Consumer complaint received 2024-10-27
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NY)

Dear CFPB, I am writing to file a formal complaint against Bank of America, alleging fraudulent misrepresentation regarding their {$0.00} liability guarantee, which led to {$4800.00} of financial harm due to identity theft. 

**Background : ** I have been a customer of Bank of America for several years and have relied on their representations regarding the security and protection of my accounts. Bank of America assured me that I was protected under a {$0.00} liability guarantee for unauthorized transactions on my account. Based on this representation, I decided to remain invested with Bank of America, believing my funds were secure. 

**Incident : ** Recently, my account was compromised due to identity theft, and substantial amounts of money were stolen. Despite promptly reporting the unauthorized transactions to Bank of America, they failed to honor the {$0.00} liability guarantee as promised. Instead, they held me liable for {$4800.00} of the stolen funds, causing significant financial distress and hardship. 

**Argument : ** **1. False Representation of a Material Fact** Bank of America represented that customers would be protected under a {$0.00} liability guarantee for unauthorized transactions. This representation was a key factor in my decision to remain invested with the bank, believing my funds were secure. 

**2. Knowledge of Falsity** Bank of America either knew or should have known that their representation of the {$0.00} liability guarantee was false or misleading. The guarantee was not as robust as claimed, resulting in a failure to provide the promised protection. 

**3. Intent to Induce Reliance** Bank of America intended for me to rely on this misrepresentation. By promoting the {$0.00} liability guarantee, they encouraged customers, including myself, to trust their financial services and maintain accounts with them. 

**4. Justifiable Reliance** I justifiably relied on Bank of Americas representation of the {$0.00} liability guarantee. As a reasonable person, I trusted the banks assurances and chose to keep my money with them, believing I was protected from unauthorized transactions. 

**5. Detrimental Reliance** Had I known that the {$0.00} liability guarantee was not as represented, I would have moved my money to a more secure institution. My reliance on Bank of Americas false representation directly resulted in {$4800.00} of financial harm when my account was compromised due to identity theft, and they failed to honor their liability guarantee. 

**Request for Relief : ** I respectfully request that the CFPB investigate this matter and take appropriate action against Bank of America for their fraudulent practices. I also seek restitution for the {$4800.00} of financial losses incurred due to their failure to honor the {$0.00} liability guarantee. I will bringing my allegations of fraudulent misrepresentation to civil court if this matter is not promptly resolved. 

Thank you for your attention to this matter. I look forward to your prompt response. 

Sincerely, XXXX XXXX, XXXX XXXX XXXX I, XXXX For avoidance of doubt, this complaint is being submitted by XXXX XXXX XXXX I, XXXX. XXXX XXXX is its managing member.