Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #6736683
Complaint Overview
Complaint ID: 6736683
Company: Bank Of America, National Association
Product: Money transfer, virtual currency, or money service
Sub-Product: Mobile or digital wallet
Issue: Fraud or scam
State: New Jersey
ZIP Code: 07307
Date Received: 2023-03-22T12:00:00-05:00
Date Sent to Company: 2023-03-22T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX, I used the payment app XXXX through my bank, Bank of America to send {$600.00} to XXXX XXXX ( XXXX ) and XXXX XXXX in exchange for concert tickets to be provided digitally. However, the tickets were never delivered and I was blocked on the communication platform, XXXX XXXX, by XXXX XXXX. I immediately contacted the bank and let them know what was going on as well as my local police department, XXXX XXXX Police Department to file a police report. I spoke with several bank representatives over the next few weeks, trying to get my money back. I was advised that I agreed to the terms of the payment that the money could not be retrieved and because of that the transfer was considered to be authorized and they can not return authorized transactions. I was advised that as a curtosy they would contact the banking institution that the payment went to, XXXX XXXX XXXX, and try to recover the funds on my behalf. I was told that they attempted to contact XXXX for 7 days and when no resolution was achieved they closed the claim. On XX/XX/XXXX I was advised by a supervisor in the BOA Fraud Department, XXXX, to contact the Chief Client Care XXXX, XXXX XXXX ( XXXX ), and describe the issue to her, she may be able to grant a one-time-courtesy-refund due to my loyalty to BOA as a XXXX customer. On XX/XX/XXXX, a woman from XXXX 's office called me to advise again that they would not be returning the funds as they are considered authorized due to the agreement that populates prior to sending money. I advised her how upset I was with this resolution and that I would be taking the steps I felt necessary to react to this issue, like pulling all of the accounts from BOA. Currently, the funds have not been returned to my account. In order to sign up for XXXX one must provide a real name and email address. Therefore, both banking institutions know exactly who the person is that stole this money from me is, XXXX XXXX. But they are each refusing to take responsibility for the restitution of the funds. I strongly feel that this fraud committed against me violates the Electronic Fund Transfer Act and that these large banks are using XXXX to skirt federal banking laws that protect consumers. The ownership of XXXX by the 7 largest banking companies and advertising this service to the retail consumer feels like another way that the large banks dupe and take advantage of the small retail consumer.
Frequently Asked Questions
What is Complaint #6736683 about?
Complaint #6736683 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 2023-03-22T12:00:00-05:00.
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.