Consumer complaint received 2024-07-03
Product: Checking or savings account — Other banking product or service
Issue: Opening an account — Unable to open an account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NY)

On XX/XX/XXXX, I opened a complaint stating the following : Submitted to the CFPB on XX/XX/XXXX A nefarious scheme, masterminded by XXXX XXXX, came to light in New York real estate, leaving behind a trail of deceit and financial ruin. His fraudulent tactics targeted vulnerable individuals, utilizing the reputable Bank of America as an unwitting accomplice. The initial warning signs of XXXX 's fraudulent activities surfaced on XX/XX/XXXX, when his legal representative, XXXX XXXX, formally asserted possession of {>= $1,000,000} in his escrow account for supposed " real estate transactions. '' This, however, proved to be a fabrication, as the funds were employed to evade taxes and conceal assets amidst ongoing legal proceedings. The deception continued on XX/XX/XXXX, when XXXX reaffirmed a substantial {$930000.00} in the same escrow account. The audacious charade began to unravel in early XXXX when a XXXX contractor alerted XXXX to the dubious activities of another contractor, XXXX XXXX. Upon further investigation, XXXX unveiled XXXX 's criminal record and involvement in illicit dealings under " XXXX XXXX, XXXX, '' a brokerage owned by XXXX XXXX. On XX/XX/XXXX, XXXX instructed XXXX to transmit a fabricated Proof of Funds ( POF ) to secure a property in his name. He presented a spurious bank statement containing fraudulent account balances to mislead sellers into believing the company possessed sufficient funds for the transaction. The deceptive practices extended beyond this point. On XX/XX/XXXX, XXXX furnished a " XXXX XXXX XXXX '' contractor with a counterfeit screenshot displaying over {$900000.00} in a XXXX accountfunds that were non-existent. Subsequently, on XX/XX/XXXX, XXXX directed XXXX to fabricate documents from Bank of America, asserting that " XXXX XXXX XXXX  XXXX '' maintained an account holding in excess of {$800000.00}. These digitally manipulated documents created a false impression of financial stability, deceiving property owners. By XX/XX/XXXX, XXXX Bank closed all " XXXX XXXX XXXX, XXXX '' accounts due to suspicious activities associated with XXXX. Interestingly, XXXX 's personal and other business accounts remained unaffected, underscoring the isolated nature of XXXX 's fraudulent activities. The pivotal moment arrived on XX/XX/XXXX, as XXXX filed a police report at XXXX XXXX, document number XXXX, and lodged a formal complaint with the XXXX XXXX. The Financial Frauds Bureau promptly assigned him a paralegal, marking the inception of a comprehensive investigation. Subsequently, on XX/XX/XXXX, Bank of America 's legal department became involved. A mere two weeks later, on XX/XX/XXXX, Bank of America confirmed that no account had ever been established under " XXXX XXXX XXXX XXXXXXXX '' or its associated XXXX. Despite numerous alerts regarding the ongoing fraud, Bank of America 's response was belated. XXXX continued his operations, exploiting the business bank accounts at Bank of America to defraud not only the bank but also its customers and the populace at large. The saga of XXXX XXXX serves as a sobering reminder of the depths of deceit prevalent in the real estate domain, preying upon the most susceptible segments of society. However, justice eventually caught up with XXXX and his cohorts, who faced severe and fitting legal repercussions for their actions. Key People XXXX XXXX ( aliases : XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX ) Home Address : XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, NY XXXX SSN : XXXX Phone number : ( XXXX ) XXXX XXXX XXXX XXXX Address XXXX XXXX XXXX XXXX, XXXX XXXX, XXXX, NY XXXX XXXX : XXXX Phone number : ( XXXX ) XXXX XXXX XXXX XXXX XXXX Address : XXXX XXXX XXXX XXXX XXXX, NY, XXXX XXXX XXXX ) XXXX : XXXX Phone number : ( XXXX ) XXXX on XX/XX/XXXX BofA Company responded : Company 's Response *Our records show : You previously maintained a BofA Core Checking account ending XXXX and a Regular Savings account ending XXXX at Bank of America. On XX/XX/XXXX, you made an Automated Teller Machine ( ATM ) Starter Check deposit at a Bank of America ATM for {$1100.00}. Bank records show a Return Item Chargeback in the amount of {$1100.00} on XX/XX/XXXX. This means that the funds were debited from your checking account. The funds were returned unpaid because the deposited item was returned as irregular signature. We made the decision to end your deposit relationship with us, and the letters dated XX/XX/XXXX, were previously mailed to you to the address on record to inform you of this decision. This letter provided you with details about the restrictions that may be placed on the account during the account closure process and advised you that we may report our closure decision to consumer reporting agencies such as XXXX , XXXX and XXXX XXXX XXXX XXXX XXXX. The relationship between a bank and the client is a contractual one, and under the terms of the Deposit Agreement and Disclosures publication ( the Agreement ), we have no obligation to disclose our reasons for closing the account. Please refer to the section titled Account Closures, Transaction Delays and Conversions/Changes to Account Settings in the Agreement for more information. The Agreement is available to all clients on our website at bankofamerica.com/deposits/resources/deposit-agreements.go. Based on our review, we have not identified a bank error in the management of your account. We have maintained your account in accordance with the terms and conditions of the Agreement, which form part of the contract between the bank and our clients. We have confirmed that as of the date of this letter, the accounts are not reporting to XXXX XXXX XXXX and XXXX XXXX XXXX XXXX XXXX. The enclosed correspondence dated XX/XX/XXXX, was sent to you to advise these accounts are not being reported on your file. During a XX/XX/XXXX, phone conversation with you, I advised you may apply for a deposit account however, if the bank inadvertently allows new deposit accounts to be opened, please understand that they may be closed at any time and without warning. Further, we discussed Bank of America is unable to address your concerns related to any other servicers, as some of the information included in your inquiry does not pertain to Bank of America. Please understand that Bank of America is unable to comment on any actions or communications by unaffiliated third parties. In addition, please know that we are unable to address concerns regarding clients or clients accounts that you are not authorized on. At Bank of America we pride ourselves in the diversity of our clients and employees, and we take claims of discrimination very seriously. Bank of America is committed to non-discrimination, diversity and diversity education. Based on our review of this matter, we have found no indication that discrimination was involved in this matter I would like to thank you for taking the time to express your concerns. At Bank of America, we make every effort to exceed our clients expectations on a daily basis. I regret that you have been dissatisfied. Please know that your feedback is valuable and has been retained to ensure we are providing the level of service our clients expect and deserve. 



-- - I fail to see how the response is related to the complaint. The response indicates that Bank of America is involved in the scheme I mentioned in my complaint. There is no connection between what I complained about and the response received. This shows that the BoA team did not take my complaint seriously and is trying to cover up the situation to retain a high-net-worth client who has acquired their wealth by scamming innocent people. This is evidence that the Bank of America does not put their customers first, does not prioritize safety and security of the consumer and most importantly priorities their financial gain more than the protection of innocent people.