Are Bank of America Accounts Protected From Fraud?

Identity theft and fraudulent activity on your account can be debilitating and result in significant financial losses. Bank of America is a prolific institution, offering a range of personal and business financial accounts. Still, customers have complaints about hidden fees they didn’t recognize or fraudulent activity. So what can you do if you, too, are a victim of fraud? We explain. 

Are Bank of America accounts protected from fraud?

Checking accounts have federal protection against fraud thanks to Federal Reserve Regulation E. If your Bank of America checking account has an unauthorized transaction, you are not responsible for the cost. If you have a Bank of America credit card, you have similar protections.

Does Bank of America reimburse stolen money?

Yes, Bank of America reimburses stolen money. Bank of America has a $0 fraud liability. So whether you have a checking account, savings account, or credit card, you are protected. If you lost your mobile device, if your identity was compromised, if your card or checks were stolen, you get the same level of protection.

Contact Bank of America for Fraud

If you see fraudulent activity on your account, checking or savings, or credit card, you must contact Bank of America immediately. 

If you have a problem with an unauthorized transaction on your Bank of America account, you need to resolve it quickly. 

• For disputed transactions on a debit card, checking account, or savings account, you can call 877-366-1121.
• You have to log in to your account for disputed transactions on a credit card and follow the prompts for reporting fraud. 

If a card was lost or stolen, you can report it online through your account or call customer service.

• For credit cards, call 800-732-9194 (outside the continental U.S., call international collect 1-757-677-4701). 
• For ATM or debit cards, call 800-432-1000 (outside the continental U.S., call international collect 1-315-724-4022).

If you think you have been sent an email scam allegedly from Bank of America, you can send an email to abuse@bankofamerica.com or call customer service at 800.432.1000. 

The federal government recommends that anyone who is the victim of fraudulent Bank of America accounts opened in their name contact Bank of America and report any fraud to the Federal Trade Commission.

Tired of talking in circles with customer service?

Do banks like Bank of America really investigate fraud?

Banks like Bank of America do investigate fraud. Unfortunately, that can go too far in one direction. As one Forbes article reported, hundreds of Bank of America customers had their accounts monitored by Bank of America for fraud. This is a regular, normal process, but Bank of America closed their accounts because of alleged fraud and withdrew all the money in them.

Banks investigate fraud by following up with merchants or trying to reach out to other third parties. They can choose to follow the zero liability policy if they have evidence that the activities were fraudulent. They can even close your account or freeze your cards. But sometimes, it seems like Bank of America doesn’t follow through, and they don’t honor their zero liability policy.

One customer noted:

“I lost a large sum of money through fraudulent activity. B of A said they found no fraud because someone had my ATN number. Fraud was both online and made at bank branches. I made a request to compare my photo with the individual making the transaction, but they ignored my request and declined to reimburse me. It seems they are only interested in protecting their money.”

Another customer explained:

“I have been a victim of identity theft, and Bank of America will not close out these checking accounts that are under my Social Security number. I have contacted the fraud department and told them that I had been a victim of identity theft, and they are declining my request to close the accounts. They told me that there is a balance due of negative 400 something dollars, and they will not close the account until payment has been made.”

Lost funds to scammers?

What can a scammer do with my bank account or credit card number?

Once someone gets ahold of your bank account number or your credit card number from Bank of America, they can take money directly out of your account, and they can move money through your account, can spend your money, write checks, make online purchases, and even steal your identity. That is why it’s so important that companies like Bank of America take fraud seriously and take action when something has happened to their customers. 

What to Do If Bank of America Won’t Help

Still not having any luck with Bank of America? If you aren’t getting a response or the response you get isn’t satisfactory, you have other legal options. You can sue Bank of America in small court, even if you can’t join class action Bank of America lawsuits. Alternatively, you can use consumer arbitration.

Share your complaint about Bank of America with FairShake today. 

Related: How to Spot and Report Illegal and Unfair Banking