Consumer complaint received 2024-10-10 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IN

Complaint narrative:
Subject : Immediate Request for Remediation and Settlement Check for Stolen Funds Dear Bank of America Regulatory Complaints Department, I am writing to you today in regard to a highly concerning and unresolved matter involving the theft of funds from my account with XXXX XXXX, one of your business partners. This incident occurred several years ago, and despite my full compliance and provision of all necessary documentation, the matter remains unresolved. As a result, I am formally requesting that Bank of America, through its remediation department, issue a settlement remediation check for {$5000.00} USD to my address on file : XXXX XXXX XXXX XXXX, XXXX, IN XXXX. 

It has come to my attention, through diligent research, that Bank of America has the authority and eligibility to issue remediation checks on behalf of its business partners, such as XXXX XXXX, when such issues arise. This remediation is due to the underlying issues with the IRS and the recovery of stolen funds from my account. Given that I reported this theft in full compliance with the banks reporting protocols and have yet to receive resolution, it is clear that the responsibility to facilitate a settlement now rests with Bank of America. 

While I understand that there are regulations and protocols surrounding business partnerships, it is imperative that Bank of America acknowledges its duty as a financial institution governed by federal law and agencies, such as the Consumer Financial Protection Bureau ( CFPB ), the Federal Trade Commission ( FTC ), the U.S. Department of Treasury, and the Office of the Comptroller of the Currency ( OCC ). These agencies enforce the laws protecting consumers like myself and ensure that business practices meet regulatory standards, including the timely remediation of financial losses due to theft or fraud. 

I have already received a letter from your department stating that Bank of America does not disclose information pertaining to its business partners. However, after years of delay, it is clear that Bank of America must intervene and issue the necessary settlement remediation check. This matter can no longer be postponed, and further delays would not only represent a failure to comply with consumer protection laws but also expose the bank to potential regulatory and legal consequences. 

Additionally, I must stress that this situation has caused me significant emotional distress, impacting my personal well-being and financial stability. This issue has remained unresolved for far too long, and my life has been drastically affected as a result. I expect Bank of America to take immediate action by issuing a formal remediation letter and the {$5000.00} USD settlement check within 7 to 10 business days, as this is both a reasonable and legally compliant resolution timeframe. 

As a federal court would facilitate and enforce compliance in a case such as this, I expect Bank of America to act promptly and in accordance with federal consumer protection laws. I trust that this matter will be handled with the seriousness it deserves, and any failure to issue the remediation letter and check will leave me no choice but to escalate this further through legal avenues, including but not limited to filing complaints with the CFPB, FTC, and other relevant agencies. 

In closing, I respectfully urge Bank of America to take full responsibility for its role in this partnership, follow proper legal protocols, and issue the remediation check to the aforementioned address without further delay. This is not only a matter of ethical obligation but a requirement under federal law, and I expect that Bank of America will act accordingly to resolve this in a timely and professional manner. 

Thank you for your attention to this matter. I look forward to a swift resolution. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX 
XXXX, IN 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