Date Received: 2023-08-25
Issue: Closing an account
Subissue: Company closed your account
Consumer Complaint: Bank of America opened an account for a fraudster in my name in XX/XX/2023. I have never banked with them and never have used their products to my knowledge. In the account the fraudster disputed finds and a statement was sent to my house so I called the bank in XX/XX/2023 to have the account closed. The bank assured me the account would stay closed and no more would be opened in my name. In XXXX ( I was away ) and XXXX I received more statements. I called again and they closed the account and sent a letter the " Accounts were closed due to being unable to verify my identity ''. I then was satisfied at least the accounts were closed. The bank then sent me a check for the closed accounts. I can not believe this level of incompetency, considering I told them the account was not mine and I was not attached to the money in any way. I will not cash the check and am in the process of calling them to cancel the disbursement or even better work on trying to find out how and why this happened.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MA
Zip: 021XX
Submitted Via: Web
Date Sent: 2023-08-25
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-25
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: KS
Zip: 67846
Submitted Via: Web
Date Sent: 2023-08-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-24
Issue: Fees or interest
Subissue: Charged too much interest
Consumer Complaint: On XX/XX/2023 I received and paid off a bill on my visa card issued by Bank of America in the amount of XXXX. On XX/XX/2023 I received a bill of XXXX which included XXXX I charged on XX/XX/2023 plus an interest charge of {$0.00}. I am attaching the bills for XXXX and XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-08-24
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-24
Issue: Money was not available when promised
Subissue:
Consumer Complaint: Hi there. My father passed away in XXXX and actions were taken to close his financial accounts with Merrill Lynch beginning on XX/XX/2023, with a value of about {$61000.00}. My stepmother and I chose to split the money and filled out all paperwork as directed, right away. Funds were promised in " 5-7 business days. '' Since then, we have spent countless hours on hold with their representatives to no avail. We continue to be told it will be another 2 business days, but it has now been two months. After reading many horror stories with this company on the internet, I fear we are being bamboozled.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 78752
Submitted Via: Web
Date Sent: 2023-08-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-24
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: To Whom It May Concern, I am writing to file a formal complaint against Bank of America for failing to reimburse or properly investigate {$81000.00} in fraudulent transactions that occurred on my account over the past few months. As explained in my previous letters to Bank of America, I was the victim of an elaborate cryptocurrency investment scam that resulted in fraudulent transfers from my account. Bank of America has repeatedly refused to take responsibility and denied liability for these fraudulent transactions, in violation of Regulation E and the Electronic Funds Transfer Act. Regulation E requires banks to conduct a timely investigation of reported unauthorized transfers and reimburse customers in cases of demonstrated fraud. Despite providing extensive documentation, Bank of America failed to adequately investigate, provisionally credit the disputed amounts, or stop any further fraudulent transfers as required under Regulation E. Bank of America is also in violation of anti-money laundering regulations that mandate banks to have policies to detect suspicious transactions. Allowing over {$80000.00} to be transferred to cryptocurrency platforms without scrutiny shows negligent practices that enabled criminal activity. Furthermore, Bank of America may be engaging in unfair, deceptive, or abusive acts concerning my complaint. The Bank Secrecy Act states banks must have appropriate procedures in place to prevent fraudulent electronic transfers. Yet Bank of America has failed to take reasonable steps to detect and prevent unauthorized transfers, despite advertising these protections to account holders. I request the CFPB use its full authority under the Dodd-Frank Act and other consumer protection laws to compel Bank of America to reimburse the full {$81000.00} lost through fraudulent transfers. The CFPB should use its supervisory and enforcement powers to investigate Bank of America 's apparent violations of Regulation E, AML regulations, and the Bank Secrecy Act and hold them accountable for their failure to prevent or address this fraud. Bank of America 's denial of liability in the face of clear evidence of unauthorized transactions represents gross mistreatment of a consumer that should prompt immediate action by the CFPB. I urge the CFPB to stand up for consumers and use every tool at its disposal to get justice for the financial harm Bank of America has caused me. The CFPB must enforce the law and require the bank to fulfill its legal obligations to customers who are victims of fraud. I look forward to the CFPB intervening on my behalf and establishing a precedent that makes banks more accountable for detecting and preventing unauthorized electronic transfers. Please contact me if any additional information is required in support of my complaint against Bank of America. Thank you for your attention to this very serious matter. I have attached the document with transaction details. Also listing transactions details here : DATE : XXXX AMOUNT : XXXX $ TO : XXXX XXXX XXXX XXXX DATE : XX/XX/ AMOUNT : XXXX $ TO : XXXXXXXX XXXX XXXX XXXX DATE XXXX XXXX AMOUNT XXXX XXXX XXXX TO : XXXX XXXX XXXX XXXX DATE XXXX XXXX AMOUNT:XXXX XXXX TO : XXXX XXXX XXXX DATE : XXXXXXXX AMOUNTXXXX $ TO : XXXX DATE : XX/XX/XXXX AMOUNT:XXXX XXXX TO : XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 32824
Submitted Via: Web
Date Sent: 2023-08-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-24
Issue: Problem with a purchase shown on your statement
Subissue: Card was charged for something you did not purchase with the card
Consumer Complaint: Problem : On XX/XX/XXXX, I received a text to my cell phone asking to verify a purchase on a Bank of America credit card. ( see attached copy of this text message ) Facts : I do not have a credit card with Bank of America. I do not have an account with Bank of America. I have never had an account nor credit card with Bank of America. Attempted Resolution : I have made Ten attempts to contact Bank of America to resolve this issue. I have called all the 1-800 numbers listed on the website of Bank of America , but they are all automated and require a Bank of America account number to proceed with the call. I have not been able to communicate with anyone at Bank of America.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-08-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-25
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I deposited a certified bank check in my business checking account on XX/XX/. The bank has put an hold on it until XXXX The issuing bank is a local renowned bank. To put a 10 day hold on a certified bank check is unreasonable
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11756
Submitted Via: Web
Date Sent: 2023-08-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-25
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: According to the Fair Credit Reporting Act 15 USC 1681 section 602 a states " There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. '' XXXX and XXXX are consumer reporting agencies and I am the Consumer. I have the right to make sure my private information isn't shared which is backed by 15 USC 6801 which states '' It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information. '' ( Furnisher of information to credit agencies ) is a financial institution by definition under that title. 15 USC 1681 section 604 a section 2 states that " In general Subject to subsection ( c ), any consumer reporting agency may furnish a consumer report under the following circumstances and no other : in accordance with the written instructions of the consumer to whom it relates. '' ( Furnisher of information to credit agencies ) the financial institution and the Consumer reporting agencies XXXX and XXXX do not have my consent to furnish this information and they surely do not have my written consent. Any and all consent to XXXX, XXXX, ( Furnisher of information to credit agencies ) whether it be verbal, non-verbal, written, implied or otherwise is revoked. 15 USC 6802 ( b ) ( c ) states that " A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless the consumer is given an explanation of how the consumer can exercise that nondisclosure option. '' ( Furnisher of information to credit agencies ) Never informed me of my right to exercise my nondisclosure option. Not only that 15 USC 1681C ( a ) ( 5 ) states '' Except as authorized under subsection ( b ), no consumer reporting agency may make any consumer report containing any of the following items of information Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years. '' This account is an adverse item they are reporting again without my permission which is against the law. 15 U.S. Code 1681s2 ( A ) ( 1 ) A states " A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. 15 U.S. Code 1681e states '' Every consumer reporting agency shall maintain reasonable procedures designed to avoid violations of section 1681c of this title and to limit the furnishing of consumer reports to the purposes listed under section 1681b of this title. XXXX and XXXX are not maintaining reasonable procedures. Also 12 CFR 1016.7 states that " A consumer may exercise the right to opt out at any time. '' I am opting out of your reporting services. I also requested all corporations to fill out a form 1020 and return back to me and still haven't gotten it
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: VA
Zip: 23324
Submitted Via: Web
Date Sent: 2023-08-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-24
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I deposited a reimbursement check FROM THE STATE OF NJ, VIOLENT CRIMES COMPENSATION BOARD reimbursing me for relocation costs. This money is being held for 7 days according to Bank of America. The check stub has a DIRECT # that can be contacted to VERIFY THE CHECK. I need this money NOW!!! I cant buy food right now because of the ignorance of this bank. Ive been a customer for 28 years!!! That ends now! I was NOT made aware that this check would held FOR 7 DAYS BEFORE DEPOSITING IT!!!! I would have went to another bank where I have an account!!! BOA is simply collecting interest on MY MONEY!!!
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: 2023-08-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-24
Issue: Managing an account
Subissue: Problem using a debit or ATM card
Consumer Complaint: In XXXX a dispute was made, BOA provided temp credit for it. In XXXX the reversed the credit twice ( double dipped on my account ) which was only rectify after I called and complaint about it. Now in XXXX they reverse the credit again. They are giving me the round around and not provided me my funds back
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33012
Submitted Via: Web
Date Sent: 2023-08-24
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A