Consumer complaint received 2024-04-18 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: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX

Complaint narrative:
On Saturday XX/XX/XXXX my wife and I received a letter from Merrill Lynch addressed to my wife. The letter was dated XX/XX/XXXX and indicated an account had been opened in her name and that the letter was a mailing address verification, because the address for the new account was different from her primary address of record. In reviewing the letter it appeared to us that something was not right and the address used to open the account was in another city and was not ours. 

We attempted to contact Merrill at the XXXX XXXX number provided XXXX and waited on hold for 30+ mins and never were able to speak to an agent. 

On Monday XX/XX/XXXX I received an alert from Bank of America that XXXX of my accounts ( XXXX checking & XXXX Savings accounts ) had a low balances. I logged onto my accounts and saw that there were " Agent Assisted '' transfers in process to an account XXXX XXXX XXXX XXXX XXXX From our Savings account {$890.00}, from another savings account {$600.00}, and from our primary checking account {$1600.00}. I immediately contacted Bank of America to notify them of fraud. My initial contact told me that it was not fraud and that it had been initiated by my wife on her Merrill Lynch account and would not discuss any further with me without my wife on the line. 

That evening when both of us were home from work we both called into Bank of America to report the fraud and spoke with an agent named XXXX, who told us that a Merrill Lynch account in my wife 's name had requested the transfers and she would assist us in contacting Merrill Lynch to let them know that the account was fraudulent and that we did not authorize the transfers. Once Merrill Lynch answered XXXX disconnected. With Merrill Lynch we spoke to XXXX XXXX and discussed the issues with him. He gave us the information on the newly fraudulently opened account and told us he was sending a report to the fraud department and would put the account on fraud alert. But by this point it was after XXXX XXXX EST and he could not get anyone n the fraud/securities department to answer. He told us to call Bof A back and get a claim number and follow up with Merrill Lynch. We attempted to contact Bank of America again but they had closed for the evening. No one would stop the transfer from occurring even though we alerted both companies that it was fraudulent. 

In addition I am the primary of the Bank of America accounts and I to this day have never been notified that a new Merrill Lynch account was given access to my accounts and the authorization to withdraw funds. No alerts or letters and notices. 

Tues XX/XX/XXXX. I contacted Bank of America to discuss our claim and was informed no account of the calls the previous night were logged and no fraud claim was started by XXXX ( I received a survey request from B of A overnight to ask me to rate our experience in talking to XXXX ). At this time we opened 3 claims of fraud for the XXXX accounts affected : XXXX {$1600.00} XXXX {$890.00} XXXX {$600.00} I was told that they would investigate and once Merrill Lynch confirms the account was fraudulent our money would be returned. 

later that week approx Thursday or Friday XX/XX/XXXX or XX/XX/XXXX a XXXX XXXX with Merrill Lynch security contacted us to discuss the case. ( Phone # XXXX ). He indicated that the money was already taken out of the fraudulent Merrill account and spent at an XXXX store in XXXX, Texas ( over XXXX miles from our home ) and that he was assigned the case. He indicated they acknowledged it was a fraudulent account and that Merrill and B of A would be putting the money back into our account. He also asked us to file a police report and file fraud/ identity theft with the postal service and the government. 

We have followed up with XXXX on 2 other occasions to give him the police report info and notify him that we had filed the fraud/identity theft info with the postal service and government. Each time he has indicated that Merrill Lynch knows this was fraud and identity theft. However Bank of America as of XX/XX/XXXX has closed all 3 claims and indicated we gained value from the transfers because the account was in my wife 's name. 

My wife contacted Merrill Lynch on Monday XX/XX/XXXX and was told that the fraudulent account was still opened and attached to our Bank of America account. Almost 60 days after being notified and filing claims with both Bank of America and Merrill Lynch a fraudulent account was still opened at Merill and attached to our Bank of America account. We demanded that this account be closed, though we have never received any notice that it is officially closed and Bank of America considers the matter closed. 

My wife also contacted Bank of America on XXXX and was placed on hold or transferred to 3 different agents over 90 minutes and got no answer other than the claims were denied. This fraudulent account should not have been authorized to be attached to our account without my permission as the primary account holder, yet it was and Bank of America will not provide answers and reimburse us. Merrill Lynch has provided no solution. 

My wife followed up with Bank of America again on XX/XX/XXXX and was again transferred to numerous agents and spent 2 hours on hold and never got any additional information

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 monetary relief