Consumer complaint received 2024-11-02
Product: Credit card — General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement — Credit card company isn't resolving a dispute about a purchase on your statement
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NC)

Subject : Complaint Against Bank of America for Inadequate Dispute Resolution Practices Dear Consumer Financial Protection Bureau, I am writing to formally complain about Bank of Americas handling of a disputed charge filed on XX/XX/year>. The dispute involved a charge of {$500.00} by XXXX for goods and services that were not provided. Bank of America closed the investigation prematurely on XX/XX/year>, despite providing a deadline of XX/XX/year>, for me to submit additional information. I believe this premature closure without adequate investigation and the opportunity to present further evidence violates consumer protection regulations and demonstrates negligence. 

On XX/XX/year>, Bank of America requested that I submit more information to support my dispute, providing me until XX/XX/year>, to comply. I promptly submitted relevant documentation, including a receipt and consumer statement, as requested. However, Bank of America limited me to only five items on their submission platform, thus restricting my ability to fully support my claim. Then, on XX/XX/year>, just one day after my submission, Bank of America closed the investigation with the explanation : Our research included the information you provided with your claim, your account history, the monthly account statements we sent you and if available, information from the merchant, such as a signed receipt or contract. We made this decision. 

The abrupt decision raises concerns about the thoroughness of Bank of Americas investigation, especially given that the submitted evidence had not even been reviewed in full by the specified deadline. In this context, I believe Bank of America may have failed to adhere to its obligations under the Fair Credit Billing Act ( FCBA ) ( 15 U.S.C. 1666 ), which mandates that creditors conduct a reasonable investigation into disputed charges. According to 12 C.F.R. 1026.13, creditors are obligated to resolve disputes in good faith, requiring reasonable procedures for investigating claims and soliciting additional information from consumers where necessary. Bank of Americas closure of my dispute just one day after my submissionwithout allowing me to provide further evidence by the deadlinedemonstrates a lack of good faith and a failure to follow reasonable investigatory procedures. 

Furthermore, Bank of Americas actions may contravene precedents established by the CFPB regarding thorough investigations of disputed charges. In cases such as In re XXXX, XXXX, CFPB Consent Order XXXX, the CFPB has underscored the importance of a creditors duty to engage in complete and fair investigations, especially when additional documentation or consumer statements are provided. 

In light of these points, I request the Consumer Financial Protection Bureau to investigate Bank of Americas dispute resolution practices and determine whether their handling of my case aligns with FCBA requirements and relevant consumer protection standards. Bank of America should have requested further information if the first submission was deemed unsatisfactory, given that I had until XX/XX/year>, to provide supporting evidence. 

Thank you for your attention to this matter. I look forward to your assistance in ensuring that Bank of America upholds its responsibilities to consumers under the law.