Consumer complaint received 2024-09-23 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
Subject : Complaint Regarding Mishandling of Fraudulent Activity by Bank of America Date : XX/XX/year> Dispute Amount : {$3800.00} Dear Consumer Financial Protection Bureau, My name is XXXX XXXX. I am writing to file a formal complaint against Bank of America regarding their handling of fraudulent activity that severely impacted my financial standing and continues to affect my ability to open accounts or secure financing. 

On XX/XX/year>, as a recent graduate searching for a job, I fell victim to an online phishing scam. A group pretending to be associated with the XXXX company sent me a check for {$3800.00}, instructing me to deposit it into my Bank of America checking account to purchase a computer. After depositing the check, I was told to transfer money via XXXX to a vendor, which I did. Soon after, the {$3800.00} check was withheld, and my account became overdrawn. 

Upon realizing that I had been scammed, I immediately contacted Bank of America to dispute the XXXX payment. I was assured by a Bank of America representative that the payment dispute had been processed. I followed up multiple times, and each time I was told that the dispute was active. At that time, the bank assured me that the payment had been stopped and the dispute was processed. I also had an BOA email screenshoot to prove that Bank of America said the payment to payment was stop. ( I will upload the evidence below ) However, despite these assurances, my account remains overdrawn after a week. Bank of America later closed my account and required me to pay the overdraft caused by this fraudulent activity. This has led to lasting damage to my financial health, as I am now unable to finance a car or open another bank account due to this unresolved issue. 

I am extremely disappointed with how Bank of America handled this situation. First, the bank allowed my account to be overdrawn, even though there were no funds available. Second, despite the representative 's assurances and a confirmation email from Bank of America stating that the payment was stopped and canceled, no action was taken to successfully dispute the fraudulent transaction. Instead, Bank of America closed my account and held me responsible for repaying the overdraft caused by the scam. 

In contrast, after switching to another bank, I experienced better protection from scams and overdrafts. I believe Bank of America failed to properly safeguard my account and failed to follow through on its commitment to dispute the fraudulent charges. 

I respectfully request the CFPB investigate this matter and take the appropriate steps to ensure that I am not held liable for the overdraft resulting from this scam. I also request that my record be cleared so I can move forward financially. 

Thank you for your time and attention. I look forward to your response. 
Sincerely, 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