Consumer complaint received 2018-08-23
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (FL)

On XXXX of XXXX, I had both a business investment account ( XXXX XXXX # XXXX XXXX and a business operations account ( XXXX XXXX # XXXX ) with Bank of America. On XX/XX/XXXX, I visited my Bank of America Branch at XXXX XXXX XXXX, XXXX XXXX, FL XXXX to transfer {$45000.00} from my business investment account to my business operations account -- a direct transfer of the full amount. This was during the Hurricane Irma evacuation. I evacuated on XX/XX/XXXX and didn't return to the state of FL until around the end of XXXX. I have since learned that BOA removed the full {$45000.00} from my business investment account, but only transferred {$40000.00} of those funds into my business operations account. I am missing {$5100.00}, and the XXXX bank statements reflect this error on the banks part. 

The XXXX XXXX transfer represented movement of the last of the funds in my investment account, and I closed it out XXXX of XXXX. Due to this action, the upheaval caused by Hurricane Irma and the subsequent evacuation, and a request for a tax filing extension, I did not notice the transfer discrepancy at that time, nor did it come to light for several months. 

In XX/XX/XXXX, we requested and received a tax filing extension to XX/XX/XXXX. My accountant recently started preparing for the upcoming tax filing and discovered the missing {$5100.00} funds. Upon reviewing our books, invoices, XXXX records, bank statements, etc., we discovered the source of these missing funds as the erroneous BOA transfer on XX/XX/XXXX. 

Upon learning of the {$5100.00} mistake, I immediately notified BOA via telephone ( 1st Claim filed : # XXXX XXXX XXXX XXXX ). They looked at the accounts and statements, acknowledged the error and issued a temporary {$5100.00} credit to my XXXX XXXX # XXXX business operations account. I was assured that I would receive final confirmation of this correction within 4 to 5 business days. 

I followed up a week later, since I hadnt heard back from them, and was again reassured that the deposit to rectify the problem would be permanent and they were simply awaiting confirmation ( 2nd Claim filed : # XXXX XXXX XXXX ). 

On Friday morning, XX/XX/XXXX, I saw that BOA had deducted the {$5100.00} from my XXXX XXXX # XXXX business operations account with no prior warning or explanation. I called BOA and was told that the bank had determined that the teller gave me the {$5100.00} in cash on the day in question XX/XX/XXXX. They further stated that the teller submitted an internal note/memo making this claim. This statement is 100 % false. I received no cash back for that transaction, and as you can see by the uploaded statement, there is no record of a cash withdrawal transaction, only a transfer between accounts. I requested proof of the teller/BOAs claim of a cash withdrawal disputing their bank records of a full {$45000.00} transfer and in response, they referred the issue to their Fraud investigation department. 

Friday afternoon, XX/XX/XXXX, I received email correspondence from XXXX XXXX, Senior Fraud Analyst II of Bank of America asking me to fill out a Fraud Statement form within 20 business days to initiate further investigation of this {$5100.00} discrepancy issue under Fraud Initiation XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. I was in the process of completing the form when I received new email correspondence from Bank of America on XX/XX/XXXX from XXXX XXXX, Senior Fraud Analyst at Bank of America, claiming resolution of my check fraud claim : Subject : Fraud Claim Resolution XXXX SR # XXXX There was an attachment letter stating that my claim would not be honored because it was not submitted within 60 calendar days after the statement referencing the erroneous transfer. 

Therefore, I am now turning to the Consumer Financial Protection Bureau in the hopes of resolving this issue and having the missing {$5100.00} refunded to my XXXX XXXX # XXXX business operations account, which is now suffering due to the unexpected loss of funds I was promised would be permanently deposited.