Consumer complaint received 2023-10-19
Company: U.S. BANCORP
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

Complaint:
I hold an account with US Bank, and on XX/XX/2023, I utilized the XXXX application within the mobile banking platform to send {$500.00} USD to a family member ( the recipient ). Subsequently, I verified with the recipient later that day to confirm whether they had received the funds. Unfortunately, they had not received the funds, but they did receive an email confirmation from XXXX via XXXX XXXX XXXXXXXX indicating that " XXXX XXXX XXXX sent you {$500.00}. '' It's important to note that the recipient does not have an account with XXXX XXXX XXXX ; their account is held with XXXX XXXX. 

After waiting for 24 hours and still not seeing the funds in the recipient 's account, the recipient contacted their bank, XXXX XXXX, who confirmed that they had no record of the transaction. On XX/XX/XXXX, I reached out to US Bank to report the issue, and the representative acknowledged that the money was deducted from my account. They mentioned that there was a " known issue '' with their systems on XX/XX/XXXX and advised me to wait for a day or two, assuring me that the funds would be returned to my account for resending. Complying with their instructions, I patiently waited, but the money was not returned to my account. 

Upon contacting US Bank again, I was informed that the recipient needed to add their email address to their XXXX profile for the money to flow into their account. However, despite the recipient adding their email information, the issue persisted. I then contacted US Bank once more to report that the recipient still had not received the funds. During this call, I was informed that I needed to file a claim to resolve the matter. It was mentioned once again that there was a " known issue '' on the XXXX that affected several XXXX transactions. When I requested a reference number or identifier, I was told there was none, and I was advised to wait for 7-10 days for the investigation to conclude.

After the specified time frame, I contacted US Bank again, only to be informed that my claim had been denied. Perplexed by this denial, given that neither I nor the recipient had the funds and considering the " known issue '' on XX/XX/XXXX, I asked for clarification. I was transferred to a supervisor who clarified that the claim should have been handled by the online team, and the initial claim had been directed to the wrong department. I was once again instructed to wait 7-10 days, resulting in the same outcome. 

On my next call, someone requested access to my mobile device to review my XXXX transactions. However, it was discovered that the transaction on the XXXX did not appear in the records, despite the money being deducted from my checking account on that date. This further demonstrates that there was an issue with the transaction, either on the US Bank side or within the XXXX network. 

In any case, I am left without the funds, and the recipient has not received the money. US Bank has refused to return the funds, despite numerous requests. I have sought to speak with the department responsible for the investigation, but my request was denied. I have also requested access to the findings of the investigation, which was similarly denied. I have not received a satisfactory explanation from US Bank. 

I have offered to sign an affidavit affirming that I have not received the funds and have no intention of defrauding any institution. The recipient is willing to do the same and is prepared to provide a statement and documentation from XXXX XXXX, confirming that there was no {$500.00} transaction associated with their account on XX/XX/2023. I am now at a point where I feel compelled to seek a resolution before considering legal action. I am requesting a full refund of the {$500.00}, and I intend to close my account promptly afterward.

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 explanation