Date Received: 2023-09-12
Issue: Other transaction problem
Subissue:
Consumer Complaint: The Unlicensed Merchant Solicits our Clients Deposits to Beneficiarys Non-Segregated Bank Account : Before the Merchant and our Client commenced a business relationship, the Merchant misled our Client to believe that it possessed all relevant government approvals necessary to the conduct of its business including, but not limited to, trading of regulated financial products. In connection with our Clients subsequent opening and funding of a trading account with the Merchant, the Merchant instructed our Client to transfer funds to an account in the Beneficiarys name at the Bank ( to be thenceforth credited to a false and fictitious trading account ) rather than to the Merchants segregated client account or an individual account held in the name of the Client for purposes of conducting investments and trading through the Merchant. The Falsified Trading Scam : Indeed, the Merchant is part of a global network of cybercrime that has been described as the falsified trading scam. In furtherance of its scheme, the Merchant claims to have the ability to offer and exchange stock, options, forex, digital currencies and/or other regulated financial instruments. It would appear that, in reality, the Merchant provides a simulated Trading Portal that putatively, but does not actually, execute any exchanges or purchases of any of the foregoing regulated financial instruments, and is not connected to any recognized exchanges. In other words, wherever convenient or expedient for its own business interests, the Merchant manipulates the Trading Portal to exhibit its own desired prices in order to variously ( and for its own behoof ) induce further deposits and/or preempt withdrawal requests. The Merchant has left a trail of victims who have fallen for this sophisticated and well-crafted scam ( in some cases losing their entire life savings ). The Merchants Unlicensed Conduct of Regulated Financial Activity : Please note further that the Merchant has not obtained the necessary license to trade the aforementioned regulated financial instruments and that, therefore, the contract, if any, under which the Merchant received client money via the Bank for the provision of such unlicensed services would be unenforceable as between the Merchant and our Client. The Beneficiarys Role in the Illegal Scheme : Nevertheless, acting in good faith and in full reliance on the Merchants representations and instructions, our Client sent money via bank transfer to the Beneficiarys account at your Bank. After much research, it was concluded that the Merchant is not part of the same corporate group as the Beneficiary. Evidently, the Beneficiary is aiding and abetting the Merchants systematic program to bypass the Banks fraud detection screening that ( we presume ) would have ( had such activity been conducted under the Merchants own name ) readily been flagged as a high-suspicion Merchants receipt of funds by illegal means ( e.g. fraud, larceny by trick, unlicensed practice of a regulated profession ). The Beneficiary participated in this illegal scheme by permitting the Merchant to funnel unauthorized transactions through a legitimate business network ( the Beneficiary ) in order to conceal the true origin of the transaction
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CT
Zip: 061XX
Submitted Via: Web
Date Sent: 2023-09-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-12
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing on or about XXXX, XXXX, I fell victim to a multilayered scam operation orchestrated XXXX ( the Company ), which involved me making deposits for a total amount of XXXX USD from my Bank of America account to fraudulent firm
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 75035
Submitted Via: Web
Date Sent: 2023-09-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-12
Issue: Problem with a company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: The existence of a derogatory rating on my account is causing me significant concern. I am deeply worried about its potential impact on my credit. It has already resulted in the denial of a recent loan application and an increase in the interest rates on my existing credit accounts. I want to emphasize the severe financial and emotional distress that this negative rating has caused me and will continue to cause until it is resolved.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33615
Submitted Via: Web
Date Sent: 2023-09-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-12
Issue: Problem with a company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: The existence of a derogatory rating on my account is causing me significant concern. I am deeply worried about its potential impact on my credit. It has already resulted in the denial of a recent loan application and an increase in the interest rates on my existing credit accounts. I want to emphasize the severe financial and emotional distress that this negative rating has caused me and will continue to cause until it is resolved.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33014
Submitted Via: Web
Date Sent: 2023-09-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-12
Issue: Closing an account
Subissue: Company closed your account
Consumer Complaint: On XX/XX/XXXX I received a text if I was out of my geographic area, I replied no and I received a call from BOA and representative stated my account was flagged for fraud due to an online loan. Conversation was not completed and was told to call Monday. I decided to check my accounts and I noticed a check for the same amount was deposited in both savings and checking accounts ; reported it to BOA fraud department and made two claims. I changed my username and password, I notified the representative and he stated he reset my password ; gentleman DID NOT notify me of resetting my password and I told him I had JUST changed it. He stated sorry, I did. In the evening of XX/XX/XXXX I XX/XX/XXXX money to a young man that was in XX/XX/XXXXXX/XX/XXXX and I placed the information wrong twice, corrected the 3rd time. I received a text asking if I did this transaction, text yes, then I received a text stating to contact BOA. I did and was told to wait following day. On XX/XX/XXXX I was on the phone all morning to be told 1.I need to go to a branch with two forms of ID 2.THEN I was told my accounts were closed. I explained I needed access to my funds for groceries to feed my children etc. I informed the representative I was not aware of my account being closed and no one informed me ; I was told my checking account is open for payroll deposit ; however I will be receiving a cashier 's check.I looked at my email and I read it was. On XX/XX/XXXX I called Fraud Department and I was told that my accounts are closed and they don't need to explain to me why. Finally representative stated due to possible fraud and I will not be able to have access at all, nor open a new account and I have to wait 42 days for my funds. I explained my payroll gets deposited and the representative stated that I need to figure that out. I explained that a payment got rejected when I had sufficient funds. I explained I'm leaving out of state Friday and I needed access. I was told even if I go inside a branch I will not receive my money.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AZ
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-09-12
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-12
Issue: Improper use of your report
Subissue: Credit inquiries on your report that you don't recognize
Consumer Complaint: Bank of America authorized a new credit card which I never authorized and sent it to an address which is not mine. I received a notification on XX/XX/XXXX to me email and called them to let them know that I never applied for that card. BOA advised me they would cancel the card and XXXX, in fraud department advised me they made a fraud claim for me. On XX/XX/XXXX I received another notice from the bank that another card was processed and shipped out. When I called BOA on XX/XX/XXXX the fraud department told me that they could not find the claim that was previously done. This was issued after I put a fraud alert on my accounts. The supervisor appolozied and said she would cancel that one too and insured me she would submit a claim. Failing to report a fraud claim by a bank caused my identity to be stolen.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 32828
Submitted Via: Web
Date Sent: 2023-09-12
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-11
Issue: Managing an account
Subissue: Banking errors
Consumer Complaint: I requested bank statements from Bank of America from XXXX to XXXX they refuse to give them to me due to the fact that they know that there was five committed on the account that I have complained about and they would not give them to me they sent me XXXX through XXXX even though I didn't order those and charged me {$180.00} they still owe me {$590.00} from the last claim that claimed they didn't give that back to me either they gave me {$2500.00} of the {$3000.00} owe
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 92392
Submitted Via: Web
Date Sent: 2023-09-11
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-11
Issue: Problem with a company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: The existence of a derogatory rating on my account is causing me significant concern. I am deeply worried about its potential impact on my credit. It has already resulted in the denial of a recent loan application and an increase in the interest rates on my existing credit accounts. I want to emphasize the severe financial and emotional distress that this negative rating has caused me and will continue to cause until it is resolved.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 77389
Submitted Via: Web
Date Sent: 2023-09-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-11
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I joined BoA in XXXX of 2023. I received one SSXXXXI payment into my account and then switched to XXXX XXXX around XXXX. I kept the account open but made no transactions. I switched my SSXXXXI back to BoA in XXXX. I then waited until my payday of XXXX XXXX to withdraw my {$1000.00} only to be unable to in any manner. After many calls to customer service and going to two branches they tell me my account is on a " credits only '' status and this usually only happens with or concerning fraud on the account ( boa didnt tell me there was any fraud but after researching it myself this has to be the case ). Not once in over 5 attempts did they tell me how to release my account so I can access my funds. Nor did they inform me at all of any of this.information. I researched it all myself. In addition to that, they also lied to me stating, " Once the transaction posts we will close the account and send you a check with the remaining balance ''. Well, they are lying to my face because my check posted on XXXX XXXX and we are on the XXXX and they have made absolutely zero effort to actually help a homeless, XXXX man in XXXX XXXX actually live and get my money flowing.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 94804
Submitted Via: Web
Date Sent: 2023-09-11
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-09-11
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: On Saturday, XX/XX/2023, I took a cash I was saving to spend on XXXX XXXX, to the Bank of America ( inside bank ) ATM, on XXXX XXXX XXXX XXXX XXXX XXXX XXXX, MO XXXX. I pulled aside the cash I need, and insert to the machine around XXXX {$100.00} bills, and about XXXX {$20.00} bills, the machine pulled my money, and then gave me a receipt stating an error was happened, and that I should speak to a customer service member, and then only {$300.00} was deposited. I called the number, right away, but after holding for about XXXX minutes with several trials, the phone machine said the offices were closed. I called the next day, I got an answer that they bank will deposit {$1000.00} as a-temporary credit until they do their investigations. nothing was credited, I called agin, on Tuesday XX/XX/XXXX, the associate said sorry, but the money should be deposited within XXXX hours. Nothing was received, I called again two days after, this time the associate said that the bank ( back up ), and I should have to wait until they finish their investigations, I told her I need the money, and its not my fault, she asked me to file a hardship, to receive my money, she did it for me. no money was received, I called today, and associate from customer service in Arkansas called himself XXXX, told me that I have to wait until the investigation is done, and that I have no other options, I asked to talk to a supervisor, XXXX said the same thing, I explained to her that it's not my fault, and I need the money, she asked me to wait for their investigations again, I told her will your bank wait for me to pay a credit card after the due date, she said she can't help me. I am asking you to justify me against this bank who used it's power to ignore my rights, took my money to their machine and kept me calling and calling and getting frustrated because I need my money, while they don't care.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MO
Zip: 63129
Submitted Via: Web
Date Sent: 2023-09-11
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A