Open Bank Santander transfer problem

[Anonymous]

Open Bank by Santander has one of the highest yield savings accounts. So I set up a new account and initiate a transfer request through their website for 70k from my primary bank (Bank of America.) B of A sends the funds but Open Bank says they refused the funds and it should be at B of A. B of A says Open Bank definitely has the $. Meanwhile I have no money and am having a panic attack. Any thoughts on what to do

[Anonymous]

Yikes. I had no problem but it was a smaller amount (30K) transferred from capital one. Then I transferred it to a CD 6 months later so it may not be an openbank/ Santander problem. Report back and good luck!

[Anonymous]

This is why we need the CFPB.

[Anonymous]

Anonymous wrote:This is why we need the CFPB.

CFPB would not have regulated this.

[Anonymous]

Both Bank America and Open Bank are nationally chartered banks. I would call the Office of the Comptroller's (OCC) consumer division. Whichever bank is at fault, the OCC is its oversight authority.

[Anonymous]

I am sorry you are dealing with this. I had no problems transferring about $100k. It just took a while (while they were making money of the float).

[Anonymous]

Thanks for the help. After 9 days of not seeing the $, it finally showed up in the original account. I definitely should have made a smaller deposit. And I dont plan to use Open Bank or other online banks again!

[Anonymous]

Anonymous wrote:Both Bank America and Open Bank are nationally chartered banks. I would call the Office of the Comptroller's (OCC) consumer division. Whichever bank is at fault, the OCC is its oversight authority.

I never said cfpb regulated national banks or was its oversight authority. But if you think the cfpb doesn’t help resolve complaints against wells f, chase, boa, etc, you’re an idiot. The complaints are publicly available. It has been the best option up until now.

My point was…that complaint option is being taken away now by the admin.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Both Bank America and Open Bank are nationally chartered banks. I would call the Office of the Comptroller's (OCC) consumer division. Whichever bank is at fault, the OCC is its oversight authority.

I never said cfpb regulated national banks or was its oversight authority. But if you think the cfpb doesn’t help resolve complaints against wells f, chase, boa, etc, you’re an idiot. The complaints are publicly available. It has been the best option up until now.

My point was…that complaint option is being taken away now by the admin.

I suggested the OCC for OP because CFPB isn't terribly functional right now. Prior to CFPB, the OCC always handled this type of complaint for nationally-chartered banks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Both Bank America and Open Bank are nationally chartered banks. I would call the Office of the Comptroller's (OCC) consumer division. Whichever bank is at fault, the OCC is its oversight authority.

I never said cfpb regulated national banks or was its oversight authority. But if you think the cfpb doesn’t help resolve complaints against wells f, chase, boa, etc, you’re an idiot. The complaints are publicly available. It has been the best option up until now.

My point was…that complaint option is being taken away now by the admin.

Cfpb would not have picked this one up at all. It is far far outside of what their mandate was.

[Anonymous]

Anonymous wrote:Thanks for the help. After 9 days of not seeing the $, it finally showed up in the original account. I definitely should have made a smaller deposit. And I dont plan to use Open Bank or other online banks again!

I’ve never once had an issue with Discover Bank and have transferred more than that from TD several times with no issues, fwiw. Never heard of Open Bank.