Checking or savings account -- Managing an account -- Complaint #9149523

Business Account Compromised, Bank Claims No Fraud Detected

Complaint Overview

Complaint ID: 9149523

Company: Bank Of America, National Association

Product: Checking or savings account

Sub-Product: Other banking product or service

Issue: Managing an account

Sub-Issue: Funds not handled or disbursed as instructed

State: New York

ZIP Code: 10009

Date Received: 2024-05-31T12:00:00-05:00

Date Sent to Company: 2024-06-05T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Risk Assessment

Risk Level: high

The customer alleges their business account was compromised and funds were mishandled, but the bank's internal investigation found no fraud, indicating a potential dispute over account security and transaction handling.

Consumer Sentiment: negative

Topics: Account compromise, Funds disbursement, Fraud investigation

AI Analysis

CFPB complaint 9149523 was filed against BANK OF AMERICA, NATIONAL ASSOCIATION regarding Checking or savings account (Other banking product or service), specifically about "Managing an account". A Bank of America customer reported that their business account was compromised and funds were not handled as instructed, despite the bank's fraud department not detecting fraudulent activity. The complaint was received on May 31, 2024 from New York. The company responded with "Closed with explanation".

Consumer Narrative

To whom it may concern, I have already reported the issue to the FDIC and the Federal Reserve System, and I am now completing my rounds of reporting against Bank of America. I recall sending the attached document to XXXX XXXX and possibly XXXX XXXX before realizing that my business account was being compromised. Although I reported the issue to the bank and spoke with their fraud department, they informed me that they did not detect any fraudulent activity on my account. On XX/XX/year>, I sent a settlement demand letter via email to XXXX XXXX, a Business Solutions Advisor at the Bank of America branch located on XXXX XXXX in XXXX. His phone number is XXXX. I addressed the email to XXXX XXXX after my initial attempt to send it to the general Bank of America email address failed. In the email, I detailed the issues concerning my current business checking account, XXXX XXXX XXXX, and the previous fraud incident involving XXXX under Bank of America. Additionally, I provided the police complaint number XXXX and requested a settlement and response from Bank of America within two weeks. Please see below. Unfortunately, I was unable to visit the post office to check my mail on XX/XX/year>. On XX/XX/year>, at XXXX AM, I received an email from XXXX XXXX informing me that a new banking partner was ready to assist me and that he would be my dedicated XXXX business specialist. This made me suspect that someone might have been monitoring my mail. When I checked my mailbox on Wednesday, I found no response from Bank of America. Subsequently, I received another email from XXXX XXXX on XX/XX/year>, encouraging me to apply for a XXXX XXXX loan. On XX/XX/year>, I received an email from Bank of America about scammers, followed by another email on XX/XX/year>, requesting feedback. XXXX XXXX XXXX is an emerging political organization engaged in various governmental practices that I am learning from the Department of Justice and other entities. Despite the challenges, I am determined not to shut down XXXX XXXX XXXX, and it will continue as a private operation. I am unclear about the full extent of the financial fraud and crimes committed against me, but the banking breach and violations involving my accounts at Bank of America and XXXX require a thorough investigation. Information about the initial scam is available in the police report. Additionally, I included contact details for XXXX XXXX, who may still be working at the Bank of America branch on XXXX XXXX in XXXX, and for XXXX XXXX of XXXX, whose number is XXXX. Notably, a Supreme Court judge dismissed the case without explanation, seemingly influenced by someone possibly from Bank of America, reflecting a bias against me as a person of limited means. The Bank of America Financial Center in question is located at XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX. XX/XX/year> Dear Bank of America, I am XXXX XXXX, the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX, writing to you from XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX XXXX XXXXXXXX. I am reaching out to present a settlement demand of XXXX XXXX dollars to Bank of America and XXXX. This action follows the advice of the XXXX in response to a harassment complaint I filed, under the complaint number XXXX, against both your institution and XXXX XXXX I earnestly seek to resolve this matter out of court. However, should we fail to reach an agreement, I am prepared to initiate a lawsuit and pursue further complaints through the appropriate channels, allowing the XXXX to conduct a comprehensive investigation into the financial crimes targeting me, facilitated by your collaboration with XXXX. The genesis of my grievance lies in the fraudulent activities associated with my previous and current business accounts, activities to which I have never granted XXXX access. This unauthorized access has prevented me from conducting financial transactions and severely hindered my attempts to foster a business relationship with Bank of America. Each attempt to engage with your bank has resulted in negative outcomes, significantly impeding the growth of my business, XXXX XXXX XXXX, and exposing me to substantial financial vulnerabilities. The unwarranted dismissal of my previous account 's value and the subsequent inconveniences have not only affected my financial accrual for XXXX XXXX XXXX and XXXX but have also compelled me to shut down companies to mitigate damages and deter further criminal activity. I am inclined toward an amicable out-of-court resolution and propose engaging a mediator of my choosing or a representative from the XXXX to facilitate this process. Please contact me at XXXX to discuss this matter further. Should you agree to the settlement, I request a check made payable to my name, sent to the above address. Absent a response by XX/XX/year>, I will have no choice but to proceed with legal action against Bank of America and XXXX, seeking full redress and compensation as permitted by law, including additional damages, legal fees, court costs, and accrued interest. Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX

What You Should Do -- Consumer Action Plan

Consumers should keep detailed records of all communications with their bank, including dates, times, and names of representatives, and consider sending important documents via certified mail for proof of delivery.

Legal Context & Consumer Protection Laws

This case may involve disputes over the bank's duty to protect customer accounts from fraud and to properly disburse funds as instructed by the account holder.

Regulatory Insight

Banks have a responsibility to investigate reported fraud and ensure funds are handled according to customer instructions; failure to do so can lead to regulatory scrutiny.

Resolution Likelihood

mixed

State-Specific Consumer Protections

New York consumers are protected by state banking regulations in addition to federal laws regarding account management and fraud.

Industry Comparison

This situation is common in the banking industry, where disputes arise over account security, fraud detection, and the proper handling of customer funds.

Related Issues

Bank's duty to detect and prevent fraud

Frequently Asked Questions

What is CFPB complaint 9149523 about?

CFPB complaint 9149523 involves Checking or savings account (Other banking product or service). The consumer reported an issue with "Managing an account", specifically "Funds not handled or disbursed as instructed". This complaint was filed against BANK OF AMERICA, NATIONAL ASSOCIATION on May 31, 2024.

Which company is complaint 9149523 filed against?

Complaint 9149523 was filed against BANK OF AMERICA, NATIONAL ASSOCIATION. You can view all complaints against this company on their profile page at /company/bank-of-america-national-association.

What was the company's response to complaint 9149523?

BANK OF AMERICA, NATIONAL ASSOCIATION responded with "Closed with explanation". The response was marked as timely by the CFPB.

When was complaint 9149523 filed?

Complaint 9149523 was received by the CFPB on May 31, 2024. It was sent to BANK OF AMERICA, NATIONAL ASSOCIATION on June 5, 2024.

What state was complaint 9149523 filed from?

Complaint 9149523 was filed from New York. You can view all complaints from this state at /state/NY.

Was the consumer satisfied with the resolution of complaint 9149523?

Dispute information is not available for complaint 9149523.

What product category is complaint 9149523 about?

Complaint 9149523 is categorized under "Checking or savings account", specifically "Other banking product or service". This is one of the product categories tracked by the CFPB.

How was complaint 9149523 submitted?

Complaint 9149523 was submitted via Web. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.

What are the consumer's legal options for complaint 9149523?

This case may involve disputes over the bank's duty to protect customer accounts from fraud and to properly disburse funds as instructed by the account holder. This relates to a Checking or savings account complaint against BANK OF AMERICA, NATIONAL ASSOCIATION involving "Managing an account".

How likely is complaint 9149523 to be resolved?

Resolution likelihood: mixed. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.

What does the risk level mean for complaint 9149523?

This complaint is rated as high risk. The customer alleges their business account was compromised and funds were mishandled, but the bank's internal investigation found no fraud, indicating a potential dispute over account security and transaction handling.

What regulatory actions apply to complaint 9149523?

Banks have a responsibility to investigate reported fraud and ensure funds are handled according to customer instructions; failure to do so can lead to regulatory scrutiny. The CFPB tracks complaints like this one to identify patterns of misconduct across the Checking or savings account industry.

What should the consumer do about complaint 9149523?

Are there state-specific protections for complaint 9149523?

New York consumers are protected by state banking regulations in addition to federal laws regarding account management and fraud. This complaint was filed from New York.

How does complaint 9149523 compare to industry norms?