Consumer complaint received 2024-11-13 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: MA

Complaint narrative:
RE : Bank of America Failure to Effectively Deal With Fraud and Failure to Abide Reporting Under the Currency and Foreign Transactions Reporting Act ( 31 U.S.C. 5311 et seq.

We want to cut to the quick, but dont want to minimize the severity of recent events that have occurred with XXXX XXXX XXXX  accounts at Bank of America XXXX XXXX lives in XXXX XXXX, Massachusetts and has been banking with Bank of America for decades. 
This past XX/XX/XXXX, XXXX woke up to find that virtually all her money had disappeared from three of her bank accounts at Bank of America. The total amount that disappeared amounted to a substantial {$26000.00}, substantial in that they only left her with a net amount of {$400.00} to her name. 
For an XXXX XXXX  spousewho has health issues XXXX this was no joke and has put immeasurable stressemotionally and physicallyon XXXX, her daughter XXXX and other family members. 
No one should ever have to deal with fraud to this level, especially given certain Federal statutes that exist in the banking industry as will be presented shortly! 
While efforts to deal with this have resulted in returns of {$6500.00} of XXXX XXXX money, as well as cancellation of another {$1500.00} bank payment that was on top of this amount, due to systems that BofA did deploy, the remaining and most significant balance of {$20000.00} is still hanging in limbo. To date, XXXX has received close to a dozen denial letters related to our requests for the {$20000.00} to be returned to her account. Many of these denial letters cite that this behavior was consistent with my mothers banking habits ; yet, she had never WIRED money to anyone, and our research has made it clear that XXXX payments to the same family member, that amounted to a few XXXX dollars from time to time, are not the same as a {$20000.00} wire transfer to a non-family member. 
So, here is the crux of the situation, the missing {$20000.00} was the result of a wire transfer. So far, we preferred not to make this a legal pursuitwe dont understand why Bank of America after being contacted up and down their fraud departments including emails and letters to the XXXX XXXX and the XXXX XXXX XXXX have to cost us money to hire a fraud attorney to help reclaim money that is rightfully Madelines!!! 

Why do we take this position, well after much research, there is no doubt that while fraud was clearly perpetrated by an individual or individuals ; but, most importantly, Bank of America also is responsible for gross negligence as they are required by the reporting under the Currency and Foreign Transactions Reporting Act ( 31 U.S.C. 5311 et seq, to review and double check every wire transfer over {$10000.00} and this was not done! It has now been 2 and half months that XXXX has gone without her money, losing interest on said money and having to deal with incredible stress that SHOULD HAVE BEEN PREVENTED or at the very least, DEALT WITH EXPEDITIOUSLY. 
Given the failure of Bank of America to take care of this, and it turns out many other account holders* as we have discovered in other TV news and as part of a conversation with one of many of the fraud department representatives** we have spoken with, we are looking for whatever help we can get to help XXXX get HER money back! 

We have sent emails and mailed actual letters to the XXXX and XXXX of Bank of America and have yet to receive any reply. We have had over a dozen and a half phone calls with the Fraud personnel at Bank of America and no progress has been made and it has been over 4 weeks since our last call with them.

Hoping you or someone from your agency can apply pressure, where it is rightfully due, to get this chapter over and done with, and get XXXX XXXX money back, ASAP! 


Sincerely, XXXX XXXX And The XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX, MA XXXX XXXX On XX/XX/year>, XXXX XXXX XXXX XXXX in New Jersey reported back fraud and scams that impacted many of its banking customers. Ironically, in our second to last call with BofA fraud, they also acknowledged that there had been a rash of similar incidents. Regardless, their failure to respond to our inquiries regarding The reporting under the Currency and Foreign Transactions Reporting Act ( 31 U.S.C. 5311 et seq, is beyond our comprehension. 


Cc : XXXX XXXX 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