Consumer complaint received 2024-12-26 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
Heres a detailed statement summarizing your issues with Bank of America for submission to the CFPB or any other authority : -- - [ Your Full Name ] [ Your Address ] [ City, State, ZIP Code ] [ Date ] Consumer Financial Protection Bureau [ Address or Submission Portal ] Subject : Complaint Against Bank of America for Mishandling Dispute Claims and Violating Federal Regulations Dear CFPB, I am writing to file a formal complaint against Bank of America for their repeated failure to resolve disputed transactions on my account ending in [ last four digits ]. Their mishandling of my claims, lack of transparency, and continuous delays have caused me significant financial hardship and emotional distress.

Background of the Issue : 1. Disputed Transactions : I reported unauthorized transactions totaling [ $ amount ] on my account. These transactions occurred in locations I have never visited and during times when I was verifiably elsewhere.

Despite providing supporting documentation, including [ evidence provided, such as police reports, travel logs, or other relevant information ], Bank of America has refused to reimburse the funds.

2. Repeated Requests for " New Information '' : Bank of America has repeatedly requested " new information '' to process my claims. However, they have failed to specify what additional information is required, despite my efforts to comply.

This vague and unreasonable demand has delayed the resolution process and exacerbated my financial and emotional distress.

3. Violation of Federal Regulations : Under the Electronic Fund Transfer Act ( EFTA ), Bank of America is required to investigate and resolve disputes within 45 days. Additionally, they are obligated to provisionally credit the disputed amount while investigating. They have not adhered to these requirements.

Their continued delays and lack of clear communication violate the Dodd-Frank Act, which prohibits unfair, deceptive, or abusive acts or practices ( UDAAP ).

4. Negligence in Protecting My Account : Bank of America failed to implement adequate security measures to prevent unauthorized transactions on my account. This negligence directly contributed to the financial loss I have suffered.

Impact of Bank of Americas Actions : The banks mishandling of my claims has caused : Severe financial hardship, as I have been deprived of the funds necessary to meet basic needs.

Emotional and psychological distress due to the prolonged and unjustified delays.

Loss of trust in their ability to protect my account and act in good faith.

Request for Resolution : I respectfully request the CFPB to intervene and require Bank of America to : 1. Fully reimburse the disputed amount of [ $ amount ] immediately.

2. Provide a detailed explanation of their handling of my claims and their failure to comply with federal regulations.

3. Implement stronger safeguards to prevent future unauthorized transactions and improve transparency in their claims process.

Supporting Documentation : I have attached the following documents to support my complaint : Copies of all correspondence with Bank of America regarding this matter.

Evidence of unauthorized transactions ( e.g., police reports, account statements ). 

Documentation of the financial and emotional impact of this issue. 


I appreciate your time and attention to this matter and hope for a prompt resolution that restores my financial stability and trust.

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