• Report: #156674

Complaint Review: Bank Of America

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  • Submitted: Sun, September 11, 2005
  • Updated: Sun, September 11, 2005

  • Reported By:Los Angeles California
Bank Of America
P.O. Box 2518 Houston, Texas U.S.A.

Bank Of America ripoff, fraud, international, bank, insurance, service, scam, credit report, irresponsible, crooks Nationwide

*Consumer Suggestion: The bank is also a victim... Unfortunately, you fell for one of the oldest scams in the book.

*Consumer Suggestion: The bank is also a victim... Unfortunately, you fell for one of the oldest scams in the book.

*Consumer Suggestion: The bank is also a victim... Unfortunately, you fell for one of the oldest scams in the book.

*Consumer Suggestion: The bank is also a victim... Unfortunately, you fell for one of the oldest scams in the book.

*Consumer Suggestion: Look up 419 Scam

*Consumer Comment: You are driving up banking fees! the utter foolishness of some people! YOU WERE SCAMMED!!

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On 8/15/05 a man named Samuel Brown of Global Fabrics & Textiles responded to my resume posting on the internet. He offered me a job as a Bookkeeper/Representative in the United States. He said there was a problem processing money orders sent to him by his clients and needed someone in the US to cash the checks from his clients and Western Union him the money.

On 8/22/05 I picked up a package at FEDEX that was sent from France/Paris. The package contained 5 money orders, made out to me, Annette * *******, in the amount of $1,000.00 each. The next day I tried to cash the money orders at my bank, Bank of America, and the teller said that the money orders needed to be deposited, so I deposited them into my checking account. I was told that it would take approximately 2-3 days for the checks to clear.

On 8/25/05, that $5,000.00 had been made available for cash. I went to the bank cashed a check in the amount of $4,500.00 and Western Unioned Mr. Brown's money to the destination he requested. On 9/02/05 there were 5 debits to my account, each in the amount of $1,005.00 each. I called customer service and they said there had been a stop payment placed on the money orders that were deposited. The bank should never have given out that cash unless the money was there. I should not be responsible for the bank's error. I want my money back and the bank should credit my account the $5,025.00 for the mistake that they made. Isn't that why they have fraud insurance?

On 8/31/05 I received another FEDEX package from France/Paris. The second package contained 20 money orders in the amount of $1,000.00 each. The following day I deposited the $20,000.00 in money orders into my checking account at Bank of America. The items are currently on hold. Someone needs to do some thing about this fraud and I shouldn't be responsibe for the bank's error.

I then emptied out my savings account and deposited it into my checking account so I wasn't bouncing checks all over the place. I've already paid over $200.00 in bank fees within the last two weeks. Today, I went to the ATM to withdraw $100.00 and the ATM machine said I was not able to use my card. I can't even access my own money. It's a very good thing I hadn't deposited my last two paychecks there.

Details:
Institution being reported: Bank of America

Ficticious company located in England.
FEDEX from France.
Money orders from Texas.
Western Union to Nigeria.

In conclusion, I'd like to make sure that there won't be any other victims of such activity and I'd like to have these banking issues resolved.

Annette
Los Angeles, California
U.S.A.

This report was posted on Ripoff Report on 09/11/2005 04:14 AM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-Of-America/Houston-Texas-77252/Bank-Of-America-ripoff-fraud-international-bank-insurance-service-scam-credit-repor-156674. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

The bank is also a victim... Unfortunately, you fell for one of the oldest scams in the book.

AUTHOR: Ray - (U.S.A.)

The money orders were never good, or were stolen and the company the produced them put a stop payment on them.

Basically, the scam works this way...

1. Evil person (EP), usually overseas, contacts a mark to be the unwilling accomplice to ripping off the bank.

2. EP sends the mark money orders that are either stolen or forged for a large amount usually thousands of dollars. The mark is instructed to deposit these money orders in his/her account, then wire the funds to another bank account somewhere outside the U.S, keeping anywhere from 10% to 25% for the mark to pay him/her for helping the EP.

3. The mark's bank gets information back that the money orders are no good, so they debit the total amount of the money orders, plus fees set forth in their agreement with the mark, from the mark's account. Leaving the mark responsible for paying back the bank.

In your case, you need to contact the bank's fraud department and tell them everything that happened, giving all the details and info you have, including any addresses or shipping labels from the packages. You also need to file a police report with your local police.

Unfortunately, even though you are a victim in this fraud, you are still legally responsible for returning those funds to the bank. But, I would point out to the bank's fraud dept. when you contact them that the teller at the bank should have seen the warning signs of a fraudulent transaction. That being the money orders all for the same amount.

Good Luck!
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#2 Consumer Suggestion

The bank is also a victim... Unfortunately, you fell for one of the oldest scams in the book.

AUTHOR: Ray - (U.S.A.)

The money orders were never good, or were stolen and the company the produced them put a stop payment on them.

Basically, the scam works this way...

1. Evil person (EP), usually overseas, contacts a mark to be the unwilling accomplice to ripping off the bank.

2. EP sends the mark money orders that are either stolen or forged for a large amount usually thousands of dollars. The mark is instructed to deposit these money orders in his/her account, then wire the funds to another bank account somewhere outside the U.S, keeping anywhere from 10% to 25% for the mark to pay him/her for helping the EP.

3. The mark's bank gets information back that the money orders are no good, so they debit the total amount of the money orders, plus fees set forth in their agreement with the mark, from the mark's account. Leaving the mark responsible for paying back the bank.

In your case, you need to contact the bank's fraud department and tell them everything that happened, giving all the details and info you have, including any addresses or shipping labels from the packages. You also need to file a police report with your local police.

Unfortunately, even though you are a victim in this fraud, you are still legally responsible for returning those funds to the bank. But, I would point out to the bank's fraud dept. when you contact them that the teller at the bank should have seen the warning signs of a fraudulent transaction. That being the money orders all for the same amount.

Good Luck!
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#3 Consumer Suggestion

The bank is also a victim... Unfortunately, you fell for one of the oldest scams in the book.

AUTHOR: Ray - (U.S.A.)

The money orders were never good, or were stolen and the company the produced them put a stop payment on them.

Basically, the scam works this way...

1. Evil person (EP), usually overseas, contacts a mark to be the unwilling accomplice to ripping off the bank.

2. EP sends the mark money orders that are either stolen or forged for a large amount usually thousands of dollars. The mark is instructed to deposit these money orders in his/her account, then wire the funds to another bank account somewhere outside the U.S, keeping anywhere from 10% to 25% for the mark to pay him/her for helping the EP.

3. The mark's bank gets information back that the money orders are no good, so they debit the total amount of the money orders, plus fees set forth in their agreement with the mark, from the mark's account. Leaving the mark responsible for paying back the bank.

In your case, you need to contact the bank's fraud department and tell them everything that happened, giving all the details and info you have, including any addresses or shipping labels from the packages. You also need to file a police report with your local police.

Unfortunately, even though you are a victim in this fraud, you are still legally responsible for returning those funds to the bank. But, I would point out to the bank's fraud dept. when you contact them that the teller at the bank should have seen the warning signs of a fraudulent transaction. That being the money orders all for the same amount.

Good Luck!
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#4 Consumer Suggestion

The bank is also a victim... Unfortunately, you fell for one of the oldest scams in the book.

AUTHOR: Ray - (U.S.A.)

The money orders were never good, or were stolen and the company the produced them put a stop payment on them.

Basically, the scam works this way...

1. Evil person (EP), usually overseas, contacts a mark to be the unwilling accomplice to ripping off the bank.

2. EP sends the mark money orders that are either stolen or forged for a large amount usually thousands of dollars. The mark is instructed to deposit these money orders in his/her account, then wire the funds to another bank account somewhere outside the U.S, keeping anywhere from 10% to 25% for the mark to pay him/her for helping the EP.

3. The mark's bank gets information back that the money orders are no good, so they debit the total amount of the money orders, plus fees set forth in their agreement with the mark, from the mark's account. Leaving the mark responsible for paying back the bank.

In your case, you need to contact the bank's fraud department and tell them everything that happened, giving all the details and info you have, including any addresses or shipping labels from the packages. You also need to file a police report with your local police.

Unfortunately, even though you are a victim in this fraud, you are still legally responsible for returning those funds to the bank. But, I would point out to the bank's fraud dept. when you contact them that the teller at the bank should have seen the warning signs of a fraudulent transaction. That being the money orders all for the same amount.

Good Luck!
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#5 Consumer Suggestion

Look up 419 Scam

AUTHOR: Stile - (U.S.A.)

Because that is what you are the victim of.

All banks, not just Bank of America, are required to make funds available to you according to Regulation CC (Expediated Funds Availability Act). Under Reg CC, money orders must be made available by the end of the following business day, unless there is a reason to believe they might be counterfeit in which case they can be held for up to 11 business days. In your case, you made the deposit on the 22nd (a Thursday) probably after the bank's cut off time, so the deposit was treated as being made on Friday. On Monday, those funds were made available. However, when the bank tried to collect the value of those money orders on 9/2, they were advised that the money order were counterfeit, so they recovered the funds back from your account.

The bank didn't make an error, it acted as it was supposed to assuming that you were depositing valid money orders. Legally, the bank cannot hold the funds until verification, and it is this loophole that 419 scammers exploit in order to take money out of your pocket. This is why when you deposited the next round of money orders, they did place a hold on them until they are verified, because now they have reason to suspect that they will not be valid.

I am really sorry that this has happened to you, but unfortunately the only person who has done anything wrong is the person that "hired" you. No bank would simply write off that $5000 because you were scammed, so you are going to end up responsible for it.

Incidentally, banks don't have "fraud insurance." Bank are protected by the Federal Deposit Insurance corporation so that if the bank fails and is unable to honor it's customer's deposits, then FDIC covers each depositor up to 100K.
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#6 Consumer Comment

You are driving up banking fees! the utter foolishness of some people! YOU WERE SCAMMED!!

AUTHOR: Eduardo - (U.S.A.)

First of all, why would a legitimate international business need a private citizen in another country to cash checks for said business through the private citizen's bank account? ARE YOU COMPLETELY NUTS!! What were you thinking? How in the world is this the bank's fault? How was your bank supposed to know there were "stops" on the money orders untill they found out? Legitimate businesses WIRE money through international banks when necessary. Uugh, the utter foolishness of some people! YOU WERE SCAMMED!!

Ok, now let's get to your specific problem with your bank. As with any check/money order that you deposit into your account, your particular bank can give you immediate credit or tell you it's going to take a couple of days in order to verify the funds. Please remember that checks are just paper and not worth the paper they are printed on. In the meantime, depending on your account's history, your bank may give you premature access to the funds. We all deposit checks from other banks into our accounts and expect immediate access, right? I'm sure closer scrutiny is given to cashier's checks and money orders, hence your bank's reluctance to cash the money orders to begin with. It is exactly because of fraud cases like yours that banks DO NOT cash them immediately and wait for confirmation from the issuing bank. But remember, your bank may give you access to these funds even though they have not confirmed them, simply because perhaps they have never had a problem with you.

Okay, the checks are found out to be bad. Well, because your bank had been generous to you and given you previous access, they rightfully took back the money they had given to you assuming the checks were okay. It is the same situtaion like when a neighbor gives you a check and you cash it to buy some items. Oops, the next day your bank tells you the check bounced and withdraws the money they had given you from your account. The check was no good, just like these money orders are no good. Why is it the bank's fault? I just cannot comprehend your logic in this case.

What is even more INCREDULOUS is that you went back AGAIN and deposited MORE money orders into your account. What, do you think that maybe there was a mistake, and that these new ones should be okay? IT'S A SCAM!! Why do you think they sent you 20 checks this time?, it's because they had a party once they realized they had found a naive American that had actually bought their story. This alone proved your lack of mental fitness when I first read your complaint. Fools such as yourself I guess still exist in some dark corners of our society, so I guess banks will have to continue increasing their fees in order to cover their more "easily duped" customers' mistakes.

WHY DO YOU THINK MR. BROWN WANTED YOU TO WIRE (Western Union)THE FUNDS TO HIM? Because that is cash out of your account and it is gone forever. No convenient "check" for you to "stop" him from cashing it. See how this works now?

You said, "In conclusion, I'd like to make sure that there won't be any other victims of such activity and I'd like to have these banking issues resolved." Hmm, maybe its just me taking a wild guess here, but how about NOT CASHING CHECKS FOR FOREIGN COMPANIES USING YOUR PERSONAL ACCOUNT ANYMORE!! Contact the FBI because these crooks obviously have someone in Texas writing bogus money orders for them. What banking issues are you taling about?

Finally, you failed to mention one important aspect of your complaint. I am referring to the INCENTIVE( $$$ )you were promised for doing such a kind and generous service for Mr. Brown. Greed is what Mr. Brown hooked you on, so please admit your very expensive mistake and know better next time. Nigerian scams using check cashing are so common that I'm surprised you have never heard of them before. A true international business (UPS,Microsoft,McDonalds,Caterpillar,Ebay...etc) would NEVER need private help cashing checks in other countries, understand? I just don't understand how you are blaming your bank, is it just me?
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