Bank of America Told Me to Never Back Again
OAKLAND, Calif. (KGO) -- A 7 On Your Side story about a Depository financial institution of America customer whose $33,000 deposit disappeared has been exploding online this calendar week.
Thousands of viewers across the country are responding to the East Bay homo's struggle to discover out what happened to his money -- some saying they lost deposits too, or worry information technology can happen to them.
RELATED: California man deposits $33K check in BofA business relationship, never sees information technology again every bit branch closes
And so, how tin can you protect yourself? Hither's how to make sure your money is prophylactic.
Yous may retrieve this viewer went direct to the teller at BofA with a cashier'south check for $33,000 and deposited it at the window. But BofA close downwardly that branch hours subsequently and that big eolith vanished. The bank kept proverb there was zero it could do. So, what can yous do?
It seemed almost surreal. Brian Leonard transferred $33,000 from his account at Wells Fargo to his account at Bank of America. He brought the cashier's check directly to the BofA teller then information technology would articulate correct away -- no mistakes.
He never saw that money again. "I'thousand starting to call back I might never run into the coin. Ever."
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The banking company branch shut down hours after he made that huge deposit -- the depository financial institution said information technology never happened.
"Because there was no electronic record of the transaction, the transaction didn't exist," Brian Leonard said.
"I said, 'You lot're telling me Bank of America lost $33,000 of my money and there's nothing y'all can do?' 'That's right sir,'" he connected.
VIDEO: San Francisco man loses half his savings in bank transfer scam
Consumer advocate Ed Mierzwinski, Senior Director, Federal Consumer Program at U.S. PIRG, says Leonard'due south experience is all too common -- with complaints pouring in to the Consumer Fiscal Protection Bureau. "They're entrusted with your coin and this is happening besides often," Mierzwinski said.
"Over the final three years they've had tens of thousands of complaints of people having trouble with deposits or withdrawals on checking accounts," he said. "Why are we having so many bug with something equally unproblematic as, you put coin in the bank, you take it out?"
RELATED: NJ man loses $80K in life savings later routine bank transfer
Leonard showed his cashier'due south cheque and deposit receipt to a manager at some other Bank of America branch, proof of the missing coin. No one would notice his coin.
"It was a Greek chorus of, there's cypher we can practice virtually it," Leonard said.
"The consumer did everything right. The consumer used a cashier's check, had copies of everything..." Mierzwinski confirmed.
VIDEO: More victims of Banking concern of America, Zelle scams come forward; here's how to protect yourself
Leonard went to dandy lengths to solve the problem -- contacting the CEO at Bank of America, federal regulators and 7 On Your Side.
And finally the bank restored his money.
"You shouldn't take to go to 7 On Your Side to get your money back," Mierzwinski said.
RELATED: Chase customer loses total of $7,000 in Zelle scam
Bank of America said the trouble arose because the check was made out to Bank of America, non to Brian Leonard -- simply didn't say why no ane tracked down his money.
So, how can yous protect yourself?
- Go along copies of checks you eolith and the deposit receipt
- Take photos of the checks and receipts in case you need to file a complaint
- Check your account immediately after a deposit. information technology should show information technology as pending
- Avoid depositing a big check at an ATM where it's harder to correct a fault
And if yous accept a banking company trouble, you should report information technology to the Consumer Financial Protection Bureau -- and of class permit me know about it, likewise.
Have a look at more than stories and videos by Michael Finney and 7 On Your Side.
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7OYS's consumer hotline is a free consumer mediation service for those in the San Francisco Bay Area. We aid individuals with consumer-related issues; nosotros cannot assistance on cases betwixt businesses, or cases involving family police force, criminal matters, landlord/tenant disputes, labor problems, or medical issues. Delight review our FAQ here. As a part of our process in assisting you, it is necessary that we contact the company / bureau you are writing about. If y'all exercise not wish u.s. to contact them, please let usa know correct abroad, every bit it volition touch on our ability to work on your example. Due to the loftier book of emails we receive, please allow iii-5 business days for a response.
Source: https://abc7news.com/bank-of-america-bofa-loses-check-oakland-man-33000-dollars/11536348/
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