Product: Money transfer, virtual currency, or money service

PLEASE NOTE : The banks ' documentation shows my name as XXXX XXXX, I have since gotten married and my legal name is now XXXX XXXX. 

CIT Bank has assigned XXXX ID XXXX to this issue. 

On XX/XX/year>, I initiated an ACH transfer in the amount of {$40000.00} from my savings account at CIT Bank, account XXXX, to my checking account at XXXX  XXXX XXXX XXXX account XXXX. The funds left my savings account at CIT, but never arrived at my checking account at XXXX XXXX XXXX. 

I have spent countless hours on the phone with managers at both banks in both customer service and operations, as well as several hours in person at a XXXX  XXXX XXXX Branch with CIT representatives simultaneously on the phone, attempting to resolve this issue and reclaim my lost funds. In short, each bank is blaming the other and saying there is nothing they can do. Representatives from each bank have encouraged me to sue both their own bank, and the other bank, in order to get resolution to this matter. 

On multiple occasions I have requested a tracer number from CIT bank. Every time I speak with CIT about this, they give me a new tracer number and apologize for giving me an incorrect tracer number with every previous request. It seems to me like their system is generating a new number every time they inquire. The first tracer number they gave me was XXXX, which was provided over the phone by manager XXXX. The second tracer number I was provided was XXXX, which was also provided over the phone by either XXXX or XXXX. The third tracer number provided to me XXXX, which CIT says in a letter is a tracer number they previously provided in error ( but which they never actually previously provided me ). In that same letter they provided me a fourth tracer number of XXXX. 

Each time CIT has provided me with a tracer number, that they say it shows the transfer was successfully made and they confirm the correct routing number XXXX and account number XXXX, and that the funds were deposited into a general ledger account at XXXXXXXX XXXX XXXXXXXX XXXX They assure me that XXXX  XXXX XXXX needs merely to research the tracer number to figure out where the funds are being held at XXXX  XXXX XXXX. 

XXXX  XXXX XXXX insists the funds have not been transferred to their institution. They also insist that the CIT tracer number is not anything that can be researched at XXXX XXXX XXXX, because this is a number thats internal to CIT only. XXXX XXXX XXXX further insists that the money must have been sent somewhere else, if it went anywhere at all, and that the only solution they know of is for CIT to issue a recall of the transaction.

CIT supervisors, while initially agreeing to issue a recall, later changed their position and said, as a matter of bank policy, that they will not issue a recall because if they do, it would be an admission of their liability. 

After numerous calls and, in the case of XXXX, in-person meetings, both customer service teams eventually told me I would need to sue both banks in order to get any resolution. So, on XX/XX/year> I sent a demand letter to both banks clearly lying out the issue. XXXX responded by saying there is no evidence of the transaction with their bank. CIT responded by saying the XXXX statement shows the funds were received. CIT is very clearly wrong in their conclusion. The transaction they point to is from an entirely different funds transfer ( of the same amount ), which has been previously verified by both banks. 

In addition to the original {$40000.00} that has disappeared, I have suffered additional clear damages as a result of this incident. These funds, had they not been lost, would have been sitting in my high yield savings account, which yields 5 % interest. These funds should have earned {$500.00} in interest as of XX/XX/year>, the month I sent the demand letter. If they had been available, the funds were intended to pay for labor in the construction of my new home. As a result of the funds being lost, there has been a significant delay in the building of my home. This has caused me to have to move into temporary housing and rent a storage unit to store my household belongings. I have also lost wages because I had to take time off from work in order to have lengthy conversations with your supervisor-level employees in operations, who are only available during regular business hours. 

Both banks have told me at various times that this issue would be easily remedied by CIT Bank issuing a recall of the transaction, but CIT Bank is refusing to do so. 

I strongly suspect that the funds may have been embezzled or disappeared in some other nefarious way from CIT Bank as they continually change their story and stance.