Consumer complaint received 2023-01-24
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Money was not available when promised — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (FL)

I, Owner and President of The XXXX XXXX XXXX XXXX XXXX, applied for {>= $1,000,000} real estate development, construction, and business financing loan for XXXX XXXX XXXX and XXXX XXXX XXXX franchising ( XXXX, XXXX XXXX XXXX, XXXX ) in XXXX on the XXXX website. I was contacted by XXXX XXXX ( Broker ) who connected me with XXXX XXXX XXXX ( XXXX XXXX Lender ). XXXX XXXX XXXX approved {>= $1,000,000}. XXXX XXXXXXXX XXXX connected me with XXXX XXXX, XXXX XXXX XXXX ( XXXX ) as the intermediary of the loan facility. I proceeded to close the loan by fulfilling the terms of the agreement from XXXX through XXXX. I was informed by XXXX XXXX after meeting the terms of the loan agreement the first tranche {>= $1,000,000} was wired from XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX business checking account to The XXXX XXXX XXXX XXXX XXXX XXXX Bank of America business checking account. After receiving a wire confirmation of the first tranche I was informed by XXXX XXXX the funds were on hold by XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX due to the amount of the transaction. I was then informed the funds would be held until paying international withholding taxes in order to be in compliance with the Basel Accords. Numerous times I was informed of different amounts of withholding taxes due to release the funds. After securing US domestic financing to pay in full the withholding taxes I was informed by XXXX XXXX, XXXX XXXX XXXXXXXX XXXX  ( New York ) the funds had reached XXXX XXXX XXXX, and XXXX XXXX informed me he was retained by XXXX XXXX to verify international compliance for this transaction. I was misinformed multiple times by XXXX additional international withholding taxes were due in order to release funds from XXXX XXXX to The XXXX XXXX XXXX XXXX XXXX XXXX Bank of America XXXX account. I proceeded to raise funds and obtain financing to pay the remaining withholding taxes through XXXX. After paying in full the remaining taxes I was informed by XXXX source of funds documents were needed to be obtained before the release of funds. I was then connected by XXXX XXXX to XXXX XXXX ( Diplomat ) who would be obtaining source of funds documents from the country of XXXX, where the funds originated. XXXX XXXX is currently charging a {$15000.00} procurement of source of funds fee before providing the documents. 
I have been misinformed multiple times by XXXXXXXX XXXX XXXXXXXX of the amounts of taxes due and closing costs and still have not received funds. I have inquired with Bank of America XXXX XXXXXXXX about tracing the incoming wire transfer and neither bank has fulfilled my request. The miscommunication of taxes, closing cost, and timeline to receive funding has caused financial hardship on all of my businesses and myself personally due to not receiving the funds to payback short term and bridge loans to close the loan facility. I will be filing additional complaints regarding the short term loans and bridge loans due to fraudulent lending practices and misleading communications from the XXXX XXXX XXXX lenders and other lenders. Attached are all available documents I have regarding the loan facility.