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Wednesday, July 13, 2011

'Bank of America gave two customers the same 10-digit account number, leading to $30,000 in Social Security payments going to the wrong person. The bank did little to fix things until prosecutors got involved'

shame shame shame on you BOA..............from latimes........

"Here's the story of how Bank of America gave the same 10-digit account number to two customers, resulting in about $30,000 in a Riverside man's Social Security payments going astray.


But even after the man's relatives pinpointed the problem and brought it to the bank's attention, the family said BofA did little to fix things until the San Bernardino County district attorney's office launched its own investigation.

Moreover, the Social Security Administration, not the bank, ended up refunding the missing money.

"It's just shameful that Bank of America let it get this far," said David Madden, 37, grandson of the man whose payments went to someone else for nearly two years. "What's really despicable is that the bank knew all along that it was responsible."

Betty Riess, a BofA spokeswoman, acknowledged key aspects of the case but declined to discuss specifics because the bank is still investigating what happened.

"This is an unusual and unfortunate incident," she said.

Madden said his grandfather, Robert Weber, 88, had banked with BofA for more than 60 years. Weber is a World War IIvet who went on to spend about 30 years as a machinist in the Southern California aerospace industry.

He's now in failing health — his heart, mostly, and his eyes. Madden said he and his father started looking into Weber's finances in December when it became clear that Weber was no longer capable of overseeing his affairs.

What they found alarmed them. Madden said it appeared that Weber hadn't received a Social Security payment since March 2009. The money was supposed to be deposited in a BofA account held by a trust in Weber's and his wife's name.

"It never occurred to them that the money was missing," Madden said. "They just believed they didn't have as much as they thought"................READ MORE

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