On January 5th I filed a check fraud claim. Somebody used "draw check" to steal $558 from my business account.
There was a Micky Mouse name on the check, nothing to do with my company or myself, but BofA still processed it. As an operator explained to me, the system looks only at the account number (!), nothing else, and then your money leaves your account. "Oh, somebody knows your account number!" This is a pretty scary situation because an account number is written on every check that I sign to pay for anything. If I sign 4 checks a day, then theoretically, 4 people a day know my account number and can commit fraud.
So, BofA does not have a good system in place to protect their clients from this basic fraud. Why do they offer this "draw check" option in the first place? They offered me to freeze this compromised account and opened a new account so that I can continue with my rental business. They explained that the rent payments that I collect every month will be able to enter the account but not leave it.
After the deposit is done to an old account a manager would manually transfer funds to a new account. In reality, something different happened. BofA had frozen deposits from my tenants to BOTH accounts - old and new - from 7 t0 10 days. I tried everything - called check fraud department and went to the branch office.
Nobody was able to remove the holds. Now it is already almost a month since BofA started "investigation" on the fraud. Only today they gave me a credit $558 for the stolen money, but still, they are not sure if the fraud actually happened (!!!???) Because of this, I missed car lease payment and a mortgage payment.
I am facing now $700 late payment fee and a reduced credit score. Who knows a lawyer who can help me to sue BofA?
Product or Service Mentioned: Bank Of America Account.
Reason of review: Poor customer service.
Preferred solution: Let the company propose a solution.