Consumer complaint received 2024-02-05 00:00:00
Product: Prepaid card — Government benefit card
Issue: Unexpected or other fees — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
Dear Consumer Financial Protection Bureau, Subject : Urgent Investigation and Intervention in Unauthorized Transactions on Bank of America Prepaid Account To whom it may concern, I, XXXX XXXX, holder of a Bank of America Prepaid Account, have unfortunately been the victim of a series of unauthorized transactions and activities on my account. Despite multiple attempts to rectify this situation with the Bank of America Prepaid Services Fraud and Claims Department, my grievances remain unresolved. 

Claim Number : XXXX Below is a concise account of the events and discrepancies surrounding my account : XXXX. **Unauthorized Transactions** : Since XX/XX/2020, I have been unable to access my account. Upon attempts to log in recently, I discovered multiple unauthorized transactions. Someone gained illegal access to my account using a stolen debit card associated with it. Although I have now updated my password and requested a new card, the unauthorized transactions remain unaddressed. 

XXXX. **Fraudulent Activities** : Email notifications have informed me of XXXX transactions carried out in my name, actions I have never sanctioned. Moreover, an account with Bank of America was illicitly opened under my identity, and my stimulus packages, intended to be credited to me, were diverted to this fraudulent account. 

XXXX. **Physical Absence** : As evidence to my lack of involvement, I was out of the country during the time of these suspicious activities. Relevant documents attached validate my claim. 

Under the provisions of Regulation E of the Electronic Fund Transfer Act ( EFTA ), financial institutions are mandated to investigate and resolve unauthorized transfers within 10 business days of notification. If unresolved within this timeframe, a provisional credit equaling the disputed amount must be made to the account. Despite it being over 45 days since my initial complaint, Bank of America has yet to award any provisional credit, a direct violation of the EFTA.

Moreover, Section 908 of the EFTA necessitates that all investigations be completed within 90 days. With already over half this duration elapsed and no solution in sight, I implore the CFPB to intercede on my behalf, ensuring that Bank of America adheres to the stipulated regulations. 

The distress caused by these unauthorized transactions, coupled with the inability to access unemployment benefits, has placed me in a precarious financial position. This situation not only undermines the trust customers place in their financial institutions but also reflects a gross negligence on the part of Bank of America. 

I kindly request the FTC to : 1. Expedite an investigation into this matter.

2. Ensure that Bank of America credits the provisional amount of {$23000.00} to my account immediately, as mandated by Regulation E.

3. Guarantee that the bank finalizes its investigation within the upcoming 45 days, in line with Section 908 of the EFTA. 

XXXX XXXX : XXXX XXXX XXXX : ( XXXX ) XXXX Your immediate intervention will not only provide me with much-needed relief but will also fortify the confidence of countless others who trust financial establishments with their hard-earned money. 

Thank you for your understanding and prompt attention. 

Sincerely, XXXX 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