Consumer complaint received 2026-04-15 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: BANK OZK
State: GA

Complaint narrative:
Subject : Dispute of unauthorized wire transfer for {$8500.00}, related fees/negative balance, and inadequate fraud investigation/communications Summary of complaint : I am submitting this complaint regarding an unauthorized wire transfer of {$8500.00} that was debited from my Bank OZK account, and the banks subsequent handling of my fraud dispute. I was a victim of a SIM swap scheme. My phone number was stolen and transferred to a new device to initiate an unauthorized wire transfer. I never received any confirmation notice from BankOZK about wire transaction which delayed my knowledge. I received returned payments and incurred numerous fees.. Despite reporting the fraud promptly at my local branch & signing affidavit. I never received any type of communication about the investigation the entire time. The bank ultimately denied reimbursement ( verbally ) with minimal explanation. Chronology of Events XX/XX/XXXX : I was a victim of a SIM swap scheme. The fraudster stole my phone number and transferred it to a new device which enabled them to initiate a wire transfer. I lost my cell phone service during that period and thought it was an issue w cell provider. XX/XX/XXXX : I received an email from XXXX that my premium had been returned. When I checked my online bank statement, I saw a negative balance and several overdraft fees. Monday, XX/XX/XXXX : I went to the bank reviewed my latest transactions. & saw the {$8500.00} wire transaction debited from my account. I immediately reported it to the branch manager stating I had not authorized this transaction. The branch manager reviewed internal notes and stated the bank had to call my cell phone number XXXX ( XXXX ) times before someone answered. The notes also reflected the bank emailed an electronic document to my email address which was signed and returned by fraudster.. The bank flagged my account to be restricted to pay only pre-established debits. I transferred funds from my retirement to cover ongoing bills. The branch mgr. stated she would contact me if there were any suspicious or questionable transactions. I did not hear from the bank remainder of week, but still received several more overdrawn notices. XX/XX/XXXX I went to branch to question the returned payments from established credit cards. branch manager stated she'd been unable to reach me. I later learned she only tried calling my landline never attempted to call my cell phone my primary contact #. or emailed me. Before I left, I signed an affidavit, ( I was never provided a copy ). I also asked whether I needed to file a police report and was told it would not be necessary. I never heard from anyone at Bank OZK during the investigation. I repeatedly had to go by branch in person to get any type of update which were always vague. I never received any communication, calls or or emails. I was not provided a copy of my affidavit, and I was not given a case/reference number or other written documentation about my fraud investigation. Information was limited, although the branch manager told me she personally listened to the recording of the individual who answered the banks call for wire verification She told the bank that the person who answered was definitely not me. The banks lack of communication continued for weeks. I got very frustrated about the lack of follow-up and communication. The regional eventually called and verbally stated the bank concluded its investigation, the money was gone, and the bank denied reimbursement. Her explanation was brief she did not include any details, offer any help other than I could file a report with the FBI online To date, I have received XXXX letter from Bank OZK, which was written on XX/XX/XXXX, but received in mid XXXX stating my online banking had been disabled and my account had been placed on limited status to restrict debits only. Key Facts and Concerns ( Red Flags ) Uncharacteristic activity : I have been a customer since XXXX. My account shows I have never initiated any wire nor withdrawn more than {$5000.00} other than with a written/signed check. Verification concerns : The banks notes about wire reflect the bank called my cell phone XXXX ( XXXX ) times before someone answered, and an electronic document was emailed to my address which signed/returned by fraudster and accepted by bank w/out additional verification. My home/landline number is listed as a secondary contact. Given the large amount of the wire, the bank did not call my home # for additional verification before executing the transfer. Bank didnt request any type of signature which could have beencompared to my signature on file, They accepted an electronic verification ( which anyone can use ), They did not request a valid drivers license or government issued Photo ID. : I was not notified acknowledging the wire transaction. I learned of the wire only after receiving notifications from creditors about returned payments and fees. Investigation transparency/communication : I was not provided a copy of my affidavit, a case/reference number, or written status updates during the investigation, and the denial decision was not supported with documentation. Given the large amount of the wire, I believe the bank should have used all available verification channels ( including calling the secondary number and/or confirming via additional methods ) before executing the transfer. I have absolutely no liability in this situation. I was not negligent by losing my cell phone or bank card. I was not sloppy with protecting my identity. I did not compromise or share any online banking credentials, I have efficiently protected my identity to the best of my ability. Bank OZK did not protect me, a customer of almost XXXX decades. They did not utilize all security procedures available to them and made a decision to release MY money ignoring red flags and not doing due diligence to provide an additional layer of follow up based This situation has caused me tremendous financial harm, it has hurt my credit score and I have spent countless hours trying to clean up this mess.

Company response to consumer: Closed with explanation