Consumer complaint received 2021-03-20
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: International money transfer
Issue: Unexpected or other fees

Complaint:
For over a month now I've spent hours on the phone with Bank of America to try to complete an international wire transfer to my own account in XXXX. I contend that they are forcing customers to convert money into Euros to send international wires in order to make more money. I contend they are not updating their systems to a banking law that went on the books in XXXX of XXXX, and claiming that customers must change currency to complete international wires. They are forcing customers to pay a high rate for an unnecessary service. 

Bank of America informs me that they are unable to complete the request in USD because of a new banking law that took effect in XXXX ( but actually cleared the books back in XXXX of XXXX ... nearly 10 months ago ). They say that they do not have the foreign banks fees for receiving an international wire transfer, and so can not complete it in USD. I provided them the exact fees from my overseas bank to receive the transfer. Then their excuse changed that the " Logic in the system does not work properly ''. I have spoken with nearly every person I am capable of getting a hold of as a customer, and they refuse to update their system. 

Their website immediately offers that I can convert my USD into Euros to complete the transaction. I was forced to send a transfer by the only method offered due to a time constraint. On XX/XX/XXXX, I sent {$10000.00}. Bank of America naturally took a fee to make the currency exchange. I received on my end in my overseas account {$9400.00}. My bank overseas charged only {$20.00} to receive this transfer in Euros. However Bank of America took a significant percentage cut of my transfer value, by giving me no other option. I contend that they are forcing customers to pay an unnecessary currency exchange rate to complete international wires, and are purposely not updating their systems with fees that I have provided them. This was the currency exchange rate they charged me as their " highest level '' client. I have been in contact with their wire department, and their executive resolution department, and have received only placations that they assure me they are working on it. They offered me no time frame for a resolution, and could not provide me any more detailed information to convince me they were working on anything. I asked for other options, or other banks in XXXX  who they could successfully send a wire in USD to. They provided me no answers. The best answer I got is " They hope to have it fixed sometime this year ''. This seems to me that they are blatantly taking money from their customers. I have provided them the receiving bank fees, and they have refused to update their system ... information they should have collected 10 months ago when this new legislation hit the books.

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