Consumer complaint received 2025-02-17 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem using a debit or ATM card
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC

Complaint narrative:
Subject : Failure to Properly Investigate and Resolve Unauthorized Transactions Claim Details : I am filing a formal complaint against Bank of America for failing to properly investigate and resolve unauthorized transactions on my debit account, despite clear evidence of identity theft. The bank has violated its obligations under the Electronic Fund Transfer Act ( EFTA ) and Regulation E by failing to reimburse me for fraudulent transactions after I promptly reported them. 

Case Summary : On XX/XX/XXXX, and XX/XX/XXXX, my Bank of America debit account ( ending in XXXX  ) was compromised, and XXXX unauthorized transactions were made at XXXX XXXX in the amounts of {$950.00} and {$200.00}. I did not authorize these transactions, and they were the result of identity theft. 

I immediately reported the fraudulent activity to Bank of America and provided supporting evidence, including : FTC Identity Theft Report ( # XXXX ) CFPB Complaint # XXXX On XX/XX/XXXX, I spoke with a Bank of America representative over the phone, and I was informed that my claim had been denied because the bank had allegedly verified the transactions with the merchant. However, this decision was made without requesting any further information from me, despite my identity theft report. 

This raises serious concerns about bias in the investigation process, as Bank of America chose to accept the merchant 's word without considering the overwhelming evidence of fraud I provided. Given that my account and debit card were compromised, it is highly unlikely that the merchant could have conducted a legitimate verification process linking me to the transactions. 
Violations Committed by Bank of America : 1. Failure to Conduct a Reasonable Investigation Under Regulation E, financial institutions must conduct a timely, fair, and reasonable investigation of disputed transactions. Bank of America failed to take my identity theft report into account, instead relying solely on a merchant 's alleged verification.

2. Failure to Provide Documentation Supporting Their Decision Regulation E ( 12 CFR 1005.11 ( d ) ) requires banks to provide evidence supporting their denial of a fraud claim upon request. Bank of America has failed to provide any documentation demonstrating how they determined the transactions were authorized.

3. Bias in Investigation by Relying Solely on the Merchants Word Bank of Americas decision to accept the merchants verification without requesting any further information from me demonstrates a biased and incomplete investigation, which is a direct violation of 12 CFR 1005.11 ( a ) requiring a reasonable inquiry into fraud claims. 
4. Failure to Reimburse the Consumer for Unauthorized Transactions According to 12 CFR 1005.6 ( b ), a financial institution must reimburse unauthorized transactions unless it can prove the consumer acted fraudulently or failed to notify the bank within the required timeframe. I reported the fraud promptly, and the bank had no legal grounds to deny my claim. 

Requested Resolution : I am requesting that the CFPB take immediate action to ensure that Bank of America : Reopens and properly investigates my claim in accordance with Regulation E and provides documentation supporting their findings. 
Issues a full refund for the unauthorized transactions totaling {$1100.00} ( {$950.00} + {$200.00} ). 
Ensures compliance with federal consumer protection laws to prevent future mishandling of fraud claims. 

Bank of America 's failure to conduct a thorough investigation, coupled with its decision to accept the merchant 's verification without consulting me, constitutes a clear violation of my consumer rights under Regulation E. I request that the CFPB hold them accountable for this improper denial of my fraud claim. 

Attachments : FTC Identity Theft Report ( # XXXX ) Initial Complaint to Bank of America Bank of Americas Denial Letter ( if available )

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