Bank of America refused to refund stolen money from an HSA account for which they had issued a Visa card to use with my Health Savings Account. They allowed someone to steal the card information and then use it for fraudulent purchases in California (Nowhere near my home) for unrelated items like car washes and hairdos. I did not find out until I tried to use my card and it was denied due to lack of funds.
When I contacted them they told me it was Visa's problem and they would forward my complaint. The money was taken out of my account, my account was unusable and they falsely reported the criminal purchases as distributions made by me.
I forwarded them proof after proof that I did not make the purchases, the purchases were not allowed in an HSA ( healhcare related purchases ONLY) and that the card number had obviously been stolen and used fraudulently. Their own policy states they will refund any fraudulently taken money within a "reasonable time".They refused to give me money, continued "service charges" and not paying interes for over 7 months. After months of emails, letters, phone calls and personal visits to the bank they finally and reluctantly put some of the money back and then months later the rest of the money. They were absolutely indifferent tot he problem they caused, blames everyone but themselves and were rude, unprofessional and arrogant the entire time.
BOA policy from their website (what a joke):
c. “Zero Liability” Policy for Unauthorized Card Transactions. Under the Bank of America Zero Liability policy, you may incur no liability for unauthorized use of your Card or Card number up to the amount of the unauthorized transaction, provided you notify us within a reasonable time of the loss or theft of your Card or Card number or its suspected or actual unauthorized use, subject to the following terms and conditions. 1. “Unauthorized” defined. A transaction is considered “unauthorized” if it is initiated by someone other than you without your actual or apparent authority, and you receive no benefit from the transaction. A transaction is not considered “unauthorized” if: • You furnish the Card, Card number or other identifying information to another person and expressly or implicitly give that individual authority to perform one or more transactions, and the person then exceeds that authority, or • For any other reason we conclude that the facts and circumstances do not reasonably support a claim of unauthorized use. 2. “Reasonable time” defined. Reasonable time will be determined in our sole discretion based on the circumstances.