Consumer complaint received 2024-10-23
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: BANCO POPULAR DE PUERTO RICO (PR)

Below please find a summary detailing the steps we have taken as part of our request for reimbursement of approximately {$21000.00} for fraudulent unauthorized transactions generated via ACH transactions from or commercial checking account to pay accounts that appear to be credit card accounts with XXXX XXXX. 

XX/XX/year> We visited the XXXX XXXX XXXX Banco Popular de Puerto Rico to formalize the claim for unauthorized transactions generated via XXXX from our commercial checking account to pay XXXX XXXX in the amount of {$19000.00}. As part of the conversation with the Assistant Manager of the branch, XXXX XXXX XXXX, we were asked to issue a letter for complaint, which was provided that same day. 

In addition, it was recommended that the account be closed to avoid future charges, so the account was closed and a new account was opened in the name of our company. 

XX/XX/year> Additional unauthorized fraudulent transactions in the amount of {$1100.00} were reflected in the commercial checking account, so we proceeded to send an additional letter claiming that amount. 

XX/XX/year> Once gain, unauthorized fraudulent transactions in the amount of {$1100.00} were reflected in the commercial checking account, so we proceeded to send an additional letter claiming that amount. 

XX/XX/year> We received a response letter from Banco Popular indicating that it had blocked XXXX XXXX access to debit our commercial account. 

XX/XX/year> We received a letter from Banco Popular indicating that ( i ) the investigation had been completed regarding the transactions totaling {$19000.00}, ( ii ) that they had denied the request for reimbursement and therefore recommended that we contact XXXX XXXX, and ( iii ) that we had the right to obtain a copy of the documents and information based on which the determination not to make the requested refund was made. 

XX/XX/year> A written communication was received from Banco Popular ( XXXX ) indicating that XXXX XXXX had denied the request for reimbursement and ( ii ) suggesting that we contact XXXX XXXX directly at XXXX. 

XX/XX/year> We contacted Banco Popular 's customer service staff ( XXXX XXXX ) and they told us that the requested information regarding the determination that they would not proceed with the requested refund would be received by mail within a period of no more than XXXX business days. 

XX/XX/year> We contacted Banco Popular 's customer service staff ( XXXX XXXX ) again to verify the status of the detailed information regarding the XXXX unauthorized transactions in order to provide additional information to XXXX XXXX so that they could commence the fraud investigation. 

XX/XX/year> We contacted Banco Popular 's customer service staff again and upon being informed that no additional information would be provided about the transactions for which we claimed reimbursement, we requested to speak with a supervisor. We spoke with XXXX XXXX XXXX who indicated that she had to escalate the matter and would be getting back to us within a couple of days. 

XX/XX/year> XXXX XXXX XXXX contacted us to indicate that they had escalated the matter and were in the process of obtaining more information about the fraudulent unauthorized transactions. This information would be provided the following week. 

XX/XX/year> XXXX XXXX XXXX contacted us to provide additional information about the fraudulent unauthorized transactions. Specifically, we were provided with the ACH tracking number for XXXX of the XXXX fraudulent unauthorized transactions. 

We proceeded to call XXXX XXXX to request an investigation into the fraudulent unauthorized transactions that appear to be XXXX payments made from our commercial bank account to XXXX XXXX. Unfortunately, even when we provided the date, the XXXX tracking of the transactions and the amounts of the same, they indicated that with this information nothing appears in their systems so we must request that Banco Popular personnel communicate directly with the XXXX XXXX staff to file a fraud claim. 

XX/XX/year> The commercial bank account manager assigned to our account called to let us know that they had escalated the matter internally. Representatives of Banco Popular XXXX XXXX had communicated with representatives of XXXX XXXX in order to resolve the matter but unfortunately they had denied the request for reimbursement of the fraudulent unauthorized transactions. 

At this point in time, neither XXXX XXXX nor Banco Popular have shown any willingness to collaborate and conduct a joint investigation into ( i ) how a third party gained access our commercial checking account, ( ii ) how such third party was able to authorize ACH payments, and ( iii ) what accounts at XXXX XXXX were paid using funds from our commercial checking account, and ( iv ) reimburse the funds that were fraudulently retrieved from our commercial checking account.