Consumer complaint received 2024-08-20 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: ZIONS BANCORPORATION
State: NV

Complaint narrative:
Over the span of three months, fraudulent charges totaling {$14000.00} were made on my business account, which I discovered at the beginning of XX/XX/year>. Upon realizing this, I immediately contacted Nevada State Bank to report the fraud. The fraudulent charges began in XX/XX/year>, but during the investigation, it was found that the first fraudulent charge of {$7.00} occurred in XX/XX/year>. Due to this, the bank credited only the {$7.00} from XXXX, citing the 60-day dispute rule, and informed me that the remaining {$14000.00} was outside the allowable dispute window. 

Details of the Charges : The fraudulent charges were all labeled as XXXX XXXX  expenses, which are identical to legitimate charges my business incurs regularly. My business spends between {$24000.00} and {$36000.00} annually on XXXX XXXX, making it nearly impossible to differentiate between legitimate and fraudulent charges due to the identical labeling. 
XX/XX/year> : XXXX fraudulent charges totaling {$660.00} XX/XX/year> : XXXX fraudulent charges totaling {$4400.00}. 
XX/XX/year> : XXXX fraudulent charges totaling {$4900.00}. 
XX/XX/year> : XXXX fraudulent charges totaling {$3700.00}. 

XXXX totaled {$14000.00} from the fraudulent account. I was told I was negligent at not finding them so they would not cover the cost. I have attached two statements. Both look identical to each other. Even the best accountant would not be able to spot the fraud. 

The {$7.00} fraudulent charge from XX/XX/year> was not recognized as fraud at the time because it was labeled in the same manner as our regular XXXX advertising charges. This charge was mistakenly logged as a legitimate business expense by my accountant. 
Actions Taken : As soon as I noticed the fraudulent activity, I reported it to the Nevada State Bank fraud department. I spent hours on the phone with the fraud department, and they concluded that it was indeed fraud. However, they informed me that the only recoverable amount was the {$7.00} charge from XXXX because it was the only one within the 60-day window.

I also contacted my business banking representative, who was very understanding and assured me that she would do everything possible to assist. However, her team ultimately denied the appeal, stating that I should have been more diligent in reviewing my statements.

Outcome : The decision to deny coverage for the {$14000.00} in fraudulent charges due to a {$7.00} charge in XX/XX/year> has been devastating to my small business. The charges were cleverly disguised as legitimate expenses, making it impossible to detect the fraud sooner. Despite the fraud department and my banking representative initially expressing that this should be an easy case to resolve, the final decision has left my business with a significant financial loss.

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