Bank of America ("BofA") has claimed it provides fraud protection services and returns fraudulent transactions next day. BofA does not give customers a temporary credit however removes this credit without conducting a thorough investigation.
Recently, Heartland Payment Systems, Inc., which processes more than 11 million credit-card transactions a day, said criminals gained access to its records (according to a March 10 Wall Street Journal Article). My card was comprised and BofA set a new ATM debit card to my home. I quickly activated this card the same day I received it however the thieves had already accessed my account and removed $809. This resulted in my account being short to pay my mortgage payment. Luckily, I had overdraft and my mortgage was paid, however, I incurred fees.
The thieves were able to access the ATM without my card. The thieves did something called "cloning". Cloning is when they create a new card and use this card to access the accountholder's ATM while the customer still holds the original. They were also able to get my PIN through the Heartland breach as well. Three transaction were made at a Chase ATM within seconds of each other. First for $400, then $300, then $100. Clearly an example of a fraudulent transaction. BofA did not block the transaction and let it through.
I filed a report for which BofA sent me a letter 10 days later that my claim was denied with no reason. I called the customer service to obtain the reason why the claim was denied. The letter stated that documentation would be provided upon request. No documentation was available nor was there a reason. The only reason was that my ATM card was used with a PIN. BofA did not pull the CHase ATM camera nor did they do any due diligence. The investigation was a shame and having a worked in a bank for a number of years I know proper protocol which they did not follow.
I am still disputing this with BofA today. When I went to my local NYPD precinct they informed me that BofA was the worst bank for protecting its customers against fraud. I am sharing this story so that other might be aware.
0 comments