Consumer complaint received 2023-09-29 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX XXXX XXXX XX/XX/2023 Subject : Unauthorized Electronic Fund Transfer Claim To Whom it May Concern I hope this letter finds you well. I am writing to address an unauthorized electronic fund transfer ( EFT ) of {$1500.00} from my Bank of America checking 's account to the scammer, XXXX XXXX 's XXXX XXXX account that occurred on my account on XX/XX/2023. I would like to bring to your attention the deceptive practices employed by a third party in coercing me into making these transfers. 

As per the Federal Reserve 's interpretation of Regulation E, it is crucial to highlight that the circumstances surrounding this incident meet the defined criteria of an unauthorized EFT under Regulation E. The third party deceitfully led me to believe that once the funds were transferred, they could be immediately declined from the Bank of America side, so long as I continued to make transfers.

The regulation explicitly states that an unauthorized EFT encompasses any transfer initiated by a person other than the consumer, without the actual authority to initiate such a transfer, and from which the consumer receives no benefit ( 12 CFR 1005.2 ( m ) ). Furthermore, Comment 1005.2 ( m ) -3 provides additional clarity by confirming that an unauthorized EFT includes a transfer initiated by a person who obtained the access device from the consumer through fraud or robbery.

The scenarios outlined in this regulation closely align with the circumstances surrounding my case. Specifically, the fraudulent party manipulated me into believing that the transfers could be easily reversed from the Bank of America side, provided I continued to make transfers. This scenario mirrors the situations acknowledged by the Bureau, in which unauthorized EFTs are triggered by third-party actions aimed at acquiring a consumer 's account access information. 

Furthermore, it is of utmost importance to note that the scammer who posed as a Bank of America associate had unauthorized access to my bank account, enabling them to initiate a XXXX transfer directly to my phone for approval. This level of access clearly underscores the gravity of the unauthorized EFT, as outlined in Regulation E.

Furthermore, I must express my concern regarding the significant delay in Bank of America 's investigation process. After reporting the incident promptly on XX/XX/2023, it took more than the appropriate time for a response and, ultimately, an inconclusive resolution. This extended timeline not only adds unnecessary stress to an already distressing situation but also raises questions about Bank of America 's adherence to Regulation E 's error resolution obligations.

As outlined in Regulation E, financial institutions are required to promptly investigate oral or written allegations of error and complete their investigation within the specified time limits. The results of the investigation should be reported within three business days of its completion, and any identified errors should be corrected within one business day ( 12 CFR 1005.11 ( c ) ( 1 ) ). It is essential to emphasize that the investigation must be reasonable, including a thorough review of pertinent information within the financial institutions own records.

Given these circumstances and in light of the compelling evidence presented in accordance with Regulation E, I kindly request that you revisit my unauthorized EFT claim and reconsider the denial that was issued. I believe that, as per the regulation, the transfer in question unequivocally meets the criteria for an unauthorized EFT. 

I appreciate your prompt attention to this matter and look forward to your timely response. Please feel free to contact me at XXXX or XXXX if you require any further information. 

Thank you for your cooperation. 

Sincerely, XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation