Money transfer, virtual currency, or money service -- Other transaction problem -- Complaint #7310193
Complaint Overview
Complaint ID: 7310193
Company: Bank Of America, National Association
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Other transaction problem
State: California
ZIP Code: 90603
Date Received: 2023-07-26T12:00:00-05:00
Date Sent to Company: 2023-09-25T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XXXX XXXX To : Consumer Financial Protection Bureau ( CFPB ) Subject : Unacceptable wire transfer processes at Bank of America and XXXX XXXX Dear Sir/Madam , I hope to get some help regarding a wire transfer issue related to the sale/purchase of a property. This was a sale by my daughter and her husband to my son and his wife. I am a CA-licensed broker who represented both in the escrow. I also loaned money to my son and his wife to purchase the house. On XX/XX/XXXX, I wired {$340000.00} ( part of my loan ) from my Bank of America trust account to my daughter 's trust account at XXXX XXXX ( same day wire ). The wire routing number was wrong ( ACH number instead of the wire routing number ). I realized this two days after I wired the amount and notified my BoA wiring department. They claimed that the money was with XXXX XXXX already and XXXX XXXX claimed they didn't have it. After two days, XXXX XXXX admitted that the wire was held up in their wire regulatory department. The regulatory process supposedly was for the BoA and XXXX XXXX wire departments to message each other, each transaction stated to be a 48 business hour transaction. No closure timeline was given! After 7-10 days, I asked for alternatives to get the money back in my account. My son-in-law visited his XXXX XXXX branch manager multiple times and I visited my BoA branch manager multiple times. They recommended I recall the wire, and I did. A few days later, XXXX XXXX agreed to deposit the wire into my daughter 's account if I cancelled the recall notice. I did. Unfortunately, this recall got caught in the wire departments ' messaging process! At my son-in-law 's request, XXXX XXXX eventually returned the wire amount to BoA on XXXX ( last Friday ). Now, BoA says it could take 3-5 business days to be in my account! It is 5 days later and BoA is now telling me it could take another 2 days! A same day wire has been held for 21 days ( and counting ) with no reasonable process to correct the routing number issue. Meanwhile, I had to borrow from my home equity line ( at an interest rate of over 7 % ) to close the escrow. Can you help me understand how you can hold these banks responsible for this deliberate withholding of consumer funds with an inexplicable process? Regards, XXXX
Frequently Asked Questions
What is Complaint #7310193 about?
Complaint #7310193 was filed against Bank Of America, National Association regarding Money transfer, virtual currency, or money service specifically about Other transaction problem. It was received by the CFPB on 2023-07-26T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with monetary relief". 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 Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association 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.