Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #5208483

Complaint Overview

Complaint ID: 5208483

Company: Bank Of America, National Association

Product: Money transfer, virtual currency, or money service

Sub-Product: International money transfer

Issue: Fraud or scam

State: California

ZIP Code: 91790

Date Received: 2022-02-10T12:00:00-05:00

Date Sent to Company: 2022-02-10T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Tags: Older American

Consumer Narrative

I am a XXXX y/o woman and am a victim of fraud. I lost my whole life savings of {$490000.00} and an additional {$200000.00}. The usual Bank of American branch I visit was closed during the height of the pandemic in XXXX of XXXX ( There was 0 % ICU bed capacity in XXXX California during that period. ) As a result, I visited a different Bank of America branch located at XXXX XXXX XXXX XXXX, XXXX XXXX, CA XXXX. My visit occurred sometime between XX/XX/XXXX, to XX/XX/XXXX. My goal was to add a beneficiary to my Merrill Lynch account ( Bank of America Branches have Merrill Lynch representatives. ) Because we were at the height of the pandemic, security, and access into the bank was controlled. There was a security guard, wearing a corona virus mask, that controlled when and who to allow entry into the branch. When the security guard signaled me to enter, I entered through the front door and approached the front desk. A Bank of America employee, who also wore a mask, asked how they could assist me. I asked her how I can add a beneficiary to my Merrill Lynch account. This employee informed me that they do NOT have a Merrill Lynch office/representative at that location. ( Eight months later at my usual branch, I was informed that the Bank of America Branch on XXXX XXXX indeed has a Merrill Lynch office and representative at that location. ) She asked me to wait a moment, turned around, approached a different desk, leaned over and appeared to write something. She returned with a small piece of paper with a hand written phone number and told me to call that number because they can help me. On or around XX/XX/XXXX, I called this number. A man answered the phone, who initially spoke XXXX but then switched to mandarin, and the person stated they are the Safety Department of Bank of America. He asked for my name. He informed me that I own {$3600.00} in credit card debt from last year in XX/XX/XXXX. However, I told him that I never owed {$3600.00}. He stated that I applied for a credit card with Bank XXXX XXXX in XXXX XXXX. I informed him that Bank of America should investigate this. I have lived in XXXX XXXX for many years and dont know anyone in XXXX XXXX He stated that I should speak directly to the XXXX police office. He immediately connected me to the XXXX police office. The person stated that I had {>= $1,000,000} saved in some bank. This money is involved in human abductions. They stated they want to place me in jail and dont know how long they needed to investigate. I said that all my money is clean and none of it from criminals or criminal activity. He convinced me that my account is under suspicion for being involved in a major crime. They stated they need to check my money to see if it is criminally involved or if its clean. They will return the money if it was determined to be clean and not criminally involved. Without my cooperation I faced jail as a possibility. This really frightened me. As a result, on XX/XX/XXXX I wired {$490000.00} to them. This includes my life saving with all stocks that were sold. However, this was not enough for them. At XXXX XXXX XXXX, I was afraid of being locked up in jail. So I obtained a reverse mortgage on my house. Thus, on XX/XX/XXXX, I wired {$200000.00} them. Later I discovered this to be fraud under false pretenses. I made multiple calls between XX/XX/XXXX to XX/XX/XXXX, and also filed a report to Bank of America Fraud Line on XX/XX/XXXX to XXXX XXXX ( XXXX XXXX ). Bank working ID # XXXX. I asked for the video but was informed the police/FBI must XXXXequest it. She noted that she already heard two cases like this. Since I did not hear back from Bank of America in regard to the conclusion, my son called the Fraud Department at Bank of America to follow up on the case on XX/XX/XXXX, XXXX months later. He asked about the results of the investigation for fraud and was told that they reached out to the wire transfer bank for a refund of the money which was denied. This was not the issue that I wanted them to address. My son asked about the investigation, its depth, if they looked for the employee that initiated the fraud. The person didnt have an answer. They stated they can note that I request a report of the investigation which would be mailed out early next week which would have been Monday ( XXXX ) or Tuesday ( XXXX ). However, there has been no correspondence from them. Overall, Bank of America did not appear to perform a good faith investigation into fraud nor will they respond back, both to the initial report of fraud with request to investigate, nor for a request to see the report. Bank of America is avoiding any action on this case. Importantly, it was already established in a class action lawsuit that Bank of America did not engage in a good faith investigation into fraud and was ordered to reopen cases. I pasted the web address to the video news clip. https : XXXX This occurred due to an employee at Bank of America in the XXXX XXXX XXXX Security was tight and entrance by customers was limited. There are cameras in the branch so they can identify the employee who fabricated that they dont have a Merrill Lynch branch/representative at that location and provided me with a phone number that led to her partners/fraudsters. They worked together and as a result, I lost my whole lifes savings. In addition to Bank of Americas involvement, their fraud department did not show signs of performing a good faith investigation into this matter. Nor was there any reply to my request to view a report on the depth of their investigation. I was never rich but scrapped and saved for decades. I was depending on that money to take care of me and pay for the care that I will need as my health declines as well as to maintain my home. But that security is lost now. I would like to know the following at a mimimum : XXXX. Did they review the video on the days I believe I visited their bank branch and determine who the employee is? XXXX. Did they investigate the employee? XXXX. What was the outcome of their investigation? XXXX. How did they arrive at that outcome? XXXX. Are there other complaints related to fraud/scams by this employee? XXXX. Did they report this information to law enforcement for an independent investigation? XXXX. Will I be receiving a refund of my defrauded/scammed funds based on findings of the investigation?

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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