a situation in which someone used my account without my knowledge and against my will to falsely transfer funds. Bank of America put my debit card on block for a week to investigate, causing me hardship, hours of wasted time on the phone with the fraud department, and hours missing driving back and forth to different ATMs. They said it was all part of their fraud investigation and that was why I could not use my account, but now they claim that this is just " a billing error? '' This is completely unacceptable, and I want the issue escalated to someone who will actually take this seriously and follow the federal law regarding this issue, not this person from customer service who is doing nothing to help. 

I sent the response below today : -- -- -- - Consumer Financial Protection Bureau Claim XXXX / BASS Claim Number XXXX Dear XXXX, I am writing to follow up on my claim, which you say you are denying by claiming that this is a billing problem rather than an unauthorized transaction.

I would like to clarify and formally request a reconsideration of my case under Regulation E.

The transaction in question was unauthorized as defined under Regulation E, which specifies that an unauthorized electronic fund transfer is one initiated by someone other than the account holder without the account holders authorization and for which the account holder received no benefit. In this case : I was contacted under false pretenses by a party claiming to be the Bank of America fraud department, and funds were transferred from my account without my consent. 
I did not authorize this transaction, and it is therefore not a billing issue This was an unauthorized electronic fund transfer - I did not knowingly authorize this transaction to take place. No one " walked me through the steps, '' they called me with access to my account and initiated and completed the transfer from their device. The code they requested was supposed to block any funds coming out of my account, it was never knowingly or willingly meant to authorize a transfer. This was not voluntary access and I received no benefit. This is the situation that Regulation E is meant to protect me against. If you gave me incorrect instructions on how to file my claim and incorrect information that I would have my money returned in 10 days, that is your responsibility. I have done everything I can to accurately report this incident of fraud.

Regulation E places the responsibility on financial institutions to investigate unauthorized transactions promptly. You are also supposed to have provided credit to my account in 10 days. 

Please provide a written explanation as to why this claim was categorized as a billing issue rather than a fraud claim, as this does not make sense to me and it seems that Bank of America handled this case improperly, as has been asserted previously and was what prompted me to file a claim with the CFPB XXXX. 

To classify this as a billing problem makes absolutely no sense, and you have now violated the I appreciate your attention to this matter and look forward to your response. 

I have copied the XXXX to associate this with my claim and the Bank of America fraud department. 

Thank you, XXXX XXXX -- -- This has gotten completely out of control, and I don't understand how the bank is able to skirt the law and to fail to protect their customers and no one seems to take this seriously at all.