Date Received: 2023-11-13
Issue: Problem with customer service
Subissue:
Consumer Complaint: I went to Bank of America located on XXXX XXXX XXXX XXXX ca, to cash a bank of america settlement check. I was denied because the check was {$5000.00}. I was told they only cash up to {$4000.00} for non-members. This was a Bank of america check. I was not asked to open up an account either. My sister who works for the FDIC formerly worked for the federal reserve said they were obligated to cash their own check.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 95834
Submitted Via: Web
Date Sent: 2023-11-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-13
Issue: Opening an account
Subissue: Account opened without my consent or knowledge
Consumer Complaint: Bank Of American has an account opened with my name, SSN & other Personal Documentation provided to them Fraudulently I have never opened an account with them
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 77365
Submitted Via: Web
Date Sent: 2023-11-13
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-13
Issue: Closing on a mortgage
Subissue: Changes in loan terms during or after closing
Consumer Complaint: Mortgage Servicing Fraud refers to a variety of abusive servicing practices that may occur individually or collectively to a loan after it has closed. Mortgage servicers are usually a third-party company hired/contracted by the lender/note holder to perform the day-to-day tasks associated with collecting loan payments. Some of these practices include, but are not limited to : * Manipulating the accounting of loan to appear in default despite being current. * Refusing to accept properly tendered payments. * Charging fees for collection letters, inspections and BPOs. * Charging interest in excess of that actually owed. * Placing payments into suspense accounts without cause. These activities appear to be more commonly encountered by borrowers with equity in their property, regardless of their prime or sub-prime status. When it comes to mortgage servicing fraud, these wrongs are usually committed by third-party companies that hold neither title nor interest in the properties whose loans they service. Most commonly these days, servicers are employed by owners of Residential Mortgage Backed Securities or XXXX trusts. Mortgage Servicing Fraud stems from fairly boilerplate language used in the Pooling & Servicing Agreements that govern the relationship between the trust and the mortgage servicer. For instance, many Pooling & Servicing Agreements allow servicers to keep assumption fees, modification fees and basic late fees as what is known as " additional servicing compensation ''. Language such as this simply removes any incentive for a mortgage servicer to keep a borrower current in their monthly payments because to do so potentially cuts the servicer 's profit margin significantly. There are additional means for servicers to make additional profit in servicing securitized loans but this is the most basic means of profit after the relatively small monthly servicing fees that servicers contractually agree to as a rule. As far as why a company would do this, the answer is both simple and yet complex. It all comes to down to money. For years consumers have been duped into believing that defaulted loans and foreclosure are not profitable for " the bank '' when, in some instances, it is absolutely more profitable than allowing the borrower to pay off his/her loan especially when taking into consideration the various manners of insurance and/or investment " shorting '' and/or " hedging '' in which both note holders and servicers are allowed to engage by Our Home Purchase, Our Home Servicing, All 13 Banks involvement has n been recorded the XXXX XXXX XXXX XXXX as fraudulent activity yet we are still fighting Foreclosure of our property 4 Law Firms rotating the foreclosure processing as we continue to make a plea for help by government entities such as CFPB, OCC, SEC, Veteran Administration.and onward. All parties below are a part of our continued fight rightfully owned and owed by the list below : XXXX XXXX XXXX - SEC charged the firm with misleading investors in a complex mortgage securities transaction just as the housing market was starting to plummet. XXXX XXXX agreed to pay {$150.00} XXXX in a settlement that enables harmed investors to receive all of their money back. ( XX/XX/XXXX ) XXXX XXXX XXXX - SEC charged the firm with misleading investors in offerings of residential mortgage-backed securities. XXXX XXXX XXXX agreed to pay {$290.00} XXXX to settle the SEC 's charges. ( XX/XX/XXXX ) XXXX XXXX - SEC charged XXXX XXXX 's brokerage firm and a former vice president for selling investments tied to mortgage-backed securities without fully understanding their complexity or disclosing the risks to investors. XXXX XXXX agreed to pay more than {$6.00} XXXX to settle the charges. ( XX/XX/XXXX ) Bank of America XXXX SEC charged Bank of America and XXXX subsidiaries with defrauding investors in an offering of residential mortgage-backed securities by failing to disclose key risks and misrepresenting facts about the underlying mortgages. ( XX/XX/XXXX ) Bank of America XXXX SEC charged the company with misleading investors about billions of dollars in bonuses being paid to Merrill Lynch executives at the time of its acquisition of the firm, and failing to disclose extraordinary losses that XXXX sustained. Bank of America paid {$150.00} XXXX to settle charges. ( XX/XX/XXXX ) Countrywide - SEC charged XXXX XXXX XXXX and XXXX other executives with deliberately misleading investors about significant credit risks taken in efforts to build and maintain the company 's market share. XXXX also charged with insider trading. ( XX/XX/XXXX ) XXXX XXXX and XXXX XXXX XXXX SEC charged XXXX former top executives of XXXX XXXX and XXXX XXXX with securities fraud for misleading investors about the extent of each company 's holdings of higher-risk mortgage loans, including subprime l XXXX XXXX XXXX SEC charged XXXX former XXXX XXXX XXXX XXXX XXXX XXXX for fraudulently misleading investors about the financial state of the firm 's XXXX largest hedge funds and their exposure to subprime mortgage-backed securities before the collapse of the funds in XX/XX/XXXX. ( XX/XX/XXXX ) loans. ( XX/XX/XXXX ) State Street - SEC charged the firm with misleading investors about exposure to subprime investments while selectively disclosing more complete information to specific investors. State Street agreed to repay investors more than {$300.00} XXXX to settle the charges. ( XX/XX/XXXX ) WE declare and decree XXXX XXXX dollars for over 10 years in this fight over our property IN XXXX WE TRUST XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 302XX
Submitted Via: Web
Date Sent: 2023-11-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-13
Issue: Managing an account
Subissue: Problem using a debit or ATM card
Consumer Complaint: This is my second time making a complaint about Bank Of America. Can someone look at the previous complaint it is all the same exact informtion. Today a Bank of America associate called me about my case stating that it was imnpossible for me to be in the situation that I am in. She adivised me that my story was not authentic. She kept referring to things that happen in the past and not that occured on the exact day and time that this incident took place. I would like some one to look thru my case and actually resolved this matter instead of just skimming thru this case. PREVIOUS CASE COMPLAINT ID XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MI
Zip: 48042
Submitted Via: Web
Date Sent: 2023-11-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-13
Issue: Other transaction problem
Subissue:
Consumer Complaint: Im an international student in the XXXX. My parents were wire transferring me my tuition to Bank of America account on XXXX. It takes XXXX days for the transaction, but during the transaction, the Bank of America close my account for some reason only they know. I got an email telling me my wire transfer is received, so I tried to pay my tuition with my bank account. At first, I was able to submit my payment, but days later, the XXXX department XXXX XXXX XXXX told me the money was returned to my account for some reason. And since they closed my account, they kept my money on hold till now.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: IL
Zip: 606XX
Submitted Via: Web
Date Sent: 2023-11-14
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-13
Issue: Closing your account
Subissue: Can't close your account
Consumer Complaint: My business was created with XXXX owners who functioned as managers and we each had a credit card. When one of the owners/managers was fired in XX/XX/XXXX we physically took the credit card back and changed our login information online ( her name is XXXX XXXX XXXX so she wouldn't be able to charge anything. Shortly after we contacted Bank of America to have the credit card canceled and the associated account closed. They told us the only person who could cancel the card and close the account was XXXX XXXX herself because she opened it under her own line of credit. We explained that she was fired and doesn't have any access to the account. We had this same conversation/back and forth in person and over the phone a few times before we as a business decided to table the problem since we weren't getting anywhere. Then in the pay period of XXXX XXXX XXXX XXXX {$160.00} was charged to the credit card ( not by us ) that was physically held by us. We assume the fired employee had the card number saved on an XXXX account and made the purchase. We immediately disputed the charge and a claim was filed, explained the situation to the bank in person and over the phone and they still would not close the credit card or the account. So I filed a complaint with a federal agency ( I don't remember if it was this XXXX or a different one ) and we got a response from Bank of America over the phone, saying we needed to fill out a " change of Guarantor '' form to change the cc/account to be in my name and were told to 'select option XXXX ' when you receive the form. I received the form in the mail and there was no 'select all " option or 'option XXXX ' so I called the contact we had from the Bank of America regulatory department who reached out and they didn't answer. We then received a mailed letter explaining no information could be shared because the account was in the fired employees name. So I sent the paperwork in filled out despite the lack of 'option XXXX ' as I was told over the phone and we have heard nothing back in about a month. The disputed charges remain on the card even now and late fees are stacking up, while our fired employee 's credit score is likely being effected without their knowledge. The card otherwise has XXXX charges. We just want to close it down.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NC
Zip: 27610
Submitted Via: Web
Date Sent: 2023-11-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-13
Issue: Improper use of your report
Subissue: Credit inquiries on your report that you don't recognize
Consumer Complaint: I noticed a credit inquiry from bank of America on my credit report dated XX/XX/23, which I did not authorize. There is an initial fraud alert on my credit report.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 08610
Submitted Via: Web
Date Sent: 2023-11-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-13
Issue: Problem with a lender or other company charging your account
Subissue: Transaction was not authorized
Consumer Complaint: In XX/XX/2023 I was contacted by Bank of America by email that my account was XXXX. There should have been well over XXXX in my account. I immediately logged into my account and realized my account/XXXX XXXX was as XXXX. I also called and filled a XXXX claim as I was out of the country and I hadnt authorized any of the XXXX that caused the account to be overdrawn. After XXXX weeks went by and I hadnt heard from Bank of America I called again and learned a claim was never opened originally when I called in XXXX. This time a claim was opened and immediately closed stating XXXX XXXX XXXX XXXX to file. I immediately called and disputed and had the claim reopened. This time Bank of America took well over the XXXX days to investigate and upon calling at day XXXX they denied my claim again. I called back to ask why, they stated that I logged into my account in XXXX prior to filing a dispute so the claim was denied. Obviously Bank of America is in violation of XXXX regulation XXXX and XXXX XXXX regulations. Ive sent Bank of America XXXX documents proving I never made these transactions and no one was authorized to make purchases on my account. Bank of America refused to investigate this matter and not within the regulated XXXX day time period.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 95835
Submitted Via: Web
Date Sent: 2023-11-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-13
Issue: Problem with a purchase or transfer
Subissue: Card company isn't resolving a dispute about a purchase or transfer
Consumer Complaint: In XXXX I was a victim of XXXX fraud, some of my funds I did receive then my funds stopped. That was due to fraud, I verified my information with XXXX and XXXX confirmed that I was a victim of fraud. XXXX released my fund but Bank of America is telling me I or someone in my household used my funds. My card is still in my possession my Husband & daughter was the only people I allowed to use my card. But due to the fraud on my account my fund never got to my card. The fraud happened before the money was put on the card & Bank of America keeps denying my claim.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: SD
Zip: 574XX
Submitted Via: Web
Date Sent: 2023-11-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-13
Issue: Managing an account
Subissue: Funds not handled or disbursed as instructed
Consumer Complaint: On XX/XX/2023 I received an automatic alert email from Bank of America that my account balance had dropped below {$100.00}. I opened up my account and saw that there were three unauthorized charges. The first was for {$7500.00}, the second was for {$3100.00}, and the third was for {$4500.00}. These charges appear to have been made to a credit card. The description for the transaction referred to " XXXX XXXX XXXX XXXX XXXX ''. I do not own a such a card, nor do I have any knowledge of anyone owning such a card, and I certainly did not make a payment to that card. I immediately called Bank of America and reported the unauthorized transactions. On XX/XX/2023 I received an email from Bank of America, attached as Exhibit XXXX XXXX XXXX stating that the transactions were validated via an authentication code sent to my phone number, and therefore they would not return the funds that were transferred from my account without authorization. I did not receive any authentication code nor did I validate these transactions. I asked Bank of America to send the documents they used in their investigation, which they did. These documents are attached as Exhibit " XXXX ''. These documents indicate that these unauthorized transfers were made from XXXX, FL, based on the IP address of the devices used. Although I reside in XXXX, FL, on the date of the transactions at issue I was in XXXX XXXX, NY visiting family. See attached Exhibit " XXXX '' and Exhibit " XXXX '' containing my cellphone geolocation data and airline tickets respectively, which confirm that I was not in XXXX, FL on the date in the question and therefore could not have initiated those transactions. I requested that they look further into the issue and I sent them my text message phone logs, attached as Exhibits " XXXX '' and " XXXX '', indicating that I received no validation text messages from Bank of America, together with a notarized letter containing my sworn statement that I did not initiate those transactions nor was I in XXXX, FL on the dates at issue. On XX/XX/2023 they sent me an email, attached as Exhibit " XXXX '', stating that they can not approve my claim 'because the transaction in question was completed using a device that is consistent with previous account activity '. During the course of the above mentioned correspondence, and afterward, I visited Bank of America to seek guidance on any further steps I could take to pursue my claim. However, these attempts proved futile and Bank of America representatives provided little, if any, assistance. On XX/XX/2023, I filed a police report concerning this incident, attached as Exhibit " XXXX '' and " XXXX ''. On XX/XX/2023 I called Bank of America to see what other documentation I could send so that could reopen my claim and continue their investigation. They suggested that I send them a credit report to show that I don't have a " XXXX XXXX XXXX XXXXXXXX XXXX ''. I provided said credit report, attached as Exhibit " XXXX '', as well as the abovementioned police report to Bank of America. However, on XX/XX/2023, I received a letter from Bank of America stating that my fraud claim has once again denied, attached as Exhibit " XXXX XXXX I have exhausted all efforts to resolve this claim with Bank of America. Upon the advice of my attorney, I have filed this complaint, with the hopes of resolving this issue without needing to resort to filing a lawsuit to recover these funds. Thank you,
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33024
Submitted Via: Web
Date Sent: 2023-11-13
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A