What is the name of your state (only U.S. law)? OHIO
Hello Guys, I am a studying in Ohio State in Comp Sci. . I desperately wanted to graduate this Summer and decided to take some extra credit hours at the last minute. This unexpectedly raised my tuition fees by 3000$ . Since I had not planned for this money and i needed this money urgently to pay my tuition fees for the semester , I asked my friends to help me out.
One of my friends agreed to do a wire of 3500$ from his BOA account to my Ally Bank Account. My friend paid BOA 25$ to do the wire transfer on 23rd Jan but on the wire transfer form my friend provided my account number but listed his name as beneficiary name instead of my name. I waited till 24th for the funds to show up in my Ally Bank Account and on 25th i contacted Ally. Ally told me that they never received the funds from BOA. So my friend contacted BOA Wire Dept . and BOA said that they had successfully sent the wire and provided us the federal ID for it. I followed up the case with Ally Wire Dept. and provided them the Federal ID for the wire. Ally told me that they use an intermediate bank Wachovia to process their wires, and if there is mistake in wire [like if beneficiary name is different from that of account holder to which it was transferred to] Wachovia rejects it and returns the funds within 2-3 business days.
We waited till 28th and contacted BOA , and BOA informed us that they did not receive any funds back . So we contacted Ally again . Ally told us that since they use Wachovia to handle their wire transfers we should go to Wachovia branch and enquire with them. I told Ally that they should do this for me because I am an account holder of Ally and not Wachovia and also I live in OH and nearest Wachovia branch is like 200 miles away. In the meantime my friend spoke with BOA and BOA told us that they need another 25$ to research into the issue and recall the wire. Since I was desperate for money, we agreed to the wire recall and paid 25$ to BOA. I thought once we get the money back, we can attempt to do the wire again with all the correct info. BOA wire Dept told me that they had sent a message to Ally on the same day to return back the funds. On 29th Jan ,me and my friend called Ally and BOA simultaneously and with great difficulty managed to get personnel from both the Wire Depts. into a conference call. [They initially refused to get into a conference call saying they are not authorized to speak to people from other banks, but after some forceful rhetoric, they agreed to be on the call] . In the call, BOA rep. clarified to the Ally rep that they never got the funds back from Ally. The Ally bank rep then said that they will speak with their intermediate bank Wachovia and get back with more info to BOA within 48 hours. Till Date BOA did not receive any reply from Ally. Yesterday desperate for $$ , my Friend took a personal loan from Citi for 3500$ at 12% APR , so that I can pay my tuition fees.
My friend also had an account with Ally but he rarely uses it. Today he logged into his account after a very long time and to his shock and surprise, found the wire money of 3500$ deposited in his account on 23rd Jan itself. In short, Ally Bank deposited the wire in wrong account and lied to me that they never received the money. And When BOA tried to contact them to return the wire, they dint reply to BOA till now [probably because they don’t have a clue about where the money is right now, in spite of me providing the federal wire ID].
To the users of this community, did Ally bank violate Federal Rules, by transferring funds to wrong account? [I mean if my friend provided his beneficiary name with my account number on the wire , Ally should have rejected the wire instead of depositing funds into his account. Also they lied to us all this time that they never received the funds from BOA]. This stupid lying game of Ally bank has caused me and my friend lot of mental tension and forced us to take out a loan from Citi at 12% APR. If I had made a mistake with the bank by overdrawing $$ my account, the bank would have immediately penalized me for 30$ or something like that. So when ally makes a mistake and lies to me, I don’t want them to go scot-free. Is there any way I can force them to pay me monetary compensation for all the troubles I went through? Please help.
Tl;dr
Needed $$ to pay tuition. Friend did wire transfer of 3500$ from his BOA to my Ally Bank Account on 23rd .Wire was successful. When contacted Ally told me they never received the $$ . Tried to resolve the issue with BOA and BOA sent a message to Ally to recall wire on 28th. Ally never replied to BOA. Desperate for money took a personal loan. Today found out Ally mistakenly deposited money into my friends account on 23rd itself, instead of my account . Now want to kick the ****ing **** out of ally bank
Hello Guys, I am a studying in Ohio State in Comp Sci. . I desperately wanted to graduate this Summer and decided to take some extra credit hours at the last minute. This unexpectedly raised my tuition fees by 3000$ . Since I had not planned for this money and i needed this money urgently to pay my tuition fees for the semester , I asked my friends to help me out.
One of my friends agreed to do a wire of 3500$ from his BOA account to my Ally Bank Account. My friend paid BOA 25$ to do the wire transfer on 23rd Jan but on the wire transfer form my friend provided my account number but listed his name as beneficiary name instead of my name. I waited till 24th for the funds to show up in my Ally Bank Account and on 25th i contacted Ally. Ally told me that they never received the funds from BOA. So my friend contacted BOA Wire Dept . and BOA said that they had successfully sent the wire and provided us the federal ID for it. I followed up the case with Ally Wire Dept. and provided them the Federal ID for the wire. Ally told me that they use an intermediate bank Wachovia to process their wires, and if there is mistake in wire [like if beneficiary name is different from that of account holder to which it was transferred to] Wachovia rejects it and returns the funds within 2-3 business days.
We waited till 28th and contacted BOA , and BOA informed us that they did not receive any funds back . So we contacted Ally again . Ally told us that since they use Wachovia to handle their wire transfers we should go to Wachovia branch and enquire with them. I told Ally that they should do this for me because I am an account holder of Ally and not Wachovia and also I live in OH and nearest Wachovia branch is like 200 miles away. In the meantime my friend spoke with BOA and BOA told us that they need another 25$ to research into the issue and recall the wire. Since I was desperate for money, we agreed to the wire recall and paid 25$ to BOA. I thought once we get the money back, we can attempt to do the wire again with all the correct info. BOA wire Dept told me that they had sent a message to Ally on the same day to return back the funds. On 29th Jan ,me and my friend called Ally and BOA simultaneously and with great difficulty managed to get personnel from both the Wire Depts. into a conference call. [They initially refused to get into a conference call saying they are not authorized to speak to people from other banks, but after some forceful rhetoric, they agreed to be on the call] . In the call, BOA rep. clarified to the Ally rep that they never got the funds back from Ally. The Ally bank rep then said that they will speak with their intermediate bank Wachovia and get back with more info to BOA within 48 hours. Till Date BOA did not receive any reply from Ally. Yesterday desperate for $$ , my Friend took a personal loan from Citi for 3500$ at 12% APR , so that I can pay my tuition fees.
My friend also had an account with Ally but he rarely uses it. Today he logged into his account after a very long time and to his shock and surprise, found the wire money of 3500$ deposited in his account on 23rd Jan itself. In short, Ally Bank deposited the wire in wrong account and lied to me that they never received the money. And When BOA tried to contact them to return the wire, they dint reply to BOA till now [probably because they don’t have a clue about where the money is right now, in spite of me providing the federal wire ID].
To the users of this community, did Ally bank violate Federal Rules, by transferring funds to wrong account? [I mean if my friend provided his beneficiary name with my account number on the wire , Ally should have rejected the wire instead of depositing funds into his account. Also they lied to us all this time that they never received the funds from BOA]. This stupid lying game of Ally bank has caused me and my friend lot of mental tension and forced us to take out a loan from Citi at 12% APR. If I had made a mistake with the bank by overdrawing $$ my account, the bank would have immediately penalized me for 30$ or something like that. So when ally makes a mistake and lies to me, I don’t want them to go scot-free. Is there any way I can force them to pay me monetary compensation for all the troubles I went through? Please help.
Tl;dr
Needed $$ to pay tuition. Friend did wire transfer of 3500$ from his BOA to my Ally Bank Account on 23rd .Wire was successful. When contacted Ally told me they never received the $$ . Tried to resolve the issue with BOA and BOA sent a message to Ally to recall wire on 28th. Ally never replied to BOA. Desperate for money took a personal loan. Today found out Ally mistakenly deposited money into my friends account on 23rd itself, instead of my account . Now want to kick the ****ing **** out of ally bank
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