Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #6299597
Complaint Overview
Complaint ID: 6299597
Company: Bank Of America, National Association
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Fraud or scam
State: California
ZIP Code: 92833
Date Received: 2022-12-08T12:00:00-05:00
Date Sent to Company: 2023-01-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
A lady sent me a message " by accident '' through XXXX. I tried to redirect her to the probable correct area code, and she thought I very nice to do that and started chatting with me. After several days of nice chatting, she mentioned that she was working with some computer installation people, and invited me to try a little XXXX XXXX on the XXXX webste. It sounded harmless enough, and she led the way by providing Screenshots with every spot to click on identified, and she made the XXXX experience fun and very profitable, by her following a sequence of trend lines and buying/selling nodes, and instructing me when to buy or sell various types of crypto. We usually traded XXXX XXXX XXXX & ETC, and we did exceptionally well. About 2 weeks in, she guided me to withdraw {$5000.00}, and that process went well. She often encouraged me to add more Principle so I could make bigger profits. I told her I was fine with the current profits at that time, and she finally convinced me to invest more in early XXXX. By the last week in XXXX, my assets were up to {$890000.00}. She said she wanted to teach me how to withdraw funds, and asked me to withdraw it all. I tried to do it, and forgot my Fund Password, and needed to change it. Because I did that, XXXX said that it triggered a possible scam or hacker alert, and that I would need to Deposit 25 % of my Assets to ensure that it was me operating the account. they stated that the 25 % Deposit would be part of my withdrawal. Because I had just inherited some funds from my late XXXX, I was able to pay another XXXX XXXX to prove that I was me. Again I tried to make a Withdrawal, and then they asked for another 5 % of my Total assets so they could collect the Personal Income Tax on my withdrawal and forward it to the IRS. I tried to explain that Personal Income Tax is paid on Income or Capitol Gains, not on my Cost basis or additional Fees or Deposits. Unfortunately their Online Customer Service Computer was incorrectly programmed, and it repeatedly said the 5 % Personal Income Tax was based on the Total Assets. As there is NO Human interaction available to support their Online Customer Service system, paying another XXXX was out of the question. I invested a total of XXXX XXXX XXXX XXXX Security Deposit for a total of XXXX. I am just sick over this, and have lost most of my life savings. I had transferred all of my funds using my Bank - Merrill Lynch & Co. Inc. Not once did Merrill Lynch warn me against the investment nor did they question my sudden changes in the way i withdrew and made big investments.
Frequently Asked Questions
What is Complaint #6299597 about?
Complaint #6299597 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 2022-12-08T12:00:00-05:00.
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.