Credit card or prepaid card -- Problem when making payments -- Complaint #7406766
Complaint Overview
Complaint ID: 7406766
Company: Bank Of New York Mellon Corporation, The
Product: Credit card or prepaid card
Sub-Product: General-purpose credit card or charge card
Issue: Problem when making payments
Sub-Issue: Problem during payment process
State: Wisconsin
ZIP Code: XXXXX
Date Received: 2023-08-15T12:00:00-05:00
Date Sent to Company: 2023-08-15T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
On XX/XX/2023, a conditional debt payment was transmitted to XXXX XXXX, serving as trustee for XXXX XXXX, on behalf of XXXX XXXX, a juridical entity. Despite clear instructions to direct credit resulting from conversion, redemption, or exchange for a new issue to XXXX XXXX 's account, no action has been taken. As of now, over four months have passed, and despite more than four correspondences sent and received, there has been no communication beyond acknowledging receipt from XXXX XXXX XXXX XXXX XXXX at XXXX XXXX. This inaction contradicts XXXX XXXX 's fiduciary obligations and has caused detrimental effects on XXXX XXXX 's credit profile. Despite being informed of this issue, which includes the issuance of a civil money penalty notice under Section XXXX of the Federal Reserve Act, no resolution has been achieved. Additionally, the recurrent practice of redirecting outstanding balances to short-term debt instruments like commercial paper under XXXX XXXX XXXX XXXX goes against the initial directive and further compounds the problem. In the midst of multiple conversations, only one representative has provided valuable insight, while attempts to engage with higher management have yielded no response. I deeply value our longstanding relationship, but I must emphasize that continued lack of action will necessitate further steps on my part. Given the complexity of the situation, involving transactions like the five special deposits and a conditional payment from XXXX XXXX, I urge XXXX XXXX to urgently address this matter, outline a clear plan of action, and work toward resolution.
Frequently Asked Questions
What is Complaint #7406766 about?
Complaint #7406766 was filed against Bank Of New York Mellon Corporation, The regarding Credit card or prepaid card specifically about Problem when making payments. It was received by the CFPB on 2023-08-15T12:00:00-05:00.
How did Bank Of New York Mellon Corporation, The 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 (Credit card or prepaid card) and describe your issue in detail.
Can I see other complaints against Bank Of New York Mellon Corporation, The?
Yes, visit the Bank Of New York Mellon Corporation, The company profile at readthecomplaint.com/company/bank-of-new-york-mellon-corporation-the 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.