Consumer complaint received 2023-07-11 00:00:00
Product: Checking or savings account — Checking account
Issue: Credit monitoring or identity theft protection services — Problem with product or service terms changing
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MI

Complaint narrative:
I started receiving emails from the Bank of America regarding the opening of an account on XX/XX/XXXX and several subsequent emails over the next several days. Immediately after receiving these emails, I forwarded them to Bank of America 's published Fraud email ( XXXX ) as I could not verify whether these were legitimate emails or phishing emails. Bank of America did not respond to any of the 7emails forwarded to them.

Several weeks later, my father mentioned that he had received several letters from Bank of America addressed to me at his address. I asked him to open them and send me copies. After reviewing the information sent by BofA, it appeared that someone had opened a checking account with my information. I immediately contacted BofA and was transferred to their fraud department, where the agent confirmed that an account was opened in my name online on XX/XX/XXXX and shut down by BofA on XX/XX/XXXX after the bank was unable to verify my identity. Unfortunately, 4 transactions were completed, 3 XXXX transfers to the account and 1 withdraw, somewhere in Washington XXXX. BofA went over the transaction details on the account, including providing me the names of the 3 people who were defrauded. At this point, I began to ask the agent questions about the policies of BofA. Specifically, why someone would be allowed to use the account before BofA was able to verify their identity. The agent told me that they allow online customers to immediately access their products for " convenience. '' I pointed out that it's not very " convenient '' for people like me who are victims of identity theft of for the 3 individuals who were defrauded of money because BofA decided to make it " convenient '' for someone to commit fraud. I then mentioned that, in one of the mailed letters, I received a debit card for the account and inquired how a person who only recently opened an account online could make a withdraw from an ATM without a debit card. The agent again replied, we give new customers access to a virtual debit card for " convenience '' until their physical card arrives. I again pointed out the flawed policy, which clearly prioritizes their products over the public interest of combatting fraud. The agent acknowledged that they are aware of the issue and that a new policy was set to be rolled out in XXXX. 

I am very disturbed that a financial company as large as Bank of America would be so caviler about combatting fraud that they would be aware of a glaring issue with their policies and slowly roll out a patch. Moreover, the fact that a 'customer ' can open up an online account, gain access to the features of the account, and access virtual debit cards all before the bank even confirms the person is who they claim to be feels negligent. They have an entire department devoted to Fraud Prevention and yet they knowingly have a policy that allows people to commit fraud because they are prioritizing their products over people 's security.

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 non-monetary relief