Consumer complaint received 2023-01-17
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

Complaint:
On Friday, XX/XX/2022, I logged into my Bank of America XXXX XXXX to send a {$2500.00} XXXX transfer for a downpayment for a new pickup truck. ( Note : I was preparing for a interstate move and needed a more reliable vehicle with towing capabilities in an effort to avoid high singular purpose moving expenses i.e. XXXX XXXX  ~ {$4500.00}. I had an enclosed trailer lined up to buy for {$1000.00} ; and had keys in hand for a used XXXX  financed with XXXX XXXX, last step transferring {$2500.00} downpayment. ) Unfortunately, despite verifying recipient info with the XXXX dealer, who reviewed the displayed info and confirmed it to be correct ; as soon as I hit send I noticed a different recipients name pop-up at the top of my " XXXX ' or recent transactions list. I immediately asked the XXXX rep if he had seen the transfer ; which he replied he had not. I started looking into my XXXX activity in the BofA mobile app and as feared, the {$2500.00} downpayment had not gone to the intended recipient. Somehow, despite multiple cautionary confirmations between myself and the XXXX dealer, by some unexplained way the transfer was sent to an individual I do not know beyond a XXXX time purchase I made off his XXXX XXXX the year prior. Yet by some unknown XXXX magic, and poof! my downpayment was sent to a complete stranger! It was less than XXXX minutes before I was on the phone with BofA to stop the transfer, which was still " pending. '' Long story short, the first BofA rep said I had to contact the recipient to have him send it back ; and if that doesn't work I needed wait till it was not longer pending, then file a claim through XXXX. So I call and text the individual who quickly blocks my calls and ignores all attempts to contact him. Meanwhile, I'm also on hold after being transferred to the XXXX department, only to find out after holding for over an hour that the XXXX department was closed. Meanwhile, XXXX is closing and I have now had to walk from the deal because, as a XXXX XXXX XXXX XXXXXXXX, I had saved for that downpayment and did not have another way to get another few XXXX XXXX XXXX XXXX  So, after being bounced around by BofA from XXXX department to the next over the course of a couple hours, the last rep I speak to that Friday night confirms my suspicions which were that the first associate could and should have cancelled the transfer while it was still briefly " pending '' ( which was confirmed in the account transcripts from my prior calls that evening ). In fact, only because the transaction was allowed to go through, I was now being told I would need to file a claim with XXXX specifically. Despite that department being closed until Monday, I could not file directly with BofA 's claims department ( even though they were my bank ), because I " sent the money via a third-party, XXXX '' XXXX there was a choice on my part, when really there is no other option! Seamlessly integrated into the banking app, this thrid-party white-label vendor is a sneaky way the bank is attempting to exonerate itself of liability from any transfer disputes. You see, when I finally go through to XXXX the next week, the flippantly told me I could file a claim but since it was not " fraud '' because they said I " sent the transfer, even if by mistake, '' so it was on me to retrieve the monies from the individual who had mistakenly had {$2500.00} deposited by a virtual stranger. XXXX, ya you can guess it, that lucky individual wasn't very honorable and has never returned a XXXX  XXXX! And, of course, XXXX not being a bank itself, but a third-party service, this intentionally convolutes the dispute process over such transfers and apparently has led banks to believe that this adorable little loophole they so gleefully are playing with has negated their need to concern themselves with XXXX XXXX, XXXX regulations that clearly define transactions subject to its protection and outlined protocol, to include " erroneous transfers '' not just fraudulent ones as I was being told. So, after more than a week the XXXX dispute resolution center still had not reviewed my claim and when they finally did, I was once again told that the policy was only to reverse transfers if fraudulently made and not for erroneous transfers sent by mistake ; despite the regulations clearly stating the bank is required to reverse/refund such and provide provisional funds pending any investigational efforts into the transfer. I was denied and such credits, and weeks later received notice that my claim altogether was denied!! I lost a great deal on the truck, then couldn't get the trailer without a vehicle to tow it, so lost the apartment I had signed a lease starting XXXX and of course lost the nonrefundable deposit ; as well as added storage fees each month I have postponed the move as I try to catch back up. Not to mention, endless hours on hold and explaining over and over the same story to a new department or new representative. It's been XXXX or 4 months now, and I have not gotten my money back. It's not just the {$2500.00} though. It's the principal that my bank would so brazenly disregard federal law and callously ignore the emotional pleas of a XXXX  mother who was losing transportation and housing with no where to go come next month. It was more than money, it was a new home and stability for my XXXX  ; instead, we've lived XXXX XXXX XXXX XXXX for months overstayed our welcome. Try to XXXX the XXXX XXXX  that kind of situation puts on a teenage boy. Knowing we must leave, like yesterday, but no idea when, where, or how because all the plans went to XXXX after that XXXX erroneous transfer to some XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX who just wan na take take take and have XXXX empathy for anyone because they're XXXX. Thus, they instill a XXXX  environment of antipathy throughout their XXXX  as seen in their blatantly illegal policies. XXXX subjectively it was a significant financial loss for XXXX XXXX XXXX XXXX, with ripple effects unseen, to which we have yet to recover from. It makes me sick the bank has found some loophole via use of a third party integration that they clearly think will let them get away with an open policy that directly contradicts XXXX XXXX Its so wrong and I still hope somehow things will be made right. What can I do?

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