Consumer complaint received 2022-04-01 00:00:00
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Other transaction problem — 
Company: NAVY FEDERAL CREDIT UNION
State: FL

Complaint narrative:
My name is XXXX XXXX and I would like to file formal complaint against my credit union, Navy Federal Credit Union ( NFCU ). Below you will find a full explanation of the complaint and my desired outcome. Additionally I have attached three files ( the wire transfer form I submitted to NFCU, the transcript they provided to me, and the wire receipt ). All items are explained below within the explanation.

Complaint explanation : With the assistance of NFCU I completed an international wire transfer to an individual with an account at XXXXXXXX XXXX XXXX XXXXXXXX ), XXXX XXXX, XXXX XXXX. NFCU advised I upload any supporting documentation as needed. I completed the NFCU international wire transfer form, which included the beneficiary information. I uploaded the form and the wire transfer was completed on XX/XX/2022, for the amount of the wire transfer was, {$3700.00}. 

NFCU provided me with a receipt of the transaction and advised it would reach the beneficiary bank by XX/XX/2022. 

On XX/XX/XXXX I called NFCU to obtain an update on the wire. I was advised by the representative that they are unable to provide me with any information on the status of the wire. I spoke to numerous representatives from the XXXX to around the XXXX of XXXX, all informing me there was absolutely nothing they could do to assist me in locating the funds or obtaining a status update on the wire. On the XXXX of XXXX, a representative did advise they would submit a service message to XXXX XXXX ( NFCU intermediary bank for international wire ) but XXXX XXXX is under no obligation to respond and they would most likely not hear anything back. All representatives consistently stated that wire transfers were considered cash and once sent they could do nothing to assist me as a consumer to help locate the funds or obtain a status. 

On or around the XXXX of XXXX, I spoke with a manager and they advised they would send me the full transcript of the international wire that was completely. I received the transcript on the XXXX, and after reviewing the document I noted that NFCU incorrectly entered the beneficiary bank account #. They entered an extra digit. 

Armed with this new knowledge of the error, I then called NFCU on the XXXX to explain my finding and the error that NFCU did. I spoke with a manager and they advised they would send a service message out to the beneficiary bank, XXXX, to provide an amended account #. Additionally, in recognition of their error NFCU advised they would waive the transfer fees that were originally billed to me, in the amount of {$25.00}. 

On XX/XX/2022, I called NFCU to discuss the possibly of NFCU providing my account with a refund for the wire amount as it was their error that resulted in the wire funds to become lost. Again, the representatives informed me that there was really nothing they could do to help, and they would not provide me with a refund of the wire. They again advised wire transfers are seen as cash and once sent it was out of their hands. I advised they sent the service message to amend the account #, and the representative stated that XXXX had no obligation to respond. 

On XX/XX/XXXX, I called NFCU to obtain an update on their error resolution process and again requested a credit on my account for the amount of the wire that was lost due to their error, {$3700.00}. I advised I would at that point be submitting a formal complaint to the Ombudsman Office due to NFCU lack of willingness to help. The manager simply kept repeating there was nothing they could do, it was not their policy to refund wire funds as these were considered cash. He then hung up on me.

I also believe that NFCU is in violation of Reg E requirements, specific to remittances and error correction. Under the error correction requirements, NFCU had 10 days to investigate, and 3 more days to notify me of the results of the investigation. If they require more time to investigate, NFCU is required to provide me with a provisional credit for the amount of the error, which in this case would be the wire amount, totaling {$3700.00}.

I understand my rights as a consumer and know that NFCU can not simply wash their hands of the mistake they made, which resulted in a nearly {$4000.00} dollar loss to me and my family. My wife is pregnant and we are currently in the process of a large move. The amount of the wire that NFCU lost, was not a small amount to my family and I. We need those funds back to make payments immediately. 

I would like your assistance with communicating to NFCU my concern for their blatent rudeness, lack of awareness of my consumer rights, and their willful unwillingness to correct the error they caused or help in any way. I would like NFCU to credit me the full amount of the wire, which totaled {$3700.00}, plus interest. 

Thank you for any assistance you can provide in this matter. Please reach out to me for any additional information you may require. 

Sincerely, XXXX XXXX XXXX XXXX XXXX

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation