Consumer complaint received 2024-11-02
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (WA)

Complaint Against Bank of America Regarding XXXX-Issued Account and Regulatory Violations. Account Details. Account Holder : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Account Issuer : BANK OF AMERICA , N.A . XXXX, supported by XXXX. Description of the Complaint : I am filing this complaint against Bank of America regarding its role as the issuer of an account opened through XXXX ( XXXX XXXX XXXX XXXX on behalf of XXXX XXXX XXXX XXXX This account has been mishandled by XXXX and XXXX XXXX  following fraudulent activities instigated by XXXX XXXX XXXX XXXX. I am seeking CFPBs intervention due to XXXX lack of due diligence, fraudulent processing of transactions, and Bank of Americas involvement in issuing an account that has now led to severe financial and reputational damage for my company. XXXX. Background : Fraudulent Actions of XXXX XXXX XXXX XXXX and Lack of Due Diligence. This complaint is prompted by the fraudulent activities of XXXX XXXX XXXX XXXX and the inadequate response by XXXX and XXXX XXXX in investigating and handling these fraudulent claims. Despite XXXX XXXX XXXX submission of all documentation verifying the legitimacy of the disputed transactions, XXXX improperly froze and subsequently closed our account. The following complaints have been filed with regulatory authorities to address the fraudulent actions of XXXX XXXX and the mishandling by XXXX and XXXX : XXXX. XXXX XXXX - Complaint Case No. XXXX : Our complaint details the fraudulent chargeback initiated by XXXX XXXX, despite XXXX XXXX XXXX  fulfillment of all transactional obligations. XXXX XXXX failed to assist, instead referring us to escalate the issue with XXXX, XXXX, and the XXXX XXXX XXXX XXXX. XXXX. Federal Trade Commission ( FTC ) - Report No. XXXX : This FTC complaint outlines the fraudulent chargeback initiated by XXXX XXXX, highlighting XXXX and XXXX failure to conduct a proper investigation, enabling XXXX XXXX to continue his fraudulent activities, which led to the unjustified closure of our account. XXXX. XXXX, XXXX - Report No. accc-scamwatchXXXX : This report details XXXX XXXX fraudulent chargeback complaint XXXX emphasizing XXXX and XXXX inadequate scrutiny of XXXX claims and their role in facilitating financial losses and disruptions to our operations. XXXX. XXXX XXXX XXXX XXXX - Report XXXX. XXXX : This filing highlights cybersecurity risks related to XXXX XXXX XXXX, including potential breaches facilitated by XXXX XXXX XXXX XXXX oversight. XXXX. XXXX : A report filed with XXXX addresses the identity and fraud prevention aspects, indicating how XXXX insufficient fraud prevention measures worsened the harm to our company. XXXX XXXX State Attorney General : This complaint with the XXXX  State Attorney General details XXXX regulatory failures and its support of XXXX XXXX fraudulent activities, resulting in the illegal account closure and withholding of our funds. These complaints collectively demonstrate that XXXX and XXXX have failed in their regulatory duties to XXXX XXXX XXXX by supporting the actions of XXXX XXXX without conducting due diligence. XXXX. Unauthorized Transactions on the Account Post-Closure. Following the closure of our account by XXXX, multiple unauthorized transactions were processed without our consent, violating the Electronic Funds Transfer Act ( EFTA ), which requires financial institutions to secure explicit authorization from account holders for transactions. The unauthorized transactions are as follows : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXX/XX/year>. Bank of Americas involvement as the issuing bank implies a responsibility to ensure regulatory oversight over XXXX activities. However, these unauthorized transactions were processed without any verification or consent, violating both regulatory and internal compliance protocols. XXXX. Failure to Return Account Balance and Prolonged Withholding of Funds. Since the account closure on XX/XX/year>, XXXX and Bank of America have withheld an ending balance of XXXX XXXX. Despite repeated attempts to verify the legitimacy of the funds and fulfill all required documentation, neither XXXX nor Bank of America has returned the balance for over XXXX months. This withholding violates legal and financial regulations mandating the timely restitution of funds upon account closure. XXXX. Complicity in XXXX Regulatory Failures. Bank of America, as the issuer of the account, bears responsibility for XXXX repeated regulatory failures : XXXX. CFPB Complaint No. XXXX : Filed on XX/XX/year>, to address XXXX failure to return the account balance, remains unanswered. XXXX. CFPB Complaint No. XXXX : Filed on XX/XX/year>, to address unauthorized transactions post-closure, also remains unansweredXXXX XXXX XXXX Complaint : A complaint with the XXXX XXXX XXXX remains unaddressed, further highlighting OFXs pattern of regulatory non-compliance. Bank of Americas role as the account issuer reinforces its responsibility to ensure that XXXX, its partner institution, complies with U.S. and international financial regulations, especially when fraud and regulatory non-compliance are apparent. XXXX. Violation of Terms and Conditions : Lack of Due Diligence. 
XXXX terms and conditions require the verification of fund legitimacy before account closures or transaction processing. XXXX XXXX XXXX provided all necessary documentation proving the legitimacy of funds ; however, XXXX failed to review or act upon this information prior to closing the account and processing unauthorized transactions. Bank of Americas oversight role necessitates adherence to these compliance standards, yet neither institution fulfilled this obligation. XXXX. Request for CFPB Intervention. 
Given these serious regulatory and fiduciary breaches, I respectfully request that the CFPB investigate Bank of Americas and XXXX actions. Specifically, I seek : XXXX. Immediate action to secure the return of the full account balance, including any unauthorized deductions. XXXX. An investigation into Bank of Americas role in supporting XXXX non-compliant practices and its oversight responsibilities regarding unauthorized transactions, prolonged withholding of funds, and lack of regulatory compliance. XXXX. Enforcement measures to ensure that both Bank of America and XXXX meet their obligations under U.S. financial regulations and adequately protect account holders. 
Bank of Americas lack of regulatory oversight over XXXX mishandling has caused XXXX XXXX XXXX considerable financial loss and reputational harm. I urge the CFPB to hold both Bank of America and XXXX accountable for their failures in regulatory duty and consumer protection. Thank you for your attention to this matter. I am prepared to provide additional documentation and evidence as necessary.