Consumer complaint received 2025-04-01 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Other transaction problem — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD

Complaint narrative:
I submitted this transaction under scam and fraud because that is what the bank deemed it was when I submitted my compliant. After reviewing the electronic transfer act, I need to submit this under unauthorized transaction because it was an unauthorized transaction. The bank said it counted as an authorized transaction because the transfer was initiated by myself but it was not. I was not aware of submitting a wire transfer. I was submitted a wire reversal. The bank is in violation of the electronic transfer act in multiple ways with this transaction. First, they said it was authorized when it was not and filed it incorrectly. Second, the reverse wire that I thought I was submitting had the recipient of the funds addressed to myself. When I notified bank of america of the unauthorized transaction I made them aware that this reversal was addressed to myself as the receipient. This notified them of the error and they should have processed it right away. I notified them within 3 hours which according to the act if " Unauthorized transfer ( s ) not involving loss or theft of an access device is notified within 60 days after transmittal of the periodic statement on which the unauthorized transfer first appears, the consumer has no liability for the transfer. The act states " An error includes any of the following : An unauthorized EFT. An incorrect EFT to or from the consumers account. After receiving a notice of error, the financial institution must do all of the following : Promptly investigate the oral or written allegation of error. Complete its investigation within 10 business days. Report the results of its investigation within three business days after completing its investigation. Correct the error within one business day after determining that an error has occurred ( 12 CFR 1005.11 ( c ) ( 1 ) ). The financial institution may take up to 45 days ( 12 CFR 1005.11 ( c ) ( 2 ) ) to complete its investigation provided it : Provisionally credits the funds ( including interest, where applicable ) to the consumers account within the 10 business-day period. Advises the consumer within two business days of the provisional crediting. Gives the consumer full use of the funds during the investigation. However, where an error involves an unauthorized EFT, the financial institution must comply with the requirements of the provisions relating to unauthorized EFTs before holding the consumer liable, even if the consumer does not provide a notice of error within the time limits. When investigating a claim of error, the financial institution need only review its own records if the alleged error concerns a transfer to or from a third party, and there is no agreement between the financial institution and the third party for the type of EFT involved ( 12 CFR 1005.11 ( c ) ( 4 ) ). However, the financial institution may not limit its investigation solely to the payment instructions where other information within the financial institutions records pertaining to a particular account may help to resolve a consumers claim ( Comment 11 ( c ) ( 4 ) -5 ). If, after investigating the alleged error, the financial institution determines that an error has occurred, it must promptly ( within one business day after such determination ) correct the error, including the crediting of interest if applicable. The financial institution must provide within three business days of the completed investigation an oral or written report of the correction to the consumer and, as applicable, notify the consumer that the provisional credit has been made final ( 12 CFR 1005.11 ( c ) ( 1 ) & ( 2 ) ( iii ) and ( iv ) ). If the financial institution determines that no error occurred or that an error occurred in a different manner or amount from that described by the consumer, the financial institution must mail or deliver a written explanation of its findings within three business days after concluding its investigation. The explanation must include a notice of the consumers rights to request the documents upon which the financial institution relied in making its determination ( 12 CFR 1005.11 ( d ) ). Upon debiting a provisionally credited amount, the financial institution must notify the consumer of the date and amount of the debit and of the fact that the financial institution will honor ( without charge ) checks, drafts, or similar paper instruments payable to third parties and preauthorized debits for five business days after transmittal of the notice. Upon request from the consumer, the financial institution must promptly mail or deliver to the consumer copies of documents upon which it relied in making its determination ( 12 CFR 1005.11 ( d ) ( 1 ) ). If a financial institution has fully complied with the investigation requirements, it generally does not need to reinvestigate if a consumer later reasserts the same error. However, it must investigate a claim of error asserted by a consumer following receipt of information provided pursuant to 12 CFR 1005.11 ( a ) ( 1 ) ( vii ) and 12 CFR 1005.11 ( e ). '' Bank of america did not do any of this. Upon notice of the error and unauthorized transaction they refused to credit my account or help me financially in anyway. They actually referred me to look at local charities for financial assistance. They did not have a report within 3 business day and in fact closed my case after 45 business days. They did not notify me of closing my case and when I called for an update they would not give me any further information about my case. Later after submiting multiple complaints, a bank of america representative reached out stating there was no response from the other bank so they closed my case. I reached out to the other bank ( XXXX XXXX ) and they stated it is their policy to respond to all banks especially in cases like this and the only reason they would not have responded is if they did not get any communication from bank of america. Bank of america refused to give me my case records and in fact told me I would need a lawyer to subpoena my records. They completely violated the electronic funds act in multiple ways. If it was deemed an authorized transaction or not which is was not authorized there was still an error on the transaction and they were notified within XXXX hours of the transaction. 

Please see initial submission for further details- Initial submission of complaint # 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