Consumer complaint received 2021-10-02
Company: EAST WEST BANK
Product: Money transfer, virtual currency, or money service
Sub-product: International money transfer
Issue: Other transaction problem

Complaint:
I asked my sister to transfer {$12000.00} USD from her XXXX XXXX in XXXX, XXXX to the XXXX XXXX XXXX old bank account with East West bank in XXXX XXXX, CA on Friday XX/XX/XXXX. I was instructed by the customer service of the XXXX XXXX XXXX that the old account was an error, and asked us to tell the XXXX XXXX to cancel the transfer, and to request for the refund of {$12000.00} to my sister XXXX XXXX account immediately on Monday XX/XX/XXXX. Since then, the XXXX XXXX has submitted the request for the refund from East West bank for at least three times. However, East West bank continued to deny and to refuse to refund the money till now. 
Even though, we were informed by the XXXX XXXX XXXX financial department that they did not receive the money, and after 7-days the money sitting in the bank must be returned to the sender 's bank account automatically. East West bank has failed to do that. I suspect the bank is committing bank fraud and embezzlement of our transferred fund. I have reported this incident to the XXXX XXXX XXXX  on Tuesday XX/XX/XXXX. 
XXXX  Complaint Case # XXXX ( Ref # XXXX ) " Hello, the customer service staff has responded to you many times. The financial department has not yet received the amount of money you transferred. At present, the financial department can't find out where the money is.. '' This message was from the customer service of the XXXX XXXX XXXX communication on LINE service. 
" Hello, informed by the financial department. The financial department has not inquired the amount of money you transferred within seven days. Statement of financial department. If the financial department does not receive your transfer money within seven days, the amount will be returned automatically. Please call the bank staff you transferred to inquire whether the money has been returned. '' This is the returned policy of the XXXX XXXX XXXX company in XXXX XXXX provided by the customer service on LINE service on Wednesday XX/XX/XXXX. 
The XXXX XXXX received a message from East West bank that the beneficiary name account XXXX XXXX is closed, no fund is available to refund on Thursday XX/XX/XXXX. This was the excuse given by East West bank for not refunding the money which was sent in error on Friday XX/XX/XXXX. 
" XXXX XXXX already sent them request x3, East West bank only responded once, i.e. awaiting from their main branch .... this is totally unprofessional and unethical response from a bank. '' This was another excuse given by East West bank for denying the refund requested by XXXX XXXX in XXXX, XXXX. 
Please advise what is the legal remedy available for the consumer to compel East West bank to refund the money sent to an account in error. It is very obvious that East West bank is withholding the money illegally for more than 7-days in its bank for now. It did not follow the XXXX XXXX XXXX 7-day refund policy. 

" On XX/XX/XXXX Friday, the XXXX XXXX in XXXX, XXXX transmitted {$12000.00} to : Accout NameXXXX XXXX XXXX Name East West Bank Account numberXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX On XX/XX/XXXX Monday, the XXXX XXXX was informed that, this was an error. We requested the XXXX XXXX to submit the cancellation of this transfer, and requested the refund of {$12000.00} to the originator 's bank account with the XXXX XXXX. On XX/XX/XXXX, Monday, the East West Bank is still dragging its responsibility to refund the money to the XXXX XXXX account in XXXX, XXXX. XXXX, the XXXX XXXX has sent two requests to the East West bank to refund the money promptly. ''

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation