Consumer complaint received 2024-10-22
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: FIRST CITIZENS BANCSHARES, INC. (WI)

I am writing to seek your assistance in resolving a complex issue involving a transfer of my life savings between two banksCIT Bank and XXXX ( XXXX ). Despite numerous attempts to resolve this matter directly with both financial institutions, my funds remain in limbo. I am reaching out to you with the hope that you can help me recover my funds. Below are the details of the situation : On XX/XX/2024, I initiated a transfer of {$16000.00} from my CIT Bank account to my newly opened XXXX XXXX XXXX  ) account. The transfer was initiated by XXXX after I provided my CIT Bank routing and account information. As part of this process, XXXX sent two deposits to verify my account, which I confirmed, and the full transfer amount of {$16000.00} was subsequently debited from my CIT Bank account. I can see this debit in my CIT Bank transaction history. 

However, I mistakenly submitted a second debit request from CIT Bank for the amount of {$16000.00}, not realizing that the original transfer had already gone through. This second transfer request was denied due to insufficient funds, and the funds were returned to CIT Bank, leaving me with a balance of {$0.00}. 

While the original transfer of {$16000.00} appears in my CIT Bank transaction history as having been sent to XXXX, XXXX claims they never received the funds because the transfer was cancelled. According to XXXX, a third-party processor, XXXX, is holding the funds and will not release them because the transfer back to CIT Bank was denied. XXXX advised me to request that CIT Bank submit a debit return form to dispute the transaction and facilitate the release of funds from XXXX. 

I contacted CIT Bank multiple times, but they insist the money was already sent to XXXX and that the issue is out of their hands. CIT Bank did provide me with a trace number indicating that the debit was initiated by XXXX ( XXXX ). They also gave me a Debit Return/Dispute form number during my call on XX/XX/2024, though I am unsure whether the form has been properly submitted, as CIT Bank has been unresponsive and unhelpful in addressing this matter. 

Both banks have been unwilling or unable to assist me further, and I feel completely lost and frustrated by the situation. I have spent hours on the phone with representatives from both institutions, and I have been told that my money is in " limbo '' with neither bank willing to take responsibility. 

I did not intend to create this problem ; my only mistake was submitting two transactions, the second of which was returned immediately. I am now afraid that I may lose my life savings as a result of this situation.

I respectfully request your assistance in helping me recover the {$16000.00} that I transferred. While it may not seem like a large amount, it represents all of my savings. I am hopeful that with your help, we can resolve this issue and ensure my funds are returned to me.

Thank you for your time and consideration. I truly appreciate any assistance you can provide, and I am happy to supply any additional information you may need.