Consumer complaint received 2024-10-02
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: TransferWise Ltd (WA)

This is not a duplicate complaint. Wise failed to provide any legal reasoning for why the fraudulent reversal transactions were conducted nor any proof that such transactions were executed. Wise 's response is included in this complaint 's attachment. This response violates their Terms & Conditions as well as If Wise 's fraudulent activity won't be addressed by CFPB and therefore be supported by CFPB, we'll have to include this matter as a body of complaint to higher jurisdiction. In the United States, the right of bank account holders to receive information about their bank transactions, whether before or after account closure, is regulated by the Truth in Savings Act ( TISA ) and the regulations issued by the Consumer Financial Protection Bureau ( CFPB ), particularly Regulation DD. These regulations ensure that banks provide customers with disclosures about terms and conditions, fees, and the availability of transaction histories. If an account is closed, the account holder still has rights under these regulations to access historical transaction information, and banks are typically required to keep records of transactions for a number of years as mandated by both federal and state laws. Specifically : Regulation DD ( Truth in Savings Act ) Section 1030.4 - Disclosure requirements about account terms and conditions. This includes initial, periodic, and subsequent disclosures that financial institutions must provide. Section 1030.6 - Periodic statement requirements, detailing the frequency and content of statements that must include transaction information. Regulation E ( Electronic Fund Transfer Act ). Section 1005.7 - Initial disclosures. Banks must disclose information about electronic fund transfers that may be made with the consumers account. Section 1005.9 - Periodic statements. This section requires financial institutions to provide a summary of account activity on a regular basis which includes electronic transactions. Therefore, Wise Inc. response to the previous complaint is false and violates Regulation DD and Regulation E.

To the point of the complaint. I'm concerned about serious and unresolved issues relating to unauthorized reversal payments, improper handling of my account, and the unlawful retention of funds. These actions have caused significant disruption to my business operations and financial stability. Account and Transaction Details : My business account with Wise encountered unauthorized reversals and a prolonged unauthorized closure. Despite the balance across multiple currencies being substantial at the time of account closure, only a fraction was refunded. The detailed balances across all currencies at the moment of account closure were : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX from both sets of statements ) These totals represent the balances from the statements on the date of account closure for each currency, showing that a significant amount of my funds was improperly handled and retained without justification. Only {$1700.00} was returned, which is a significant shortfall from the cumulative balance across the currencies. Furthermore, Wise has refused to provide any clarification regarding what payments were refunded and why these actions were taken without any of my consent or authorization. This lack of transparency and accountability is alarming and suggests a disregard for lawful financial practices and consumer rights. Legal Basis for Complaint : The actions taken by TransferWise Inc. are in violation of the contractual agreements between my business and Wise and may be deemed deceptive and unfair under the Consumer Financial Protection Act. The unauthorized chargebacks without proper notification or consent, coupled with the retention of funds without just cause, exhibit a clear disregard for lawful financial practices and consumer rights. Thank you for your attention to this critical issue. I look forward to your prompt response and resolution.