Consumer complaint received 2025-03-03 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: BOK FINANCIAL CORP
State: OH

Complaint narrative:
Subject : Demand for Compensation of $ XXXX Due to Losses Caused by Wire Transfer Issue Regarding a wire transfer sent on XXXX XXXX by Bank of Oklahoma also known as BOKF to my companies banking institution, XXXX XXXX XXXX XXXX XXXX after a successful real estate transaction was completed. 

Federal reference # XXXX. 

On XXXX XXXX, A hold harmless request was placed on the funds in the amount of {$730000.00} with no justification, written or verbal, with the request. As well as a request for the funds to be returned back to BOKF. It has now been 35+ days, with no justification, proof or communication for why the hold harmless request was placed. 


I am writing to formally demand compensation in the amount of {$2.00} XXXX for the financial, operational, and reputational losses my company has experienced due to the severe issues with the wire transfer processed by your bank. As of today, over 35 days have passed since my funds were held without any legitimate or timely explanation, leading to massive disruptions in my business operations and significant damage to both my company and personal life. 

The following is a summary of the damages sustained due to your banks actions : 1. Lost Business Revenue and Investment Obligations : As a direct result of the delay and withholding of my funds, I lost a {$2.00} XXXX investment obligation, including a {$500000.00} buy-in fee that had been under preparation for over three years. This issue led to my inability to fulfill obligations and damaged several critical business relationships, including potential investors.

2. Inability to Refinance Properties : During this period, I was unable to refinance properties because lenders require access to my bank accounts via XXXX for verification. Without this access, I was unable to proceed with crucial transactions that were in the process of underwriting. 
3. Jeopardy to Bank Accounts and Loss of Relationships with Lenders : My banking institution informed me that due to the unresolved situation with BOKF, I am now at risk of losing my accounts, as the situation has exposed unnecessary risk to them. Furthermore, multiple lenders with whom I was working have now refused to continue doing business with me because I can not verify my account. 
4. Failure to Pay Business Debts and Operating Costs : Due to the funds being locked up, I have received demand letters for unpaid debt, including payments for employees, business debt, insurance, and other essential operational costs. The disruption also hindered the ability to execute my business plan, and many vital transactions had to be put on hold.

5. Loss of Business and Future Opportunities : The inability to access these funds has led to the collapse of numerous deals and opportunities for my company, causing irreparable reputational damage. It has cost me the ability to pursue multiple business opportunities, and my companys growth has been severely stunted. 
6. Emotional and Reputational Harm : The stress and emotional trauma this situation has caused not only harmed my business, but it has also had a personal toll, affecting both my mental well-being and personal life. The damage to my companys reputation is immeasurable.

Further Allegations : Failure to Act in Good Faith : On XX/XX/year>, I called and spoke to XXXX XXXX, a Senior Private Wealth Banker at BOKF. I explained the situation, and she promised to look into it and contact me the following day. Despite my repeated attempts to follow up, she never responded, violating the duty of good faith that banks are legally obligated to uphold. This lack of action, along with the failure of other BOK representatives to respond to my voicemails and emails, reflects a clear neglect of duty and violation of banking regulations. 
Knowledge of My Efforts and Neglect to Act : I was later informed by BOKFs client, XXXX XXXX, that the bank acknowledged seeing my calls and emails but chose not to respond. This constitutes willful negligence and is in direct violation of banking laws that require institutions to act fairly, promptly, and in good faith. 

Legal Violations : 1. UCC 4A-202 Authorized and Verified Payment Orders : Under UCC 4A-202, banks must process wire transfers in a commercially reasonable manner and act in good faith when handling transactions. BOKFs failure to provide a timely explanation and delay in processing the wire may constitute a breach of this section. If the delay was unjustified, BOKF could be liable for damages caused by the delay. 
2. UCC 4A-305 Liability for Late or Improper Execution : According to UCC 4A-305 , if a bank fails to execute a wire transfer properly or in a timely manner, the customer is entitled to compensation, including potential interest losses or other damages. This means that if BOKF delayed your wire without justification, they could be legally responsible for the financial harm caused.

3. UCC 1-304 Obligation of Good Faith : Under UCC 1-304 , every contract or duty under the UCC imposes an obligation XXXX good faith in its performance and enforcement. Given BOKFs failure to respond to calls, emails, and provide proper justification for the hold or recall, their actions raise concerns regarding their adherence to the duty of good faith. 

How This Applies to Your Case : Unreasonable Delay : If BOKF placed a hold harmless 4 days after the wire was available and failed to provide an explanation for 35+ days, they may have violated UCC 4A-305 and UCC 1-304.

Lack of Good Faith : Their failure to communicate a justification for the hold for over a month further suggests a violation of the good faith requirement under UCC 1-304.

Demand for Immediate Compensation : In light of the significant financial losses, reputational damage, and operational setbacks caused by your banks actions, I demand compensation in the amount of {$2.00} XXXX. This amount reflects the total loss to my business, including missed investment opportunities, business revenue loss, debt obligations, damage to relationships with lenders, and the emotional harm caused by this situation. 

Proof of Damages : I will be attaching proof of the damages incurred, including but not limited to : Purchase and Sales Agreements Lost Investments Bills and Debts Contracts to Failed Deals Demand Letters for Unpaid Debt Failed Obligations with Other Companies Loss of Reputation with Business Partners and Companies Thank you for your attention to this matter. I expect your prompt response.

Company response to consumer: Closed with explanation