Consumer complaint received 2020-03-27
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: DC
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Money was not available when promised

Complaint:
On XX/XX/20, I received a {$10000.00} wire from an investor to my business banking account. It accidentally went to my business credit account, instead of my checking account. I called Bank of America about a week later when I realized it was on the wrong account. A customer service rep told me it was no problem, that they could electronically move the wire from my credit account to my checking account. About a week later, the wire had not been moved to my checking account. I called BoA and was told it could not be electronically transferred, but that they would send a check in the mail in the amount of $ XXXX, which I could deposit to the account. They told me to allow about a week for the check to arrive. 

Seven to 10 business days later the check had not arrived. I called BoA and was told that the check was never sent. My options were to 1 ) have a check sent 2 ) leave the $ XXXX on my credit account or 3 ) send the wire back to the originator. I told them I absolutely did not want to send the wire back to the originator, and did not trust the process for sending a check in the mail. I explicitly told them to leave the $ XXXX on the credit account, where I would spend down the value. Several days later, I logged into my account to discover that the $ XXXX was gone. It was no longer on my credit account or my checking account. I called the bank immediately and asked what happened. The rep told me the money was sent back to the originating source. I countered that I asked for this to not happen. She said it was a mistake and to check with my investor and make sure it was received within 24-48 hours. 

On XX/XX/20, I messaged my investor and asked if he had received it. He said no. On XX/XX/20, I messaged my investor again and he still had not received the wire. I called the bank on XX/XX/20 and they told me to wait longer, that it may have been held up because there was a weekend. I called them again a day or a two later and they told me they did not know where the wire was. I have followed up with them every few days from XX/XX/20 to XX/XX/20. No one knows where the wire has gone and they have no suggestions as to how to get the money back in my account. On XX/XX/20, I spoke with XXXX XXXX ( ID : XXXX ) and he told me he would call me every day with an update. He did that the first day afterwards, and not once day since. On XX/XX/20, I spoke with XXXX XXXX ( ID : XXXX ), he told me he escalated this above XXXX XXXX manager. I never heard from that contact. On XX/XX/20, I spoke with XXXX XXXX, who emailed XXXX and four researchers about this issue and told me they would get to this first thing Monday morning, XX/XX/20. This did not happen. I emailed XXXX and XXXX on XX/XX/20 and asked for resolution. I did not get a response. I emailed XXXX and XXXX today, XX/XX/20, and let them know I was reporting BoA to regulators. It has been a full two weeks of trying to track down this wire, to no resolution, and almost two months since the initial error occurred. The $ XXXX should have NEVER left my account to begin with, as I specifically told BoA to not do this. I operate a small business and need cash flow immediately. They owe me {$10000.00}. ( To my knowledge, this is case number : XXXX at Bank of America ).

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