Consumer complaint received 2024-10-26
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: TransferWise Ltd (WA)

This is not a duplicate complaint. I am writing to express my deep concerns regarding the position that the Consumer Financial Protection Bureau ( CFPB ) has allowed Wise to maintain concerning the withholding of transaction details. According to the Electronic Fund Transfer Act ( EFTA ) - Regulation E, I am entitled to comprehensive information regarding all transactions affecting my account, including the reasons and legal bases for any reversals. The CFPBs acceptance of Wise 's decision to withhold such critical information seems to be at odds with these legally mandated rights. 

Furthermore, I have reasons to believe that none of the reversals processed on my account were justified as there appears to be no legal basis for such actions. I have been a client of Wise for many years and maintain a pristine history of transactions, which supports my position that the reversals were improperly handled. 

If this issue is not resolved in a manner that complies with the legal rights afforded to me, I will feel compelled to escalate the complaint to the Office of the Inspector General, which oversees the activities of the CFPB, to ensure that my consumer rights are fully upheld.

To rectify this situation and ensure adherence to legal and regulatory standards, I respectfully demand the following actions from Wise : 1. Detailed Disclosure of Transactions : Please provide a full list of all transactions that were reversed associated with my account, including detailed amounts, dates, and the identities of the original remitters. This disclosure should also include the specific reasons for each reversal, supported by relevant transaction logs and communications.

2. Legal Basis for Reversals : I request a clear explanation and documentation of the guidelines and criteria used by Wise to determine the necessity and justification for each disputed transaction that was reversed, in compliance with the EFTA and other applicable regulations.

3. Opportunity to Submit Evidence : I ask that Wise provide me the opportunity to present evidence regarding the disputed transactions. A fair and transparent resolution process requires that both parties have the ability to submit and review all pertinent information and documentation related to the disputes.

4. Independent Review : Should it be necessary, I suggest that an independent mediator or arbitrator review the disputes to ensure an unbiased resolution. This mediator should be agreed upon by both parties and have the authority to enforce a binding decision based on the evidence.

These steps are essential to restore my confidence in the fairness and integrity of Wises transaction handling processes and to ensure compliance with the spirit and letter of consumer protection regulations.

Please respond to this request, so that we may resolve these issues promptly and equitably. Failure to adequately address these concerns may lead me to pursue further legal actions. 

I appreciate your cooperation and look forward to a just resolution.