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Bank of America - Not Protecting Customers

A listener emailed me about a problem that she was having with Bank of America. It started with the first unauthorized charge she found on a Bank of America credit card. She reported and BOA replaced the old card with a new one. It happened again with the new card. She went through the same process. The same fraud happened again. She went through this 4 or 5 times with the same result.


OK, I am going to stop the story there. Wouldn't a reasonable person come up with the conclusion that it was an inside job? Someone from the inside is stealing information. Well read this latest email about the last time she submitted a fraud claim.   

 

"I spoke with you recently about several credit card attempts on my Bank of America VISA.  Well, the latest card # issued to me (which I activated on 8/20) was compromised on 8/30.  The attempt was made at one of the same merchants as was attempted in the past. BOA is escalating my claim info. I told the rep that I thought they would have escalated this on the third or fourth fraud attempt (from within) but she said she sees no evidence in the file. I asked if I couldn't have the name and contact # of whoever is handling this case instead of speaking to numerous reps who don't know anything about the history. She said that was not possible; she doesn't know who will be assigned to the case. If it happens again, I need to follow the same procedure as for all the other compromises." (underlines were added)


Just simply unbelievable. It doesn't take a genius to figure out that this is probably a BOA problem. My favorite part of this story is the BOA rep telling her to go through the same process if it happens again.  


This is evidence of a broken culture at BOA. I have written many stories on BOA and Wells Fargo on how they put their customers well being last. I would think twice before banking with BOA. A company shows its true colors on how they handle customer problems.  


If you have similar stories, please email me at bob@prudentmoney.com