Consumer complaint received 2025-03-25 00:00:00
Product: Checking or savings account — Savings account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MA

Complaint narrative:
Theft of {$50000.00} on XX/XX/XXXX XX/XX/XXXX Todays date During the early to mid summer XXXX I began receiving unsolicited mailings from XXXX. In these mailings it appeared that they were offering me a savings/checking account and simply needed my action to transfer funds into the account to activate it. I did not respond to these requests as I had not opened or attempted to open an account at XXXX. 
Finally, a checkbook arrived at my home address with I believe, another request that I transfer money into this account so it would be funded. I did not transfer any money into this account as I was quite confused by this point as to why they ( XXXX ) would be hounding me to transfer money to them. As I did not want there to be any confusion of me or others writing checks on this account, I destroyed the check book so no unauthorized checks could be written. I understand now that I should have retained ALL of this correspondence and the check book as evidence of fraud but I had not recognized this as anything other than an aggressive bank opening unauthorized accounts and as I had not transferred money into the checking account, nor would I write out any of these checks, I simple shredded all of this and went on with my life. 

I did not notice when the paper statements from my accounts at Bank of America ( BoA ) stopped arriving in the mail. In XX/XX/XXXX, when discussing home improvement with my wife, I proposed paying for the work with funds from our BoA account which I thought ( when last I saw a statement ) contained about {$75000.00}. To confirm this, she went on line ( faster than pulling the file ) to BoA and discovered there was only about {$26000.00} in the account. We pulled the file and found no recent reports so I went on line and reviewed the monthly statements. I discovered that {$50000.00} had been withdrawn from the BoA account on XX/XX/XXXX. We discussed this and could not remember doing this. 

I next visited my local BoA branch and filed a complaint in regard to this unauthorized withdrawal from my account. This initiated an investigation by BoA on XX/XX/XXXX. I was told this would take XXXX weeks to complete. 

A few days after XXXX XX/XX/XXXX I received notice that the investigation was complete. I was informed that BoA would not act further on my claim as they had received assurances from XXXX that XXXX had documentation showing proof of my authorization of the transfer. The letter went on to specify that I should contact XXXX directly for further assistance. I was also encouraged to call XXXX if I wanted to see the documents involved. 
Included in the summary of the denial was a document containing : XXXX. A transmission log were the XXXX bank accounts involved XXXX ( I assume is the XXXX account ) and the XXXX account which corresponds to the Boa account from which the money was stolen. 
XXXX. The fact that the transfer had been given a reference # XXXX, was a Checking to Checking transfer and had my name attached as XXXX XXXX ( no middle initial or other more specific identification ) XXXX transaction had occurred on XX/XX/XXXX @ XXXX PM ( I was asleep at that time my C-PAP log would likely XXXX this ) XXXX. Various Request, XXXX, XXXX and Exact IDs were included. 
XXXX. The True IP # was XXXX and originated in XXXX XXXXXXXX tn XXXX ( I have not been in TN in several years and have NEVER been in XXXX XXXXXXXX as far as I know. 
On XX/XX/XXXX I contacted the Fraud line at XXXX. I spoke to an agent named XXXX. I explained that I had been concerned with the mysterious mailings I had received from XXXX during the summer of XXXX. She asked for the number of the account I had opened. I again explained that I had NOT opened the account and had NOT authorized the transfer of funds to XXXX. XXXX asked for my SSN so she could identify any account I might have with XXXX. As I was now clearly on a Fraud line and felt I would not be able to make any headway on this issue unless I cooperated, I provided my SSN. She acknowledged that there was indeed an account in my name at XXXX. I asked her for the number of the account ( BoA records seemed to indicate an account with a number ending in XXXX ) that the money had landed in and what the current balance was. She told me she could not share that information. We were at a stand off. She eventually promised to re-open my claim of fraud ( Reference # XXXX ) and told me this would be completed within 30 days. I was given the XXXX fraud line number, XXXX option # XXXX, and told I could take this up with the FTC XXXX. 
On XX/XX/XXXX I visited the XXXX MA police and filed a report of the theft of my money. The local police were quite transparent that they would not be investigating but encouraged me to visit the local XXXX branch with several forms of identification to file a complaint in person. I discovered that ALL XXXX branches in MA were now closed. 
On XX/XX/XXXX I called XXXX to request documents from BoA. Spoke to a BoA agent named XXXX who told me she was in Texas. I was informed that XXXX claimed to be in possession of a power of attorney ( over me ) which was the basis of them claiming that I had authorized the opening of the account and this money transfer transaction. It was based on this fact that BoA had concluded that the transaction was in order. I was reassured that documents were being sent and XXXX would file a reconsideration to my claim within XXXX business days. I have neither seen the documents nor heard nothing since. 
On XX/XX/XXXX XXXX I contacted XXXX XXXX again with the help of my local BoA banker. We spoke to a woman named XXXX. I believe she acknowledged that the claim had been re-opened but again refused to give me the XXXX account number involved and refused to confirm or deny that the account had money in it. I pushed a bit by telling her that if this was legitimate, the account should still have the {$50000.00} in it and all I was interested in was the return of the money. She pushed back that as this was a fraud investigation, she could not supply me with that information. Had she just admitted that fraud had occurred? 
I contacted my attorney on XX/XX/XXXX to seek further guidance on future moves. 
Senator XXXX office was returned my call XX/XX/XXXX and her staffer suggested the filing with the FTC and CFPB as well as working with my attorney were good moves. They will follow up with FTC or CFPB on my behalf should there be no action following my filing. 
I reached out to BoA again XX/XX/XXXX and spoke with XXXX XXXX. 
On XX/XX/XXXX Contacted XXXX XXXX unit. Spoke with a XXXX. She told me the fraudulent XXXX account was opened in XXXX of XXXX. Money was then transferred from BoA to XXXX account XXXX on XXXX XX/XX/XXXX and then {$50000.00} was wired out of the account to a XXXX ( no further information seemed to be available ) on XX/XX/XXXX. On XXXX XXXX the final {$100.00} was withdrawn ( no information nor details seemed to be available ). XXXX requested ( of me ) that I arrange to have a Unified Indemnity Agreement completed, signed by a VP or higher from BoA and sent to XXXX at which point XXXX would take further action including a Hold Harmless statement from BoA so that the XXXX banks could work this out and ( I hope ) return my money. 

I ask that the FTC and CFPB get to the bottom of this and correct the loop holes in the system that allows such fraud to occur.

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