Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #4610678
Complaint Overview
Complaint ID: 4610678
Company: Bank Of America, National Association
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Fraud or scam
State: Georgia
ZIP Code: 30339
Date Received: 2021-08-07T12:00:00-05:00
Date Sent to Company: 2021-08-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX I received a text message alert to my phone asking did I authorize a XXXX transaction in the amount of {$3500.00} I replied NO. I then received a call from a Bank of America phone number, same customer service number on the back of my card. He went into great detail about a person having access to my personal information and the fraud department is starting an investigation. Immediately i was placed in a state of panic so I logged into my account to follow the protocol in which he stated to return the funds. I followed the steps Im which he claimed to be adding the funds back into my business account through XXXX making me add myself under my business name as a recipient and sending {$3500.00} when I went back to my account balance and noticed the funds were missing instead of deposited. I hung up before he instructed me to wipe out the rest of the funds! I contacted Bank of America and they started a dispute which I was told could take up to 45 days! I then contacted XXXX while the transaction was still processing. XXXX stayed they could not do anything and referred me back to my bank. I also contacted XXXX XXXX where the money was sent. I explained everything to them and they stated the only thing they can do is wait to hear from Bank of Americas fraud department. I spent a total of three hours going back and forth being transferred around giving the scammer ample time to shut down this account and disappear. Finally I contacted Bank of America in tears because part of the funds they took was a loan I had just received from a small business funding company for covid relief and I was preparing to get things back going that weekend. I explained this since of urgency to Bank of America but ultimately they went on some length about the scammers privacy rights and blamed myself, the victim for initiating the transaction. We as consumers feel safe and secure with our banking facilities thats the reason we choose them as our financial institutions in the first place. I felt attacked when I had already essentially been robbed. My business, my credit, and my livelihood is on the line and all I received was fake apologies and left helpless to wait and hope the scammer returns the funds.
Frequently Asked Questions
What is Complaint #4610678 about?
Complaint #4610678 was filed against Bank Of America, National Association regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2021-08-07T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.