Consumer complaint received 2023-11-12
Company: CULLEN/FROST BANKERS, INC.
State: TX
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I called the XXXX XXXX from an email that my elderly mother received to cancel our subscription for their services on XX/XX/XXXX. During the process of canceling our subscription the XXXX XXXX inadvertently refunded to our account XXXX dollars instead of XXXX dollars. I was advised that this had never happened before and he needed to speak to his supervisor to see what to do. I was asked if I could wire the money back to them minus the cost of our subscription, I said I would but I wanted to make sure the money was actually in our account. I pulled up our banking and saw a XXXX deposit from XXXX XXXX on XX/XX/XXXX. I went to the bank after I got information on where to send it ( have documentation ) and wired money in the amount of XXXX. On XX/XX/XXXX, I got a call from XXXX XXXX XXXX the wire had been sent back to our account due to the beneficiary not accepting it, could I resend to another address, I agreed, after I pulled up our account and saw that XXXX was back in our account I also saw that our savings account still had XXXX in it. On XX/XX/XXXX the XXXX XXXX contacted me and stated that this wire transfer was being held up at the bank because it was sent to the wrong bank, could I resend to the correct bank I was upset because I was not at home and I was wanting to do the right thing and get them their money. He stated that they wanted to give me XXXX for having to take time out of my day and I was also receiving a 2 year subscription to the XXXX XXXX. I said that was not necessary and he stated that I needed to wire XXXX and he would contact me later in the day with a confirmation of the wire transfer then I would request a wire refund to get the XXXX returned that the beneficiary had already released it to come back to our bank as soon as I made a request for a refund. In the course of trying to get this corrected, they moved money from her saving account to our checking account and basically wiped out my mothers savings account. XXXX her daughter she lives with me and I am a signer on her checking account but not her savings account. This saving account was opened after my step dad passed away it was his life insurance. This account has not been touched since XX/XX/XXXX. Her bank says we were scammed and they can not recover the money. I have filed a police report, I filed with FTC, Ive filed with XXXX ( FBI internet crime complaint center and the bank has all the information, I sent them a detailed letter stating that if the bank personnel has asked me at anytime why we were moving monies from savings to send wire transfer we would have known it was a scam and maybe with our help the bank could have caught them. Im following advice to file this complaint to get help recovering my moms lifes savings. Frost Bank told us they could not recover the money and FDIC would not cover it because they felt the bank did nothing wrong! This whole thing was outside our ordinary banking habits, and neither my mother nor myself have ever even sent a wire transfer. No one ever asked me any questions. I have all documentations and names and numbers of all people involved. Banks involved Frost Bank, XXXX XXXX XXXX XXXX. We have not turned our laptop back on since this happened and will not use it until we have someone wipe it.

Company response to consumer: Closed with explanation