Consumer complaint received 2019-06-04 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: DE

Complaint narrative:
I have been working with XXXX XXXX XXXX for almost 6 months to resolve a bank fraud issue that occurred as a result of someone cashing an electronic check assigned to Bank Of America. I have waited patiently for my bank ( XXXX XXXX XXXX ) to declare this issue as fraud, however, I have been waiting indefinitely for Bank of America to generate any type of response as to when XXXX XXXX XXXX   will be paid so that I can be reimbursed my money. A summary of the issue is described below. 

XX/XX/2019 XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, DE XXXX RE : Checking Account Number Ending In XXXX Savings Account Number Ending In XXXX Dear Ms. XXXX : I am writing to respond to the complaint our office received from the Consumer Financial Protection Bureau ( CFPB ). I understand you expressed dissatisfaction with unauthorized transactions and the Banks Right of Setoff which took place on the above referenced accounts. Additionally, you requested the Bank to credit your account for the unauthorized activity. A review of records confirms you contacted the Bank on XX/XX/2019, to inform us of unauthorized account activity on your account ending in XXXX. Fraud is a serious matter and XXXX XXXX  takes every effort to protect our customers from being victims of fraud. When customers inform us fraudulent transactions have occurred on their account we diligently investigate the matter. On XX/XX/2019, claim number XXXX was submitted disputing a check number 5000 payable to Payoneer in the amount of {$380.00} which presented for payment on XX/XX/2019. In addition, on XX/XX/2019, claim number XXXX was submitted disputing a check number XXXX payable to XXXX in the amount of {$490.00} which presented for payment on XX/XX/2019. Provisional credit is not provided for ACH or Check claims, as we rely on the paying bank, in this case, Bank of America, to review the claim and provide credit. Please note we have reached out to the originating bank regarding the above referenced amounts. We are waiting for a response, and once we conclude our investigation you will receive a letter in the mail with our findings. Please note, when unauthorized activity occurs from a customers deposit account, the Bank recommends that the customer close their account because their identity, credentials, debit/ATM card or checks may no longer be in their possession. Bank records confirms as of the date of this letter your account ending in XXXX remains open, with a overdrawn balance of {$490.00}. It is important to mention, should the claims be found in your favor, the amounts and applicable overdraft/ sustained overdraft fees will be refunded. At XXXX XXXX, the security and protection of your accounts are of the utmost importance to us. XXXX XXXX   makes every effort to protect our customers from being victims of fraud and while we work diligently to ensure that the transactions processed are not fraudulent, unfortunately some fraudulent transactions may get paid, which is why we ask our customers to review their account activity carefully, report any discrepancies as soon as possible and establish a new account. Bank records confirm on XX/XX/2019, your checking account ending in XXXX was placed in a credits only status. Your savings account ending in XXXX was debited in the amount of {$490.00} on XX/XX/2019, to cover funds owed to the your account ending in XXXX. This debit is known as the Banks Right of Setoff which is outlined in your Personal Deposit Account Agreement. I have enclosed pages 31 and 32 of our Personal Deposit Account Agreement ( PDAA ). Please refer section titled Right of Setoff, this agreement states : If you owe a debt, including a debt secured by real or personal property, to us or any of our affiliates ( either now or in the future ), you grant us a right of setoff to, and a security interest in, all of your accounts to secure the debt to the maximum extent permitted by applicable law. Debts include any charges and fees you owe. We may consider this agreement as your consent to our asserting our security interest or exercising our right of setoff should any laws governing your account require your consent. Please note, on XX/XX/2019, the credits only status was temporarily removed from your checking account ending in XXXX, this was to allow the Right of Setoff to be reversed and the above referenced amount was debited from your account ending in XXXX and credited to your account ending in XXXX. On XX/XX/2019, the credits only status was placed back on account, while we continue to process your claims. Should you have any additional inquiries, please contact me directly at XXXX during my office hours of Monday through Friday from XXXX XXXX until XXXX XXXX  Eastern Standard Time ( EST ). Respectfully, XXXX XXXX Office of the Chairman Enclosures CC : Consumer Financial Protection Bureau ( CFPB ) CFPB Case Number : XXXX CFPB Case Number : 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