Consumer complaint received 2023-04-27
Company: AXOS FINANCIAL, INC.
State: CA
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I transferred {$1100.00} from my XXXX account ending in XXXX on XX/XX/2023. Once the funds settled, I attempted to transfer funds from Axos to a XXXX XXXX account that I have. At that moment, the transfer was stopped and my Axos account was restricted. Axos asked that I verify that I am a signer on the XXXX account by requesting a voided check or physical statement as online statements are not accepted. However, when I contacted Axos via phone, I spoke to someone named, " XXXX. '' XXXX said that an online statement would be accepted, so I upload my recent statement from XXXX. A day later, I was emailed and told that the online statement is not sufficient. 

At this point, I contacted Axos again to explore other options. I was then provided with the option to have XXXX XXXX recall the XX/XX/XXXX transfer under code R07 ( Authorization Revoked by Customer ) or ( R10 Originator is Not Known to Receiver, or Originator is Not Authorized to Debit Receiver 's Account ). I contacted XXXX to make this request, but it was denied as they are not able to recall/reverse funds that have already been settled. 

I ended up contacted Axos again and the next option was to request a verification letter from XXXX. So, I made the request over the phone. However, XXXX said they can only provide verification letters for housing or other assets, not for a savings account, but they suggested to have Axos send a letter to them via snail mail requesting this verification letter and that it can take up to two weeks. Axos declined this request. When I told XXXX that Axos will not send the letter, they said to have Axos return the funds back to them. I called Axos and was told that they are not able to return funds from a restricted account and that XXXX must recall the funds. 

As you can see at this point, I have been going back and forth with both banks in an attempt to retrieve my funds somehow. Axos states that XXXX is able to recall the funds and have up to 60 days to do so, as that is something that is true for all banks. " XXXX '', from XXXX, said that this is not true and their policy is that the only way to reverse a transfer is by the user ( me ) selecting cancel on the transaction from within their app. 

As you can see in the chat transcript attached to this email, I went over some of this with a " XXXX '' from Axos. XXXX said to have XXXX send a form stating that they are not able, or refusing to, recall the funds that were transferred. When I call XXXX to explain this to me, I was transferred to a XXXX in the Corporate Business department ( not sure why ). XXXX, greeted me then the call disconnected. 

I mentioned that last part because both banks have disconnected calls in odd ways or have chosen to ignore this matter for whatever reason they may have. One such example can be seen in the screenshot that I provided. You can see that Axos completed a case that I opened without a response. Since Thursday, XX/XX/2023, I have made multiple requests to have supervisors contact me from both Axos and XXXX and I have not spoken to one yet. 

Now, I do not know what I need to do to retrieve my funds. I would like to have this matter resolved before rent is due as I am late on other bills because of this.

Company response to consumer: Closed with explanation