Money transfer, virtual currency, or money service -- Other transaction problem -- Complaint #7232432
Complaint Overview
Complaint ID: 7232432
Company: Discover Bank
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Other transaction problem
State: Pennsylvania
ZIP Code: 170XX
Date Received: 2023-07-10T12:00:00-05:00
Date Sent to Company: 2023-07-10T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I am writing to file a formal complaint against Discover regarding a recent experience involving two failed Automated Clearing House ( ACH ) transactions and the subsequent challenges in retrieving the funds. I am seeking your assistance in facilitating a resolution and the return of my funds. The details of the events are as follows : On XX/XX/XXXX, I initiated two ACH transactions, each for {$20000.00} and {$30000.00}, from my Discover savings account to two joint XXXX CD accounts held by my wife and me. Regrettably, on XX/XX/XXXX, we received notifications from XXXX XXXX stating that both transactions had failed. Naturally, we anticipated that the funds would be promptly credited back to my Discover savings account. However, to our dismay, the funds did not reappear even after several days had passed. Upon contacting XXXX XXXX for clarification, I was informed that due to the joint CD accounts being associated with my wife 's profile, only she was authorized to make deposits into them. Consequently, my funds were rejected for deposit. XXXX XXXX attempted to return the funds ; however, their policy prohibited them from doing so, as I, being the sender, did not match the intended receivers ( my wife and me ). They advised me to contact Discover and request an ACH return accordingly. Taking their advice, I promptly reached out to Discover and initiated a dispute regarding the failed ACH transactions. To my disappointment, after conducting their investigation, Discover concluded that the ACH transactions were successful and asserted that they had no grounds to request an ACH return. I relayed this information to XXXX XXXX, but they remained firm in their stance that only Discover could initiate the ACH return. Despite numerous attempts to resolve the matter with both Discover and XXXX XXXX, neither party has been able to provide a satisfactory resolution. This ordeal has left me in an immensely frustrating situation where my funds remain trapped between the two institutions, with neither party accepting responsibility or offering a viable solution. To address this issue comprehensively, I have filed a separate complaint against XXXX XXXX through the Consumer Financial Protection Bureau ( CFPB ). Following their investigation, XXXX XXXX informed me that my funds are currently being held by XXXX, reinforcing the need for Discover to facilitate their return. Consequently, I am now seeking the CFPB 's assistance once again, this time to help facilitate a resolution from the Discover side and ensure the prompt return of my funds. For your reference, I have attached the following supporting documents : 1. XXXX XXXX XXXX response to the issue 2. The email notifications received regarding the failure of the ACH transactions 3. My Discover account statement illustrating the two transactions I kindly request your attention and intervention in this matter to help rectify the situation swiftly. I am hopeful that your involvement will bring clarity to the responsibility for the funds ' retrieval and lead to a satisfactory resolution.
Frequently Asked Questions
What is Complaint #7232432 about?
Complaint #7232432 was filed against Discover Bank regarding Money transfer, virtual currency, or money service specifically about Other transaction problem. It was received by the CFPB on 2023-07-10T12:00:00-05:00.
How did Discover Bank respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Discover Bank?
Yes, visit the Discover Bank company profile at readthecomplaint.com/company/discover-bank to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.