Date Received: 2023-06-27
Issue: Fraud or scam
Subissue:
Consumer Complaint: Subject : Formal Complaint - Bank of America 's Failure to Address Recurring Fraudulent Activities, Inadequate Customer Protection, and Concerns Regarding XXXX XXXX Dear Consumer Financial Protection Bureau, I am writing to file a formal complaint against Bank of America regarding their persistent failure to address and resolve the recurring fraudulent activities that have been occurring within my account. I am deeply concerned about Bank of America 's inadequate customer protection measures, their failure to recover lost funds, and the suspicious nature of the funds being deposited exclusively into a XXXX XXXX account. To provide a comprehensive overview, I have experienced multiple instances of fraudulent activities within my Bank of America account. Most recently, on XX/XX/2023, unauthorized transactions in the amounts of {$2000.00} and {$50.00} were processed through my account. Despite my efforts to report and address these fraudulent transactions, Bank of America has failed to take adequate action to prevent such activities and protect me as a customer. Furthermore, it is troubling to note that these unauthorized amounts were successfully deposited into a XXXX XXXX account, as indicated by the endorsements of the beneficiaries. This exclusive deposit arrangement with another financial institution raises concerns about potential collaboration or complicity between Bank of America and XXXX XXXX in facilitating fraudulent transactions. It is crucial that the nature of this relationship and the reasons behind the exclusive deposit arrangement be thoroughly investigated. In addition to these recent fraudulent transactions, I have previously suffered significant financial losses due to an unauthorized wire transfer of {$25000.00}, which Bank of America initially verified as legitimate before later acknowledging its fraudulent nature. Despite their promises to assist in recovering the funds, Bank of America failed to fulfill their commitment, leaving me with substantial financial damages. Bank of America 's repeated failure to address these recurring fraudulent activities and their insufficient customer protection measures highlight a severe breach of trust and their inability to safeguard customer accounts. Their negligence in detecting and preventing fraudulent transactions, as well as their inadequate response and failure to recover lost funds, demonstrate a lack of commitment to customer security and satisfaction. I urge the Consumer Financial Protection Bureau to conduct a thorough investigation into Bank of America 's handling of these fraudulent activities, their internal controls, and their relationship with XXXX XXXX. It is imperative that their security protocols, verification procedures, and recovery processes are scrutinized to identify any systemic weaknesses, potential negligence, or collaboration between the two institutions. Additionally, I request that the Consumer Financial Protection Bureau holds Bank of America accountable for their failure to protect me as a customer, recover lost funds, and provide appropriate compensation for the financial losses and emotional distress I have endured. It is essential that strict measures be taken to ensure the integrity of the banking system and the protection of consumers against fraudulent activities. I appreciate your attention to this matter and your commitment to consumer protection. I trust that the Consumer Financial Protection Bureau will conduct a comprehensive investigation, take appropriate actions to address this complaint, and hold Bank of America accountable for their negligence and potential collaboration with XXXX XXXX. Thank you for your time and consideration. Sincerely,
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 95831
Submitted Via: Web
Date Sent: 2023-07-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-27
Issue: Incorrect information on your report
Subissue: Information is missing that should be on the report
Consumer Complaint: This Complaint concerns my complaint that Bank of America improperly assessed interest and late fees on the subject card account, as well as submitted negative account information to the credit reporting agencies for non-payment. I was unaware of the bank 's actions until last XXXX when I was warned about the bank 's negative reporting by a XXXX credit score app. Before any discussion with the bank, I paid the full bill immediately, including the interest and late fees. A statement indicating that billing and payment history is available on request. In any event, the subject transactions were some auto renewed magazines that renewed without any affirmative action on my part. I would have caught the renewal anyway, but for the fact that we were receiving paper statements on that card at the time, and that statement was returned to the bank as undeliverable. A bank chat transcript acknowledging receipt by the bank of the undeliverable statement is also available for review. Summary of the Complaint. I should begin this Summary by acknowledging that after previous discussions with bank personnel by telephone, the bank agreed to and did refund by way of account credit all of the late fees and interest associated with the subject transaction. What remains, however, is my request that Bank of America submit a correcting comment to the credit reporting agencies to which it had previously sent incorrect negative information, or to cause removal of that negative late payment entry from those agencies reports. This case is, therefore, not resolved as the bank has erroneously indicated in its most recent correspondence. Copies of that correspondence and by most recent written communication with the bank are also available for review. First, the bank 's view that the undeliverable state of the statement was the fault of the post office, rather than the bank, misses the point. During the relevant period, we were possessed of a reasonable expectation of receipt of a paper statement before it took the action complained of. The bank was aware of the undeliverable status of the statement before it submitted the negative comment to the credit reporting agencies. Second, according to the XXXX score criteria used by the bank, non-payment comprises about 35 % of a credit score. it is not surprising, therefore, that my XXXX score of about XXXX before the bank 's negative reporting dropped precipitously to XXXX. While we had also secured a significant loan during that period for roof repair, such a transaction would only account for about 10 % of a XXXX score under those same criteria. My credit rating was clearly impacted by the Bank 's negative reporting to the credit agencies. Third, to the extent that this agency, or Bank of America may not view the impacts complained of as significant, since my credit scores- even after the Bank 's negative comments- remain relatively high, any review of our payment history will disclose that we have labored mightily to manage our accounts so as to maintain our exceptional credit history. We do not miss payments. Further, what adds to the egregiousness of the Bank 's conduct is that it possessed notice that the paper statement was returned as undeliverable before it submitted the negative credit information complained of. Despite that notice of non-deliverability, the bank 's only action was to submit a likely computerized notice of non-payment without any other attempt to notify the customer of this unique circumstance. The Bank 's correspondence in this matter bears out this last point. With the exception of a letter dated XX/XX/XXXX asking for information, to which I responded on XX/XX/XXXX, each of the Bank 's communications appear to be form letters sent without intelligent review. Each of the bank 's letters is available for review. The fourth letter is the most disturbing. It was dated XX/XX/XXXX, just four days after XX/XX/XXXX, and received on XX/XX/XXXX in the middle of the preparation of my written response. As was the case with the Bank 's other letters, the latest letter did not include any explanation as to its basis, only that the Bank was unable to complete my request. Once again, as directed, I called the number provided in the letter for an explanation as to its reasoning. The person to whom I spoke could not identify any basis for the letter, other than the letter itself. She did suggest that I complete my response to the XX/XX/XXXX letter, so that it may produce a complete and accurate record of my complaint. This Complaint emulates my written response to the Bank 's letter dated XX/XX/XXXX. Finally, I did previously indicate that I would wait until XX/XX/XXXX before taking further action. However, I discovered this morning that the XXXX score application utilized by the Bank indicated that my XXXX score han fallen by 60 points without any transaction basis. In fact, each of the credit scoring agencies, XXXX, XXXX and XXXX utilized by the Bank, show only the negative comment by Bank of America. Therefore, I have determined that this Complaint should not wait any longer. I will, of course, provide any additional information that you require to adjudicate this Complaint.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 96080
Submitted Via: Web
Date Sent: 2023-06-27
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-27
Issue: Other transaction problem
Subissue:
Consumer Complaint: About a week ago I noticed a ACH transfer from my business bank account to XXXX XXXX for {$300.00} on XX/XX/XXXX. Which wouldn't normally think was strange because we have an XXXX card that we make payments on frequently, but I remembered seeing a transfer to XXXX for {$400.00} on XX/XX/XXXX. Then I looked deeper and found another {$300.00} was taken out on XX/XX/XXXX. Then I searched my account for all XXXX XXXX transactions, that showed XXXX unauthorized transactions that total around {$26000.00}. The address for the transfer ( ID : XXXX ) is the same for the unauthorized transactions and the authorized transactions, so the money was sent to XXXX. I contacted my bank and XXXX XXXX. My bank said they would investigate it and could have the funds back to me in 10 days. Then I called a few days later to check back on my claim and they said they had no record of my claim and after I gave them the information again they said to expect to hear something in 30 days. Today I called for an update and again they didn't have any idea what I was talking about and had to give them the information again. This time they said it would take at least 60 days till they even start an investigation. I'm a small business and this missing {$26000.00} could put me out of business before the 60 days. XXXX says they have no record of the transactions and says it's the banks issue and not theirs.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 95336
Submitted Via: Web
Date Sent: 2023-06-27
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-28
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: Fraudulent negative Bank of America credit card account reported in 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: 088XX
Submitted Via: Web
Date Sent: 2023-06-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-28
Issue: False statements or representation
Subissue: Attempted to collect wrong amount
Consumer Complaint: Bank of America representative XXXX XXXX of XXXX XXXX Collection department. Started I owed a wrong amount since XXXX of XXXX when the account was closed but still incurred illegal late fees. Secondly the representative stated that they will continue to report the charge off indefinitely eventhough the federal statute prohibits 5 years to 7 years in the state of New York. The {$680.00} I do not owe and its been illegally reporting on my credit for 7 years. SECTION 380-J Prohibited information General Business ( GBS ) CHAPTER 20, ARTICLE 25 380-j. iv ) accounts placed for collection or charged to profit and loss which antedate the report by more than seven years ; or accounts placed for collection or charged to profit and loss, which have been paid and which antedate the report by more than five years ;
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 10704
Submitted Via: Web
Date Sent: 2023-06-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-28
Issue: False statements or representation
Subissue: Attempted to collect wrong amount
Consumer Complaint: Bank of America representative XXXX XXXX of XXXX XXXX XXXX department. Started I owed a wrong amount since XXXX of XXXX when the account was closed but still incurred illegal late fees. Secondly the representative stated that they will continue to report the charge off indefinitely eventhough the federal statute prohibits 5 years to 7 years in the state of New York. The {$260.00} I do not owe and its been illegally reporting on my credit for 7 years. SECTION 380-J Prohibited information General Business ( GBS ) CHAPTER 20, ARTICLE 25 380-j. iv ) accounts placed for collection or charged to profit and loss which antedate the report by more than seven years ; or accounts placed for collection or charged to profit and loss, which have been paid and which antedate the report by more than five years ;
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 10704
Submitted Via: Web
Date Sent: 2023-06-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-28
Issue: Opening an account
Subissue: Account opened as a result of fraud
Consumer Complaint: A fraudulent account was opened with Bank of America XXXX XXXX in XXXX year. Both times I received an email stating that an online account can not be opened, and then received a subsequent email that the account was verified and opened. This has only ever happened with BoA. BoA also would not put a hold on my profile to attempt to prevent this from happening further.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 20877
Submitted Via: Web
Date Sent: 2023-06-28
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-28
Issue: Opening an account
Subissue: Account opened as a result of fraud
Consumer Complaint: I want to send in a complaint against Bank of America. I was a former customer of Bank of America in XXXX and closed my account with them. For some reason on XX/XX/2023 I received an email saying congratulations on opening up your new checking account ending in XXXX I was confused because I didn't open an account with them. I contacted the bank on XX/XX/XXXX they told me they put a fraud alert on the account and that it was closed I was supposed to receive fraud documents to fill out in 3-5 days I never received the documents, claim number, or any information about the account. I called again on XX/XX/XXXX I was bounced from department to department until I finally reached someone I was told that the email was sent but I still haven't received anything. I called back on XX/XX/XXXX and I was informed that someone just so happen typed my email address wrong that's why I never received any documents. I called on XX/XX/XXXX to follow up and I still didn't receive the documents they told me they were going to resend the documents. I called back on XX/XX/XXXX they were going to resend again. On XXXX the XXXX after almost a month I finally received the fraud documents to fill out and fax in. I was told that the fraud team was investigating the IP address and tracking down who was responsible for opening up the account. I received a letter on XX/XX/XXXX that the matter was closed and the account was going to be moved from my credit report. The issue I have is Bank of America never told me who opened the account, the IP address if this was opened online or in person if the person was overseas or in the States so that I could press charges or investigate on my end further information. Bank of America did not provide that they just closed out my claim without any further information. I find it strange that I received no information on the account, was left in the dark, and was treated as if I was the one opening the account by going round and round with Bank of America. My significant other has an account with Bank of America and when someone used his information to commit fraud Bank of America was able to locate the person that committed the fraud and found out they were in a different city and state. I find it strange I didn't get that same service. Other customers have complained that they had old accounts with Bank of America and they too received an email that an account has been opened in their name and did not receive any information as well. I want to have this matter looked into further to make sure it is not an inside job and the bank is just randomly opening up accounts to make quota or if this is an individual or individuals that got my information from a data breach or something like that. I need answers! Thank you
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 77088
Submitted Via: Web
Date Sent: 2023-06-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-27
Issue: Problem with a purchase shown on your statement
Subissue: Card was charged for something you did not purchase with the card
Consumer Complaint: On XX/XX/XXXX I opened up a Bank of America Secured Credit Card for {$500.00}. The account was closed XX/XX/XXXX. The account was charged off at {$3900.00}. I only had a credit limit of {$500.00}. How did it overdraft by {$3400.00}? It is only obvious that FRAUD took place on my account. The account was already CLOSED when BOA claims the last payment was made during XX/XX/XXXX. Furthermore, the account did not go DELINQUENT until XX/XX/XXXX the following year. For the bank to allow my account to make transactions after it was closed is clearly their fault and not of my own. I have become a victim of fraud. I would like BOA to remove their negative comments and negative credit report from all reporting credit bureaus.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 922XX
Submitted Via: Web
Date Sent: 2023-06-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-27
Issue: Fraud or scam
Subissue:
Consumer Complaint: On XX/XX/2022, I contacted XXXX XXXX customer service to discuss a transaction. While speaking to them, it appears the phone call was hacked into, and a man who identified himself as a customer service rep started asking questions about my profile for identification purposes. When he asked about my Bank of America accounts, I became concerned when he went into details about my balances. The man first XXXX {$1400.00} out of my XXXX account ending in XXXX. When I noticed the transaction, I could not stop it, or able to log out of the account myself. I then restarted my cellphone and immediately called Bank of America. As he tried sending a second transaction for {$1900.00}, as I was already on the phone talking to a Bank of America customer service rep who was able to stop in right on time. The man had also withdrawn {$990.00} from my personal checking account ending in XXXX, using my XXXX profile. I then contacted Bank of America fraud department and filed claim # XXXX. After months of waiting, Bank of America stated they were able to resolve the transaction for {$990.00} but not the transaction for {$1400.00} as I was not able to prove I did not purposely send the money myself. This is infuriating because they have proved that I called them on time to stop the second withdrawal attempt of {$1900.00}, and the one for {$990.00}. Both transactions from the account ending in XXXX were made by the same person, same email address, and almost simultaneously. I was forced to close and reopen new accounts. I have been a loyal Bank of America customer for 20 years. This is what I get from them. I am a hard-working XXXX XXXX XXXX who is constantly risking his life for his family. This is how Bank of America values my loyalty. So, I ask you to please help me.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33175
Submitted Via: Web
Date Sent: 2023-06-27
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A