Report: #495886

Complaint Review: First Tennessee Bank

  • Submitted: Wed, September 16, 2009
  • Updated: Thu, January 21, 2010
  • Reported By: CL — FRanklin USA
  • First Tennessee Bank
    United States of America
  • Phone:
  • Web:
  • Category: Banks

First Tennessee Bank Electronic Account to Account Transfer system has flaws and i pay the price! Internet

*Consumer Comment: Don't understand

Show customers why they should trust your business over your competitors...

On August 2 2009 i initiated an online transfer between my account at First TN and another account at US Bank.  I mistakenly didn't update the account number for the account at US Bank that i had closed recently.  This was simply an oversight.  I was dealing with multiple accounts and just didn't think about it.  So anyway, the transfer proceeds as any normal one would.  THis system gives daily updates as to what stage the transfer is in and it progressed normally.  One would think an electronic transfer wouldn't take 4 days but these do.  So finally the funds end up in my account, i go to the bank and make a withdrawal and all seems well.  But No.  Not 24 hours later the funds are debited back out of my account because the account at US Bank was the closed one as i had described above.  So how after 4 days does this system still give me $850 when the account was closed? We aren't talking about a check clearing or anything like that.  This is all electronic.  To top it off my account goes negative after this and they hit me with ISF charges!!! How do they get money out of a closed account that has no money in it?  Seems like the system should make sure the account is actually open and then see if it has money.  THis was inexcusable.  I have attached the actual detail from the transfer below. 

CHK - XXXX4310
$850.00 Failed

08/02/2009 Your request to transfer funds is in progress. Check here for updates.
08/04/2009 Your funds have likely been debited from the funding account.
08/05/2009 Your funds have been sent to the destination account. It will take one business day before these funds are available.
08/06/2009 Funds have been successfully deposited into the destination account.
08/06/2009 Your bank has reversed the Withdrawal transaction for the following reason. [Account Closed (R02)].
08/06/2009 A debit transaction has been initiated to recover funds.
08/07/2009 The debit transaction to recover funds is succesfully completed.

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#1 Consumer Comment

Don't understand

AUTHOR: rloftonbrown - (USA)

Why is this First Tennessee's fault?  You made the error
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