Bank Now Takes A Year to Reimburse Customer Missing Money

December 19, 2023

A bank now takes a year to reimburse a customer with their missing money after mistakenly withdrawing $30,000.

The Bank of America customer claims that the bank withdrew the money due to an unprecedented mistake.

The customer had to take drastic action to get their cash back, while other Americans have been experiencing equally worrying problems with other bank accounts, reports The-Sun.

The Reddit community /personalfinance is a discussion forum for all things money.

Sometimes, banking customers seek out advice from their peers on Reddit when things go awry.

That’s exactly what happened when one Bank of America customer, posting under the username 1cnam, saw their balance wiped due to a check error.

As the Redditor explained, the troubles began in July 2022 when they took out a cashier’s check worth $30,000.

They claim that the teller at Bank of America accidentally debited the wrong account, and the bank branch told the customer that the amount would be taken out of their own account in order to reinstate the funds from the wrong account.

“After this transaction was processed, I assumed that all was settled,” wrote the customer.

But then, the Redditor claimed that the check fraud department at Bank of America ended up taking out another $30,000 from their account “without any notice.”

“Because of this, I have went back into the bank immediately and explained the situation to them,” they wrote.

“All they did, however, was help me file a claim to the check fraud department and stated I needed to wait for it to fully process.”

The Redditor claimed that their money was still at large after 60 days.

Other users commented on their post and recommended that they file a complaint with the Consumer Financial Protection Bureau (CFPB).

However, the customer claimed that Bank of America did not respond to their CFPB claim within the 60-day response period.

They then escalated things further with the Office of the Comptroller of the Currency (OCC).

After filing the complaint, it was opened up by the OCC’s Customer Assistance Group (CAG).

Two weeks later, the customer finally received an email from Bank of America stating that the complaint had been reviewed and that the second debit of $30,000 from their account had been reversed.

While the Redditor was grateful for the assistance of the OCC, it had taken approximately one year to get their money back from Bank of America.

“To be honest, I was really beginning to doubt I’d ever see the funds back in my account,” they wrote in a second update post.

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

Other Banking News Today

A massive bank now announces additional closures for 2024 according to fresh data from the Office of the Comptroller of the Currency.

Chase will now close down 37 more branches across the nation as part of its mass closures, reports The-Sun.

The Chase bank closures were announced by the Office of the Comptroller of the Currency (OCC) for the week of November 25-December 2.

Chase also announced in mid-November that it would close 24 stores.

States affected by Chase bank closures include California, Arizona, Louisiana, Idaho, Washington, Ohio, Florida, Texas, Rhode Island, Tennessee, Indiana, Maine, and New York, per the OCC.

Along with Alabama, Minnesota, Georgia, South Carolina, Massachusetts, Pennsylvania, Missouri, Wisconsin, New Jersey, Virginia, and Maryland.

The rise of online banking is why traditional banks have resulted in closing down branch locations nationwide.

“Fewer people are visiting the in-person brick-and-mortar branches.

Most bank services are available online or through apps now.

However, Chase is in the works of creating a new banking experience for people.

There is still hope for some in-person branches,” reports The-Sun.

Chase is set to open 15 new branches that will come with updates in new areas.

The bank is closing branches to continue into new ventures.

Chase said that it will open more branches than it closes that will be focused on the new needs of customers — even if closures have surpassed new openings this year.

“Significant investments in new branches, adding more than 650 over the last five years, including delivering on our commitment to build 400 branches in 25 new states,” a spokesperson for Chase told The U.S. Sun in September.

“We’re targeting covering 70 percent of the U.S. population within a 10-minute drive of our branches, up from 60 percent today, which means you will see us build more branches than we close, resulting in a modestly larger branch network over time.

“Our goal is not to have the most branches – but to have the right branches, in more communities, serving the financial needs of our customers.”

Also Read: A US Bank is Now Denying Customers Access to Money

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