Consumer complaint received 2018-09-05
Company: RIA FINANCIAL
State: NV
Product: Money transfer, virtual currency, or money service
Sub-product: International money transfer
Issue: Other transaction problem

Complaint:
On or about XX/XX/18 I opened a money transfer account with XXXX XXXX Transfer at XXXX. I completed all the information on their form, including recipient personal and bank account information. Because I wanted to send the funds direct ; y through my account, I selected the ACH withdrawal option. My other option was to wire them the money, but that would have incurred bank fees I wished to avoid. I completed the information required to set up ACH. this included my personal information, bank name, account no. and pin no. The stated purpose was to verify I owned the account and there were funds present. My information was accepted, and XXXX set up the ACH option approximately 24 hours later. 

On XX/XX/2018 I made two transfers. The first was in the amount of {$28000.00} PHP to my realtor in order to pay for renovations to. Condominium I was purchasing in the XXXX. The second was in the amount of {$23000.00} XXXX to my fianc for a medical condition. 

I received the online confirmation and XXXX immediately withdrew an equivalent mount in U.S. dollars from my bank account. ( Photo of XXXX trnscrion summry attached ). I also received Email confirmation that that the transfer was confirmed ; the money had been received by XXXX and the recipients would receive the funds no later than XX/XX/18. ( Confirmation emails attached ). 
Shortly after making this transaction, I also received a phone call from a man identifying himself as an XXXX representative. He stated the purpose of his phone call was to verify the purposes of the transaction including whether I personally knew the recipients. I told him I knew the recipients and explained the purpose of each transaction. He then stated he would put this information in his notes in the event the transaction was reviewed. 

On XX/XX/18 I learned that the recipients had not received the funds by the promised due date. I went online to the XXXX website and confirmed the transaction had not been completed. I phoned XXXX and spoke with a representative. The person spoke with an XXXX accent, and because it was after business hours, I assumed it was either a call center or another office overseas. I explained the situation. The man found my account and confirmed that XXXX had withdrew the funds and had them in their possession., and the transfer had not been completed. He reviewed my notes and was at a loss as to an explanation why the funds had not been transferred by the due date. He reviewed the notes from my transfer and told me they were unclear and lost unreadble. He promised he would email the American branch handling, the transfer and a representative would be call ing me the next day to resolve the issue. I never received either a call or email. 

On XX/XX/18, I phoned and spoke with another representative. For the third time I explained the purposes of the transfer and for the second time explained the money had not been transferred. The woman said she looked at my notes and also confirmed XXXX held the funds. She could also not ascertain the reason for the delay and promised to take the matter to the resolution department personally, and call me back. I never received the promised phone call. 
Approximately five hours later, this time my account summary not only showed that the funds had not been sent to the recipient, but thatXXXX   never received the funds. I checked my bank account and confirmed the funds had been removed. I then phoned XXXX for a third time. I spoke with another representative. For the fourth time I explained the purpose of the transaction, and for the third time explained the issue. He stated that the matter was being referred to the resolution department. I asked why did my XXXX  transaction summary now showed XXXX  did not withdraw my funds and that it was asking me for the names of the recipients again. He stated that this change happens every time a transaction was being reviewed. I skied why my transfer was being reviewed and he refused to tell me. Lasted ifwhen the funds would be returned to me if the transfer was rejected, and he refused to tell me. I asked if my funds would be returned, and he said he didnt know and that would be determined by the resolution department. He stated the review would take 24 hours  and I would receive an email of their decision. I was upset I was raining my voice. I asked to speak to a supervisor. He refused stating he was the supervisor. 

Approximately one hour after I hung up. I received an email from the XXXX XXXX with the Verifiction Department. She stated that my transfer were rejected. There was no reason provided. She also stated that in order to receive my funds, I would have to work with my bank in order to receive them back. At which time my account would be closed. Again no reason was given. ( Email attached ). XXXX is still in possession of my funds.

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