Consumer complaint received 2018-08-15
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem using a debit or ATM card
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (GA)

My Banking institution : Bank Of America 3rd party : Low life individual 3rd partys method of extraction : XXXX  On XX/XX/2018 A debit card for my business checking account was utilized by a third part to extract funds from my account. On XX/XX/2018 the transaction cleared my account. This was a singular transaction in the amount of {$2500.00} XXXX which is the maximum allowable amount to be transferred by XXXX ). At no point did my banking institution flag or notify me of this fraudulent transaction. It was approximately 2 weeks later that I noticed the unauthorized debit to my account. At that point I immediately called Bank of America to dispute the transaction. They immediately canceled that card and sent me a new one. This first phone call was pleasant however there were some oddities in how I was instructed to deal with this situation. The representative would not disclose a phone number associated with the transaction, and stated I did not need to do anything else for this process. At this point in time, it did not seem out of the ordinary as I have dealt with a couple of fraudulent transaction in the past with other accounts and they were always handled by the banking institution. 
About 10 days pass and I had not received any correspondence from bank of America, nor could I find the status of the claim within the online portal. It is now the second week in XXXX, I follow up with another phone call to their fraud department where I am told that the claim was denied. I rejected this outcome and insisted they reinvestigate. The individual I spoke to this time disclosed the additional phone number associated with the transaction and said the manor in which the first BOA representative handled the situation was odd. At this point I had lost confidence in the BOA fraud department to adequately resolve this situation. I began to do my own investigation and ultimately turned up a number of dead ends. 
The transaction details available to me provided a phone number to XXXX ( which was inaccessible XXXX my debit card number and what I can only assume to be a trans action ID. The second phone number that was provided to me was also of no use. I tried navigating the XXXX website to find a receipt for this transaction, no receipt was found. I have submitted a formal dispute with XXXX and followed up with emails. At this point I have not received any response from XXXX  other than the automated reply. 
Over the past couple days I have had multiple contact with bank of America where they disclosed that the transaction supposedly happened at XXXX. They also disclosed the original reason for the denial of the claim. They stated that it was consistent with other transaction on that account. I disagree with this because the only other transaction on this account that were over {$1000.00} were deposits ( all from the same company : Not XXXX ) or transfers to my personal accounts ( which were all done at a BOA branch ) there was NOT one other XXXX  transaction on that account. There was not one other withdraw that was done outside of a BOA branch location. Another factor that they used to deny the claim was that if it was fraud they would have tried to drain the account. I disagree with this because ( through my investigation ) the limit imposed by XXXX is {$2500.00}. Additionally if the criminal individual did not want to attract unnecessary scrutiny, it makes sense that they would not try to drain the account. They would attempt to collect some funds and hope not to be discovered. Through my own personal investigation. I believe that an individual took the card, ran it for the maximum allowable amount with their XXXX  account and then put it back in my possession as to not raise suspension. Bank of America sites this action as, I allowed it to happen. My argument to this is Honestly why would I put myself in this situation? I dont know how this card was used by the criminal individual and bank of America could not tell me if it were swiped or manually entered. Bank of America could not tell me where the funds went. Bank of America could not provide a valid receipt or record of transaction. To me, when Bank of America can not identify the parameters of this transaction is clearly a failure on their fraud departments ability to protect my assets that have been entrusted to their care. It should be noted that Bank of Americas security and protection statement is clearly stated at the bottom of their page on the following link. https : //www.bankofamerica.com/privacy/overview.go Their {$0.00} liability guarantee has NOT been upheld. I believe that the original fraud claim was glazed over and not adequately investigated. 

My Complaint : Bank of America failed to identify fraudulent activity Bank of America failed to notify me of potentially fraudulent activity Bank of America failed to adequately  investigate the fraudulent transaction XXXX Failed to identify fraudulent activity XXXX   Failed to provide any information about the merchant or individual responsible for this transaction so that I could proceed with criminal charges. 

My Argument : If neither of these companies can tell me where the funds went, or provide me with details of the transaction, HOW can they validate them to NOT be fraud?