A Financial institution of America buyer simply launched a class-action lawsuit accusing the lender of illegally refusing to reimburse legit victims of fraud.
Plaintiff Kimberley Dennie says she misplaced her BofA debit card in February and shortly watched a number of unauthorized transactions hit her account.
Dennie says she promptly reported the cardboard as misplaced or stolen and submitted a declare, which included a police report detailing what occurred, to get well $3,000 that had disappeared from the account.
In accordance with the lawsuit, Financial institution of America rapidly rejected the declare and accused Dennie of authorizing the transactions with out providing any proof, as required by regulation.
“Regardless of Plaintiff’s request for an evidence and additional assessment, and submitting a police report for the stolen card and fraudulent transactions, Financial institution of America mechanically rejected Plaintiff’s declare with out performing an inexpensive investigation and as an alternative, issued type denial notices devoid of any factual findings or documentation from its alleged investigation…
It was Financial institution of America’s burden to show that these disputed transactions have been approved – not Plaintiff’s – and its failure to take action is illegal and unfair to Plaintiff and 1000’s of different shoppers who need to bear the implications of stolen funds in limitless sums.”
The lawsuit accuses the banking big of routinely and overtly rejecting clients’ legit claims whereas sending out obscure, boilerplate letters of denial.
“Financial institution of America fails to adjust to its statutory obligations by failing to supply written explanations of its denials.
As an alternative, Financial institution of America routinely denies claims with none rationalization by any means, stating solely its conclusion {that a} declare has been denied. Financial institution of America’s boilerplate denial letters flip the burden of proof onto shoppers to disprove the supposed reasonableness of the Financial institution’s investigation. However [the Electronic Funds Transfer Act] places the burden of proof on monetary establishments to indicate that disputed expenses have been approved.”
The lawsuit was filed in federal court docket in North Carolina, with the plaintiff looking for “precise damages, punitive damages, and an injunction on behalf of most people to stop the Financial institution from persevering with to have interaction in its unlawful and/or unfair practices.”
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