Consumer complaint received 2019-10-15
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: COMMERCE BANK (MO)

In late XXXX I received a letter from Commerce Bank of MO that they were no longer handling HSA accounts and my account must be transferred. I completed a custodian to custodian transfer form from my other HSA custodian ( XXXX XXXX ) and submitted same to XXXX XXXX. On XX/XX/XXXX I received an email from Commerce stating my HSA statement was available. It usually ended on the last day of each month, so I checked and it showed my entire account balance ( {$1500.00} ) transferred on XX/XX/XXXX. 

I checked my account at XXXX XXXX several days later and saw a pending deposit of {$25.00}. Thinking it was a test deposit before sending the full amount, I waited for the rest. When no further funds had been transferred by XX/XX/XXXX I called XXXX XXXX to see if there was another transfer pending, they stated they only received the {$25.00} transfer and nothing further. 

I contacted Commerce HSA as soon as the opened at XXXX XXXX on XX/XX/XXXX and spoke with XXXX. After explaining the situation, he explained they took out a fee in error and sent {$1500.00} on XX/XX/XXXX and the remaining {$25.00} on XX/XX/XXXX. I asked him to compare the two transfers and he determined that the person who sent the transfer of {$1500.00} on XX/XX/XXXX left a 7 off at the end and stated he would send it up to be rectified. He stated he would expedite it, but it may take 2 to 3 business days to have the funds resent. He took my cell number and stated he would call me when he had further information. I called again on XX/XX/XXXX at approximately XXXX XXXX ( having been almost 3 full business days and having heard nothing ). After calling several times because they could not get me transferred to XXXX, he returned my call. He had no further information and told me to wait until the end of Monday. Again, he said he would mark it as urgent. 

Having heard nothing by XXXX on Tuesday XX/XX/XXXX I called and spoke to XXXX. After sitting on the phone for 10 minutes for XXXX to review the notes, XXXX asked, " Have you received the check? '' I explained it should have been a custodian to custodian transfer and asked if a check had been issued. He stated he did not know. I asked to talk to a Team Lead or Supervisor. I explained that this was an error on their part, the problem had been diagnosed 6 days ago, and wanted an explanation as to why my funds had not been sent. After another 5 minutes he stated he would take my number and have " her '' call me back. I told him I would wait on hold until she was available. After another 5 minutes, he stated she would have to call me back tomorrow because the person she needed to speak with was not there. I asked if they were regulated by the FDIC or Federal Reserve as I wanted to make a complaint. He told me FDC. I questioned that and after another 2 minutes he stated I should go to US.gov. I asked him to stay on the line while I determined if that was a good site, he responded by instructing me to call XXXX. 


At this time, Commerce still has {$1500.00} dollars that belong to me and have been earing no interest for 30 days.