Money transfer, virtual currency, or money service -- Money was not available when promised -- Complaint #8664661
Complaint Overview
Complaint ID: 8664661
Company: Bank Of America, National Association
Product: Money transfer, virtual currency, or money service
Sub-Product: International money transfer
Issue: Money was not available when promised
State: Minnesota
ZIP Code: 554XX
Date Received: 2024-03-31T12:00:00-05:00
Date Sent to Company: 2024-03-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I'm seeking advice regarding a frustrating situation with Bank of America. XXXX international transfers from XXXX XXXX XXXX XXXXXXXX ( XXXX ) to my Bank of America account have been on hold by BOA since early XX/XX/XXXX, which is almost 5 months ago now. The issue started when XXXX flagged the transfers after they were received in my account, due to them being XXXX transfers on XXXX consecutive days. A week later, Bank of America put those amounts on hold, waiting for further instructions and documentation from XXXX. As of XX/XX/XXXX, Bank of America confirmed that they have received all the documents needed for funds release. The sender and XXXX have even sent an email confirming that they have traced the wires and sent the required documents, and the funds are with Bank of America. I've tried calling Bank of America customer service numerous times and went to the XXXX XXXX branch XXXX XX/XX/XXXX when I was back in the XXXX. However, both the banker and I just got transferred around on the phone and was told to wait for updates that never come ( it's been the same response since XXXX ). Bank of America said they have all the documents they need since XX/XX/XXXX, but for some reason, they still aren't releasing the funds. I was just told to wait. The wire/fraud department have 'pinged ' and requested expedited updates from their 'analysts ' multiple times, but I'm still not seeing the funds or any updates. And apparently, there is no way that the wire/fraud department can 'talk ' to an analyst - all they can do is send them an email or a 'ping '. I was told it could take up to XXXX working days for an analyst to review the case, but it's already been XXXX working days. I have been calling Bank of America numerous times with the same response - that they see that they have the required documents from XXXX confirming it was not a fraud and have already asked the analyst for an expedited response. I'd really appreciate any advice on this. These funds are needed urgently, and I just can't believe a bank can hold our funds indefinitely like this. Thank you. Reponse from XXXXXXXX XXXX XXXX XXXX : " To confirm the current status of the transactions, we have received the following information in response from the receiving bank : Payment reference XXXX XXXX XXXX XXXX XXXX XXXX XXXX dated XX/XX/XXXX : We have received credit confirmation from the beneficiary bank " WE CONFIRM WIRE WAS CREDITED PER ORIGINAL WIRING INSTRUCTIONS ON XXXX XX/XX/XXXX XXXX XXXXXXXX XXXX USD UNDER OUR REF TRN XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX '' Payment reference XXXX XXXX XXXX XXXX XXXX XXXX XXXX dated XX/XX/XXXX : We have received confirmation that the funds were credited WE CONFIRM CREDITING XXXX ( Recipient Name ) XXXX XXXX XXXX XXXX XXXX XXXX FOR USD XXXX XXXX UNDER OUR REF XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX WE MAY PROVIDE NO FURTHER INFORMATION. As we have received credit confirmation for XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX and we have observed on XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX that the funds have been paid, as per our policy, the Bank can not take any liability in the event that we are unable to provide further details on this payment, as we have made our best endeavours to locate these funds. The recipient will need to follow up with their bank directly with the given credit confirmation we have supplied above and a copy of their statement proving they have not received funds as it is their bank advising they have been credited. They can then ask their bank why they are saying they have been credited when they have not '' Calls made to Bank of America : XX/XX/XXXX : XXXX, XXXX, XXXX, XXXX, XXXX XX/XX/XXXX : XXXX ( XXXX ), XXXX XX/XX/XXXX : XXXX ( XXXX XXXX, XXXX XX/XX/XXXX : XXXX XXXX : XXXX ( XXXX XXXX XXXX Bank of America XXXX XXXX, XXXX and was helped by XXXX XXXX. No resolution or update during and after the visit ( was promised an update in 2 days ). Emails sent to XXXX ( as recommended by one of the customer service ) on XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX. Emails sent to XXXX XXXX XXXX for an update XXXX XXXX XXXX XXXX XX/XX/XXXX - no response or update.
Frequently Asked Questions
What is Complaint #8664661 about?
Complaint #8664661 was filed against Bank Of America, National Association regarding Money transfer, virtual currency, or money service specifically about Money was not available when promised. It was received by the CFPB on 2024-03-31T12:00:00-05:00.
How did Bank Of America, National Association 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 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.