Consumers Speak: Bank of America’s Missing Envelope

We can’t imagine there’s a whole lot to be done in this particular situation, but a reader who wanted to stay anonymous really got the shaft from Bank of America on this one. It’s a bad situation all around, but the presumption that a customer is defrauding a company should always be handled with kid gloves. We think that if there’s really fraud, we expect charges to be filed by the bank. Otherwise it’s a tacit admission of guilt on their part.

Bank of America is the definition of corporate fraud. Recently, after deposing money into an ATM machine (a check), and then subsequently withdrawing money from that same ATM machine, Bank of America flagged my account for fraud, claiming the envelope was empty and that my attempt was to defraud them, using money that wasn’t mine. They have decided to close my accounts, with no notification to me or options. I asked a rep if I could speak with someone about this, they said no.

After emailing an executive, I received a call from someone in the Massachusetts fraud office (who seemed nice enough); he then connected me to his supervisor. This was rude and threatened legal action against me (is there grounds for that?), and refused to hear alternative explanations for this check, which I remember putting in the envelope, disappearing. He took a hostile, accusatory and defensive tone. He implied that this situation was fraud with malicious intent here.

Instead of deactivating my account so nothing can go in or out, they kept it going without my knowledge (they told me it was closed), charged an overdraft fee during this time and allowed deposits that otherwise would
ve been rejected and subsequently sent to another account. My money, as of this writing, is still being held and I am waiting for it to be released to me.


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  1. Josh says:

    This being at least the 6th BOA complaint I know who not to consolidate my private school loans through.

    Sidetrack does anyone have a suggestion for spousal consolidation of private loans?


  2. tinfoil says:

    Talk to the person who wrote you the cheque and ask them if they can provide you with a copy of the cleared cheque or a print-out of their bank-statement showing it clearing.

  3. Smoking Pope says:

    A buddy of mine deposited his paycheck via an ATM at BofA, which was promptly deposited in the wrong account. When he brought it to their attention, they figured out their mistake and told him they’d fix it as soon as possible. “The money will be put back in your account within 20 business days.”

    When he told them that this would cause a whole bunch of checks to bounce, they pretty much told him “too bad”. They didn’t even waive the overdraft fees. Bastages.

  4. Michael A. B. says:

    If you really want to get some action and they REFUSE to help, there are 3 things to try.

    1) Go to the office. Often, you can get service there that you cannot get over the phone. They may not even know it is happening at your branch.

    2) Get it in writing. Ask them, in writing, not email, to send you a copy of their exact reason for holding your funds. If they mail it accross state lines using the postal service, and it turns out to be a completely false statement on their part, that is a federal felony. Mail fraud can get looked into sometimes when nothing else can.

    3) Contact the FDIC. Your money is insured by them against loss or theft.