Consumer complaint received 2018-02-26
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

Complaint:
On XXXX XX/XX/XXXX, I initiated an online money transfer of {$1.00} from my Bank of America checking account to a friends XXXX XXXX  account using XXXX and recipient using XXXX Quick pay. This transaction was as a refund of the money which the XXXX XXXX holder had loaned me for rent two weeks earlier ( also sent using the same online banking service ). The XXXX XXXX    holder had gone into a XXXX branch in late XX/XX/XXXX, where a bank official registered his email and phone number on the XXXX Quick Pay. 

After I made the payment, the XXXX XXXX  holder did not receive his money. I went into a XXXX XXXX to make a complaint and I was informed that it would take up to 5 days because it was my first time making a transfer to him. Five days passed, and the intended receiver went to make a complaint at his bank. There, he was informed that his phone number was unable to pair to his account because it was already in use by another XXXX XXXX account holder. Hence, the amount of {$1000.00} intended for him was deposited to a stranger who already has his current phone number registered. He was also informed that he could do nothing about it, and that only I, the sender could file a claim through my bank ( Bank of America ). I am a single mom, and soldier, who certainly can't enrich the life of a stranger who erroneously received money intended for someone else, or XXXX XXXX. We can only assume the stranger received it because neither of the banks disclosed the status of the funds. 

I initiated a claim through Bank of America ( Claim # XXXX ) on XXXX XXXX, XXXX. I have attached a copy of the result of the claim which states I should contact the other party directly for further assistance. I and the intended receiver have contacted XXXXXXXX XXXX and XXXX multiple times but they keep evading us with privacy laws. XXXX states that they can do nothing about it due to some fineprint which was never issued to either of us when we registered for the online banking service. 

XXXX is doing nothing to help the situation. In the first place, XXXX XXXX  was part of the problem cause they helped the customer register on the Quick pay, and did not inform him after his phone number was not paired to his account. Bank of America in turn has reached out to XXXX twice and got nothing. The money is in XXXX, if XXXX can not get it out, then they should be held liable. Bank of America asked me to file a police report, which I did and nothing came out of it. The police couldn't understand why they should get involved in this when the banks should get it resolved. Also, some bank officials were also surprised at the unresolved situation, while others told me it happens but it is uncommon. 

Bank officials encourage customers to use the XXXX online banking app, and do not educate customers of the risk. There is also no visible agreement or fine-print available at sign up. If the customer is liable for errors, won't we all walk into the bank for funds transfer or use the regular online banking the requires account number and routing numbers? 

I hope that this can be resolved as soon as possible through your office. Thanks for your time.

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