Complaint about $660,000 loss exceeded our limit

Common scams targeting bank customers,
Jerome lost $660,000 in a cryptocurrency scam in 2021.
May 2022

He complained that the bank failed to check that the two companies to which he transferred the money over the course of six months were legitimate.  He also said it failed to take steps to protect him from falling victim to the scam.

Our investigation

We told Jerome we could not consider his complaint because we did not have the power to look into matters involving losses of more than $350,000. Jerome asked whether we could consider his complaint as two separate disputes because he had transferred funds to two different companies. We told him we could not because his complaint related to the same alleged failures by the bank, and the transactions occurred during the same time period.


We could not consider Jerome's complaint.

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