Consumer complaint received 2019-11-13
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Money was not available when promised — 
Company: WELLS FARGO & COMPANY (VA)

TO CFPB, AMERICAN BANKERS ASSOCIATION AND NATIONAL CREDIT UNSION ASSOCIATION FROM XXXX XXXX RE : COMPLAINT - INTERNATIONAL WIRE TRANSFER I. XXXX XXXX XXXX XXXX ( XXXX ) I contacted my XXXX  on XX/XX/XXXX to send an international wire transfer to a bank in XXXX for the purpose of a down payment for the purchase of a second home. The amount was {$25000.00}. I was told by XXXX that this would not be a problem. They do them all the time. The funds would need to go through the Federal Reserve and would take 5 - 7 days. 

They did not tell me that my funds would have to go through an intermediary bank, Wells Fargo. 

On XX/XX/XXXX, I began calling to find out if the funds had arrived at XXXX XXXX  in XXXX. I had provided XXXX with the necessary information that they requested. I was told at that time about the intermediary bank, but was told it was XXXX  XXXX XXXX. I later was told it was Wells Fargo. I called Member Services repeatedly from XX/XX/XXXX until XX/XX/XXXX with no results that the money had arrived. I was checking with the builder in XXXX and their bank had not received the funds. I then demanded to speak to someone in international transactions and received a call back from that department. At this point I had spoken to seven ( 7 ) different people. I was becoming quite concerned about the transaction. 

The funds specialist tried to help me and gave me a copy of the Single Customer Transfer. A message was sent to Wells Fargo requesting the they check the status of the wire with the beneficiary bank.

II. Wells Fargo Bank ( WF ) On XX/XX/19 I was told that WF indicated that the beneficiary bank was requiring additional information. They asked for some odd information since the Developer, who was to receive the money, had been doing international developments for 15 years and used their bank. However, I called the developer and was given all of the requested information. They wanted : The full name of the company as some of the name were letters. 
The full address Their business registration numbers Their business activity Our relationship A detailed purpose of payment. 

Most of this information was already given to them when we did the wire. I find it odd that the beneficiary bank needed this information since this is a long standing customer of their bank. 

On XX/XX/19 the additional information was given to WF by XXXX to be delivered to the beneficiary bank. 

On XX/XX/19 XXXX  asked that the transaction be escalated. I was under the impression that had already been done, but apparently not. 

At this time I asked to speak to management. 
On XX/XX/19 I wrote an email to a SVP  at XXXX asking for assistance to resolve this problem. At this point I was in violation of our signed home contract regarding the funds due date. She sent out a red alert to her counterparts. 

On XX/XX/19 I then heard from a Manager. He set up a conference call with the Director of Foreign Exchange Group with WF. I was told they would look into the matter. By this point I was extremely stressed and worried about where my money was and asked for a timeline. I kept in contact with our developer who told us the money was not at his bank. 

On XX/XX/19 I called to get an update and got the answer, We are working on it. 

On XX/XX/19 I called and got the same answer. 

I am now 2 days from this matter lasting one month. I have talked to the developer today and no funds have arrived at his bank. 

WHERE IS MY MONEY???? 

I need your assistance in finding out what has happened to my money. I will have to send the full payment for my home in XXXX or XXXX when it is complete which will be about {$150000.00}. I am absolutely terrified to do so with the poor service I have received from these two institutions. I am trying to figure out a way to get the funds there without having to deal with Wells Fargo. I have lost all trust and wonder if my money is being held up to get interest on it. WF says the money is in XXXX and XXXX says they have not received it. I do not understand why WF can not trace the wire transfer. Do they not get a receipt when the funds arrive to their destination? I am at a loss of what to do next. 

Please consider my issues and help me get some answers to clear up this mess. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX, VA XXXX c  - XXXX h - XXXX