Consumer complaint received 2021-03-29
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: International money transfer
Issue: Money was not available when promised

Complaint:
On XX/XX/2021 I started an international wire transfer using my BoA account to an account in XXXX XXXX XXXXXXXX XXXX XXXX XXXX in the amount of {$1500.00} USD sent in the local currency, XXXX. The funds were supposed to be available by XX/XX/XXXX or sooner as per the transfer receipt. 

The BoA website showed the transfer status to be pending for over a week. I called in the number BoA showed online to inquire about the transaction. I had to sit through over 30 mins of automated systems before I was transferred to the right department and could talk to a human agent. 

The agent told me that there was a compliance hold and that the bank required more information from me. I asked why there was no indication of this on the BoA mobile app, the BoA website, and why the bank didn't reach me by email or text me that my transaction was held up by compliance. I asked why I needed to explicitly call in to find this out. They had no answer. 

Anyway, I provided the name of the beneficiary and his birthday as BoA requested. I was told to wait 2-3 business days. I waited, and nothing changed. The transaction still showed as pending. I again called in, and this time BoA told me that they require the beneficiary 's profession. I provided the bank this info. 

Again, after waiting for a few business days nothing changed in the status of the transaction. I called in, the BoA agent told me that the transaction was held up by compliance, and BoA requires the beneficiary 's name/DoB. I told the agent I had already provided this information in a prior call. I once again provided the name/dob. Agent told me to wait 2-3 business days. I asked to speak with a supervisor, agent told me that he can't transfer me but will have them reach out to me. No supervisor reached out to me. 

I received a phone call by BoA. They informed me that my transaction was in a compliance hold, and that they require the beneficiary 's DoB/profession. I was getting extremely frustrated at this point, being asked for information I had already provided multiple times before. Agent told me to call back in 2-3 business days if nothing changes. 
I asked to speak with a supervisor. Agent informed me that that's not possible, they'll ask a supervisor to call me at a later time. I received no call from the supervisor. 

A bit over a week ago the transaction status updated to " completed '' on the BoA website. I went to the local bank with the beneficiary but the bank informed me that the funds are not available yet. On XX/XX/XXXX I called BoA to inquire about the transaction. They informed me that on XX/XX/XXXX they received a confirmation by compliance that the requested information was received. The agent had no additional information for me as to when the funds would be available in the local bank. I asked to speak with a supervisor, agent informed me that he'd have someone reach out to me. He asked me to wait 2-3 business days and check back in if nothing changes.

In summary, the wire was done on the 3rd. BoA put the transaction in a compliance hold, but gave no indication of that on the website, the mobile app, in my email, or sms. I had to call in close to a dozen times. BoA asked me for the same pieces of information 4 times. I asked to escalate and speak with a supervisor, but I was never able to. It's now XX/XX/XXXX, the website shows the transaction as having been completed, yet the funds are still not available in the local bank. BoA has not told me when the funds will be available and only that I should call back in 2-3 business days.

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