BOA didn't seem to care a big when we almost lost almost $100K cash to a scam, when the scammers were using a BOA account!
We were buying our dream land and got the expected email from realtor with the routing & account number to transfer our down payment. I went online to USAA and made the wire transfer...and a few minutes later got an email saying it didn't go through. Called USAA and talked to them and they were going to send it manually.
Called the realtor to tell him it was on the way, and he said "I haven't sent that yet!" My heart fell through my chest!!
Called USAA, they had already sent the money. Tried calling BOA and they just didn't care. Turns out USAA's manual transfer didn't go through either (likely because the "name on the account" didn't match the receiving account....WHEW!!!!). Called BOA several times as I continued emailing back and forth with the thief who was asking when the money was going to be transferred, but they just didn't care that a thief was using their account.
Fortunately we didn't lose anything.
I will NEVER AGAIN wire money. EVER.
Not to be a jerk, but this was ENTIRELY your fault. You sent $ 100k of your hard earned money based on what? What you saw in an email? That's crazy.
This has nothing to do with BOA. This has nothing to do with wiring money.
This has to do with the fact that you fell for a scam.
In every piece of land, home, etc. that I've purchased, I've drove my fat butt to the title company, or to the realtors office to see, with my own to eyeballs, the wire information. Then, had them print it out, then drove that information to a physical branch office to have them wire the money.
No computers, no email. If you're using an online bank, then at least confirm, in person, the wiring instructions.
I agree with you that BOA could have shown some empathy. But the wiring process, and BOA, etc. did EXACTLY what YOU instructed it to do.
Sham on the Realtor for not warning you of these scams. Shame on the Realtor for not PHONING you with wiring instructions --- they are complicit for having knowledge of these scams and not taking proper precaution to protect you, the customer. They are now getting sued as third parties to wire fraud.
Additionally, for those purchasing real estate, I would encourage you to only work with title companies whose use CertifID -- a third party company who has "Red Phone" access to the U.S. Secret Service. While BOA, Chase etc. may not be able to reverse wires, the Secret Service can, and choosing whose closes your real estate transaction can make a big difference when it comes to fraud.
Most of this is avoidable:
Don't trust email
Don't trust phone conversations
Don't mail checks
Don't use debit cards
Do use in person branch banking when possible
Do verify in person
Do use credit cards
Do know that ** ALL ** banks will get hacked. Not just big ones, not just small ones. Thinking otherwise is foolish.
Someone said in this thread that big banks are the targets and big banks get hacked. Yes, big banks get hacked.
Small banks get hacked all the time because they dont have anywhere near the cyber security budgets as big banks. Small bank hacks don't make front page national news....because they're small, and nationally, most people won't recognize them.
The U.S. Marshalls service was just breached. The FCC was breached, Pentagon emails were leaked. The U.S. Treasury was breached several years ago. The IRS. And you think you're going to find a bank that won't get hacked? HA! Good luck with that.
Maintain a small attack surface and move on with life.