Consumer complaint received 2024-09-09
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Money was not available when promised — 
Company: WELLS FARGO & COMPANY (CA)

On XX/XX/XXXX I initiated a wire transfer for {$20000.00} from my savings account in Wells Fargo Bank to a recipient in XXXX XXXX XXXX XXXX XXXX XXXXXXXX ( real estate builder company ) to pay a family payment in regards of a condo purchase. I went to the branch but I was advised by a banker to do it from the app on my phone as it is less costly. I proceeded to do it on the app guided by the banker and the wire was submitted with confirmation.

The same day I received a call from the bank asking to verify that it was in fact me that initiated the wire and I confirmed it.

The wire was supposed to be received by the recipient by XX/XX/XXXX according to the online confirmation that I was given upon initiating the wire. 

On XX/XX/XXXX I received a phone call from Wells Fargo saying that the beneficiary bank has additional questions in regards to the wire. I was once again asked the reason for the wire and also questions regarding the recipient which I answered to the best of my knowledge. There was a question that asked if this company is involved in producing electrical conductors and I said " No '' and also if it is related to some other company with a similar name and I said " No '' as this is a local family small company in XXXX. 

Upon providing these answers I was told that they would be submitted to the bank that is requesting them and if the answers are deemed satisfactory the money will be sent to the recipient or otherwise additional information may be requested or the money might be sent back to my account.

Since then I have received no response and the money has not been sent to the recipient nor has it been credited back to my account as of XX/XX/XXXX In the meantime I have conducted further investigation on the matter with my bank Wells Fargo by taking the following actions : On XX/XX/XXXX requested a XXXX  Search on the wire which indicates that the funds are currently being held by an intermediary bank called XXXX XXXX XXXX XXXX XXXX On XX/XX/XXXX a trace request was sent by Wells Fargo to the XXXX XXXX XXXX XXXX XXXX to respond on the location of the funds and no response to that has been given as of now XX/XX/XXXX After multiple calls to Wells Fargo wire department and visits to the branch where I was told that they are waiting for the XXXX XXXX XXXX XXXX XXXX to respond and they are unable to provide me with additional information on the delay stating that they have no communication from the intermediary bank holding the funds stating they haven't responded and there is nothing they can do.

As a result I decided to request a recall on the wire on XX/XX/XXXX and was told that the money should be returned to may account within 1-3 business days. 

As of now- XX/XX/XXXX the money hasn't been credited back to my account and the bank that is holding them- XXXX XXXX XXXX XXXX XXXX hasn't responded to the wire recall either.

This situation is very frustrating as I am acquiring late fees on the payment that was supposed to be made and the money is being held by the XXXX XXXX XXXX XXXX XXXX with no explanation of why and no communication. 

I have escalated a complaint within Wells Fargo and also haven't received any communication or resolution by them either as of XX/XX/XXXX I was advised to call the XXXX XXXX XXXX XXXX XXXX myself by a Wells Fargo banker and when I did and explained the situation they sent me to a voicemail stating they can not help me directly and my bank only can contact them regarding the wire. 

When I asked my bank ( Wells Fargo ) to contact them they are stating they are sending messages to the other bank and that is all they can do and wait for the other bank to respond. But the other bank isn't responding while holding on to my funds with no explanation or reason for over 3 weeks now.

Can you please help me resolve this ASAP as I would like to receive my funds back credited to my savings account.

Thank you for your assistance.