Consumer complaint received 2025-01-17 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: IN

Complaint narrative:
Formal Complaint Regarding Unfair Account Closure and Unjust Reversals of Funds Dear Bank Of America, I am writing to lodge a formal complaint against your institution regarding repeated instances of unjust treatment, lack of due process, and financial harm caused to my business. These events demonstrate a failure to adhere to standard banking practices and regulatory requirements, causing me substantial losses. 

First Incident : XXXX Transactions ( Total {$13000.00} USD ) In XXXX, I conducted XXXX legitimate transactions as a cryptocurrency seller on XXXX XXXX. Before accepting payments, I ensured the buyer 's name matched both on the payment transfer and XXXX  account, as per standard requirements. 

Weeks later, I was informed that the buyer had disputed the transactions, claiming they were unauthorized. I immediately submitted the following evidence to support the legitimacy of the transactions : XXXX. Screenshots of all XXXX transactions, including amounts, dates, and matching sender details. 
XXXX. Proof that the buyer 's name matched across all platforms. 
XXXX. A detailed explanation of the transactions. 

Despite this, you deemed my evidence insufficient, reversed the funds to the buyer, and provided no clear explanation of what additional evidence was required. When I asked for details of the buyers claims, I received no response. This decision not only resulted in a financial loss but also enabled the buyer to fraudulently benefit from both the USDT and the refunded funds. 

Second Incident : XXXX Transaction ( {$13000.00} USD ) In XXXX, another buyer contacted me via XXXX to purchase {$13000.00} USD worth of USDT. To ensure the legitimacy of the transaction, I required the buyer to complete a Know Your Customer ( KYC ) verification. This included : XXXX. Providing a copy of their government-issued ID. 
XXXX. Recording a video in which they confirmed the amount being sent and acknowledged their full awareness of the transaction. 

After receiving the video and ID, I proceeded with the transaction. However, just a few days later, the buyer claimed the transaction was unauthorized. I promptly provided your institution with : XXXX. The buyers government-issued ID. 
XXXX. The recorded video in which the buyer explicitly confirmed the transaction. 
XXXX. Screenshots of our XXXX conversation detailing the agreement. 

Instead of properly investigating the evidence I submitted, your institution unjustly reversed the funds and subsequently closed my business account without prior notice or explanation. 

Violations of Law and Banking Standards Your actions in both incidents demonstrate a clear failure to adhere to U.S. banking regulations and consumer protection laws, including but not limited to : 1. **Unfair Business Practices** : Closing my account and reversing funds without due process violates the principles of fairness outlined in the Federal Trade Commission Act ( 15 U.S. Code 45 ).

2. **Failure to Investigate** : Under the **Electronic Fund Transfer Act ( EFTA ) ** and Regulation E, financial institutions are required to conduct a thorough and transparent investigation into disputed transactions. Your refusal to provide clarity on what additional evidence was required or details of the buyers claims constitutes a breach of these obligations.

3. **Discrimination Against a Business Account Holder** : By repeatedly siding with buyers without properly reviewing the evidence I provided, your institution failed to protect my rights as a business customer, despite the precautions I took to ensure compliance with due diligence standards.

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