Consumer complaint received 2023-08-17
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem making or receiving payments
Company: CULLEN/FROST BANKERS, INC. (TX)

FROST BANK XXXX : XXXX Disputes Case Number : XXXX According to the letter we received dated XX/XX/XXXX, in which you concluded that the fraud I fell victim to on XX/XX/XXXX, involving an amount of {$28000.00} dollars, was a legitimate transaction and therefore said amount will not be recovered, I am expressing my disagreement with this verdict for the following reasons : Firstly, I reported the said transaction on Friday, XX/XX/XXXX, around XXXX pm, as soon as I noticed the charge. I called Frost Bank 's customer service and was advised to close the account and visit the bank the next day ( Saturday, XX/XX/XXXX ) to open a new account for transferring the remaining funds along with the {$28000.00} credit. I mentioned that I would be out of town for a few days and would return on Wednesday, XX/XX/XXXX. I was reassured not to worry, as Frost Bank would take care of me and handle the fraud investigation. On Saturday, XX/XX/XXXX, the money was credited to my account, but on Sunday, it was withdrawn by Frost Bank without any notification. While I was in XXXX XXXX, Nevada, I called customer service again, and I was informed on Monday, XX/XX/XXXX, that the investigation had already concluded that it wasn't fraud. It is illogical that such an investigation would be concluded over a weekend. 

On Wednesday, XX/XX/XXXX, I visited my branch on XXXX XXXX. to open the new account and requested that the case be reopened. I provided the letter you sent me ( " Statement of Unauthorized ACH Debit Activity '' ) duly filled out, along with another letter ( " NOTICE OF NON-SUFFICIENT FUNDS '' ) that notified me that XXXX XXXX had attempted to charge {$33000.00} on XX/XX/XXXX, the same day as the {$28000.00} fraud. This is the FIRST INDICATION THAT MY ACCOUNT WAS STOLEN, and Frost Bank never stopped these transactions nor notified me about them, even though they were unusual transactions in terms of amount and method, as I usually visit the bank in person for significant transfers. 

Subsequently, on XX/XX/XXXX, while I was out of the country, I was notified by my office that a debit card payment had not gone through. Upon checking my account, I discovered that Frost Bank had withdrawn the {$28000.00} funds, claiming the transaction was legitimate. They sent me what they called " proof '' of this, which included a purchase and an order made by XXXX XXXX  on XX/XX/XXXX via ePayment from an email address XXXX. Later, an invoice for this transaction was generated by MOST XXXX XXXX, located at XXXX XXXX XXXX XXXX, XXXX, MN XXXX,. We were informed that the purchase was for XXXX printed shirts, but after deposit, they canceled XXXX shirts and refunded the corresponding value using an eCheck. The merchandise was delivered to XXXX at XXXX XXXX XXXX XXXX, which is not a physical address but rather a truck-to-truck delivery. All of this information was provided by XXXX  XXXX XXXX employee as, who also informed us that he is willing to talk about this matter if Frost contacts him by phone. 

On XX/XX/XXXX, I requested the case to be reopened, as I disagreed with the conclusion, and I am not willing to lose {$28000.00}. Therefore, on the advice of XXXX XXXX, the branch XXXX of my account, I filed a police report on XX/XX/XXXX, which I will present today. I have also engaged the services of a financial attorney to explore the possibility of legal action against whoever is responsible. Additionally, I have requested the intervention of the CFPB in this matter, as this is the entire capital my company has to continue operating. Thank you for your attention, and I hope that my bank, FROST, with whom I have been working for many years without any problems, will provide the necessary support to recover my money. 

XX/XX/XXXX