Consumer complaint received 2017-07-25
Company: PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION
State: CT
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

Complaint:
I received a limited time special rate to take advantage of a 2.99 promotional rate through XX/XX/XXXX billing cycle by using People 's checks ( which were attached ) or performing balance transfers. On the morning of XX/XX/XXXX I performed an online balance transfer from People 's United Bank to XXXX XXXX in the amount of {$1100.00}. In the afternoon of the XX/XX/XXXX I contacted People 's to cancel balance transfer. At that time I spoke to XXXX who informed me that he was unable to see balance transfer. I advised that I had confirmation of the transfer but he was adamant that he could n't see it and that it would take up to 2 business days to process. He suggested that I call back on Monday XX/XX/XXXX at which time People 's would note on the account that the wrong information was submitted and the transfer would be canceled. On XX/XX/XXXX I received an email from XXXX XXXX thanking me for my payment of {$1100.00}. I then contacted People 's and asked how the transfer had processed when XXXX had informed me the day before that there was no record of a transfer. The customer service rep ( XXXX ) said I needed to contact XXXX XXXX and ask them to refuse the payment. I then contacted XXXX XXXX and spoke with a customer service rep ( XXXX ) who informed me that he could not cancel the payment as the payment was coming in from a third party. XXXX indicated that only Peoples would be able to cancel transfer so I again contacted People 's and spoke with another customer service rep ( XXXX ) who advised that once People 's received notification of the transfer from XXXX XXXX, Peoples would stop balance transfer and waive fee, which would take up to 3 business days. On XX/XX/XXXX I again contacted People 's and spoke with customer service rep ( XXXX ) and advised him that not only is XXXX XXXX still showing a payment of {$1100.00} but People 's now shows an additional {$1100.00} on my balance ( the {$1100.00} transfer amount and {$44.00} transfer fee ). XXXX advised that he is unable to have money refunded from XXXX XXXX and that it is my responsibility to contact XXXX XXXX and have returned to Peoples. He further advised that once this has been done Peoples will gladly refund the {$44.00} transfer fee. Of course Peoples would refund the transfer fee if there is no transfer then there is no fee. The fact that Peoples advises that it takes up to 5 business days to process a balance transfer and the fact that they processed this transfer overnight speaks volumes as to how unethical this entire process has been. It appears that Peoples did everything in its power to lock me into this balance transfer and did very little if anything to stop it even though I attempted to stop it within the same day, which is unconscionable and appears to violate my right to rescind their offer within a reasonable amount of time, saddling me with their {$44.00} transfer fee.

Company response to consumer: Closed with explanation