Consumer complaint received 2024-01-04
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Problem with balance transfer

Complaint:
On XX/XX/XXXX, I initiated a balance transfer of {$6700.00} via Bank of America 's ( BoA ) mobile banking platform, transferring funds from my Bank of America credit card to my XXXX XXXX XXXX XXXX ( XXXX  ) personal loan account. The XXXX  account number provided by my XXXX  branch was entered into the BofA mobile banking system, which confirmed its validity as an XXXX  account. However, upon subsequent review a few days later, it became apparent that the balance transfer had been charged to my BoA card, with no corresponding receipt of funds in my XXXX  account. 

Prompted by this discrepancy, I contacted Bank of America on XX/XX/XXXX, seeking clarification. During this conversation, BoA informed me that the funds had been disbursed and received. Subsequent communication with XXXX XXXX revealed that they had not received the funds in any of my accounts. In a three-way call involving representatives from both institutions, it was confirmed that the account number used for the transfer was incorrect. The XXXX  representative, however, affirmed that they do not have any accounts associated with that specific number. 

Acknowledging the error, a claim was opened by the BoA representative, who assured me that a resolution would be reached within 30 days. It was determined that the discrepancy stemmed from an incorrect account number, despite the information being sourced directly from the XXXX  branch and validated by the BofA mobile app. 

Following the 30-day period, around XX/XX/XXXX, I followed up with Bank of America , only to be informed that the resolution timeline had been extended to 90 days from the date of the balance transfer. The representative assured me of a resolution by XX/XX/XXXX, emphasizing that I would not incur any financial loss. 

However, on XX/XX/XXXX, having received no communication from Bank of America, I contacted them again. The representative suggested that the claim was being actively pursued based on account notes and advised me to check back in a few days, as the 90-day mark was approaching. Subsequent calls on XX/XX/XXXX, and XX/XX/XXXX, revealed that the initial claim had been closed due to XXXX XXXX ' alleged non-cooperation with the investigation. 

A subsequent three-way call between Bank of America XXXX XXXX XXXX  XXXX and myself reaffirmed XXXX XXXXs denial of receiving funds, with no record of the specified account number. The BofA claims representative, XXXX XXXX, initiated a new claim for " further research '' and committed to having his manager contact me within XXXX days. Regrettably, this did not materialize. 

In my most recent interaction with Bank of America on XX/XX/XXXX, I spoke with XXXX, who attempted to investigate the issue but faced limitations in her access. Upon requesting to speak with a manager, I was connected to XXXX XXXX in XXXX, XXXX. Despite a comprehensive XXXX effort to trace the funds, no conclusive resolution was achieved. XXXX proposed the possibility that XXXX XXXX, connected to XXXX XXXX, may have received the funds, but no immediate retrieval was facilitated. 

In summary, the ongoing delay, miscommunication, and lack of a definitive resolution have led to significant inconvenience and financial distress. I am seeking the intervention of the Consumer Financial Protection Bureau to address this matter promptly and facilitate the retrieval of the erroneously transferred funds.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief