Consumer complaint received 2026-04-08 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MN

Complaint narrative:
I am filing a complaint regarding an unauthorized transfer from my Bank of America account that was denied as a valid transaction. An unknown individual impersonated me over the phone, gained access to my account, transferred {$4900.00} internally, and then sent {$3500.00} externally through a third-party service. I did not authorize this transaction and did not benefit from it. Bank of America denied my claim, stating that the transaction benefited a valid signer. This is incorrect and ignores the fact that the account was accessed fraudulently through impersonation. Under the Electronic Fund Transfer Act ( Regulation E ), this qualifies as an unauthorized electronic fund transfer. I am requesting that Bank of America : 1. Reopen and properly investigate this claim as fraud 2. Provide provisional credit 3. Comply with Regulation E protections I reported this promptly and have taken all appropriate steps to secure my accounts. Here is a full account of the events that happened : On XX/XX/year>, an unknown individual called Bank of America, impersonating me. This unknown individual was able to access my savings account via telephone and transfer {$4900.00} to my checking account. Then they were able to set up a recurring payment of {$3500.00} to my checking account to a wire transfer company, XXXX. Bank of America allowed this transaction to take place during the middle of the night. I received an email from the bank the following morning confirming that this transfer of funds took place. I immediately accessed my banking online and was able to see the transfer of funds from my savings to checking, and see the pending transaction from my checking account to XXXX for {$3500.00}. I called Bank of America to dispute these transactions and filed fraud claims on both the savings and checking accounts. I also went to my local Bank of America location and spent the entire day there with XXXX different individuals. I opened up XXXX new accounts, froze my checking account, and closed my savings account. They gave me a new debit card and set up a digital wallet with the new debit card number. Later, I tried to use my digital wallet to make a purchase, only to find out that Bank of America had associated this card with the old frozen account. I had to wait on hold with the bank for an hour before I could get the digital debit card issue resolved. Now I have received a letter dated XX/XX/year>, just XXXX business days later, determining that the fraud claim on my savings account was denied. Here I will quote the letter from Bank of America : " Our investigation found that the transfer in question was made to an account that provided a benefit to a valid signer on the account. In this case, the funds were made available to XXXX or more valid signers on the account for personal use, or for use to pay an obligation that's owed. We based our decision on our records and the information you provided when you contacted us about your account. Case closed. '' This is completely incorrect. I gave very detailed information to Bank of America customer service, along with two different people at a local Bank of America. I did not request this transfer, nor did I receive any benefit from it. The funds were moved and sent externally without my knowledge or consent. The determination states that the transaction benefited a valid signer on the account. This is incorrect. I did not authorize this transaction, and any access the third party obtained resulted from identity theft and an account takeover. I would also like to mention that every time I called customer service, they only use caller ID and ask your name to verify who you are. I asked all of them how this is an acceptable verification, including the individuals at the bank. They respond that this is their process, and a lot of people have a hard time remembering passwords or PIN numbers. I have sent an additional letter to the bank 's " check and digital recovery '' disputing this determination and requesting a prompt reopening of the fraud claim and a FULL re-investigation into the fraud.

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