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Bank Goofs on Transfer of Funds
My son transfered funds from savings to checking, but a short time later he found he was getting charged overdraft fees. He checked with the bank and they said he did not transfer the funds. The bank has admitted to the mistake, but will not credit his account. He has the receipt and it is now two months later and the bank has still not found his money. Since they lost his money, how does he get them to fix this? This involves over $1,000.
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 If I am reading the problem correctly, the money was transferred, but to the wrong account since you say "the bank has not found his money." The Electronic Funds Transfer Act (EFTA) is meant to protect consumers when electronic transfers go bad. It excludes automatic transfers that go from the consumer, your son in this case, to the bank or to another account of your son's or a family members, at that same bank. In this case it seems the money went somewhere else and this exclusion would not apply.
Your son should ask the bank about filing an EFT claim. He should remind them that he did report this when it happened. Based on the limited information here, they may have dropped the ball or the right questions were not asked. In any case, he should have his money or an answer within ten business days.
Apart from that, he should ask to speak to a supervisor. The bank has a trail by which they can find the money. If the supervisor does not provide enough assistance, ask the bank who their primary regulator is. It may be the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration or they may refer you to a state banking agency. Each of these has a department ready to accept complaints. I'd recommend you try working with the bank first though. They don't want to cheat a customer out of their money and can resolve the problem the faster, directly.
Published on BankingQuestions.com 11/02/06
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