How Long Does a Bank of America Claim Take?

Filing a claim with Bank of America is a process customers undertake for reasons like unauthorized transactions, billing errors, or issues with purchased goods or services. Understanding the steps and typical timelines can provide clarity and manage expectations. This guide details the necessary preparations, submission methods, investigation phases, and how claims are ultimately resolved.

Initial Information Gathering

Before initiating a claim, gather all pertinent information and documentation. This helps streamline the process and provides the bank with necessary details to investigate effectively. Key information includes the exact date of the transaction, the precise amount charged, and the name of the merchant as it appears on your statement.

A clear description of the issue is important, detailing why the transaction is being disputed, such as an unrecognized charge, a duplicate charge, or services not rendered. Any attempts made to resolve the issue directly with the merchant, including dates of contact and their responses, should be noted. Supporting documents like transaction receipts, order confirmations, billing statements, or any relevant correspondence can strengthen your claim. Customers have 60 days from the statement date on which the error appeared to dispute a transaction.

Submitting Your Claim

Once all necessary information has been collected, Bank of America offers several methods for submitting a claim. The most common ways are through their online banking portal or the mobile application. Customers can log into their account, locate the specific transaction, and select an option like “Dispute this transaction” or “Report a problem” to initiate the process.

Alternatively, claims can be submitted over the phone by calling Bank of America’s customer service or by mail to the address provided on billing statements. When submitting, customers will explain the reason for the dispute and provide the gathered details and supporting documentation. Upon successful submission, a claim number is provided, serving as confirmation that the dispute has been received.

The Claim Investigation Process

After a claim is submitted, Bank of America initiates an investigation to determine the legitimacy of the dispute. The duration of this investigation can vary depending on the nature of the transaction and applicable federal regulations. Electronic fund transfers, such as debit card transactions, are governed by Regulation E (Electronic Fund Transfer Act), while credit card billing errors fall under Regulation Z (Truth in Lending Act and Fair Credit Billing Act).

For debit card disputes under Regulation E, the bank generally has 10 business days to complete its investigation. If more time is needed, the bank may extend the investigation period up to 45 calendar days. In such cases, a provisional credit for the disputed amount is issued to the customer’s account within 10 business days of receiving the error notice, allowing access to funds during the extended investigation.

Credit card disputes, regulated by Regulation Z, require the bank to acknowledge receipt of the billing error notice within 30 days. The bank then has two complete billing cycles, but no more than 90 days, to investigate and resolve the dispute. During this period, customers are not required to pay the disputed amount or any associated finance charges, and the account cannot be reported as delinquent for that amount. Factors such as the complexity of the claim or the need to contact third parties can influence the overall investigation timeline.

Claim Resolution and Follow-Up

Once Bank of America completes its investigation, the customer will be notified of the resolution. This notification often occurs via mail or through the online banking message center. If the claim is successful, the provisional credit issued for debit card disputes becomes permanent, or the disputed charges on a credit card are permanently removed.

In instances where the claim is denied, Bank of America provides a written explanation detailing the reasons for the decision. If a customer disagrees with the outcome, there is an option to appeal the decision by providing additional supporting evidence or clarifying previously submitted information. Customers can monitor the status of their claim throughout the investigation period by logging into their online banking account or mobile app.