Complaints

• Initial Complaint

  09/11/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  ATX Exchange LLC (A subsidiary of Accruit, LLC) lied to my title First ********************** on Friday the 8th of September 2023, telling FATCO they had received approval to wire out the funds before 12 NOON on Friday. After numerous calls to ATX in ****** they insisted the wire had been 'batch' processed and was sent. I send fund fund wires daily and each side receives instant notification. The old school bad actors will still tell unsuspecting actors that it takes time which is a lie. Being in the Industry of managing money for 35 years all ************ wires are sent instantaneously and completed up to 6:30 EST.When I Informed FATCO for the 3 and 4th time that ATX was lying they never submitted the wire. ATX confirmed they held the instruction until after 3pm which surpassed their self imposed cutoff time that they 'just missed' after telling FATCO it was processed before NOON.All bad actors in Finance and Banking are trained to hold customers funds so they can delay the transaction especially on Fridays so they can receive the Float on the money that then equates to them stealing my money, which equates to $352 for the Weekend and another $176 for Monday or in total they have stolen from me $528 of interest because we have documentation of lying to First ********************** and all bad actors in the banking field train their employees to sit on transactions.I informed FATCO that was what they were doing and acting in good faith FATCO didn't believe someone would be so bold in this day in age to do so , but there are plenty of Bad actors still popping up in business and considering FTX Exchange LLC File # *********** was formed in May 2023 soon as the processor hits the return key up to 6:30EST time the ************ Wire is instantly processed.

  Business response

  09/12/2023

  **** - we appreciate and understand your frustration on the delayed wired.  I can assure you our intent was to move the funds as quick and safely as possible.  As a financial advisor yourself, as noted under the ***** website, you must also be aware of the concerns all firms have with ensuring every possible step to limit fraud these days is paramount.  Typically we require a 48 hour request of funds to provide ample time to gather all necessary approvals and sign offs to ensure the client's funds are delivered safe and secured.  This takes time and this was not the only request our company was processing last Friday.  The request by our client was received the evening of 9/7 and our first confirmation with FATCO was at exactly 1:01 MT on Friday, the 8th.  We require verbal confirmation from the title company before we even begin the wiring process with the bank. 
  
  You are correct, wires are essentially instantaneous, but we have a process and it must be followed every time.  You also must know that all banks have wire cut-off times.  This is not 6:30 PM.  That is the FED Wire cut-off.  But all financial institutions we work with also have a wire cut-off time whereby they no longer accept new wire requests.  This such bank has a 3:00 PM MT cut-off.    

  If someone in our organization referenced the wire was transmitted, it was not a lie, but a mistake.  It was "being processed".  I can assure you we did our best to get the wire out.  But we dropped the ball.  But I can also assure you we are not a "bad actor" as you have proclaimed.  We maintain strict protocols to ensure our client's funds are appropriately routed and received.  As president, I take full responsibility for our mistakes and am working with our team to ensure we accurately communicate the status of transactions.

  The funds were received by you first thing Monday morning safely and secured.  
  

  Customer response

  09/19/2023

   
  Complaint: 20584456
  
  I am rejecting this response because:

  In response to the President of Accruit LLC:  No wire takes 48 hours to transact.  This transaction of the Fed Funds wire for Accruit/ATXs long standing client in its role as a conduit for a **** Exchange did not follow proper guidelines.  The transaction for FATCO has been under contract since July 28, 2023, 

  Accruit/ATXs **** Exchange client (the buyer) executed the signed contract on 7/28/23 between myself and the buyer with ***** as the receiving agent and title company for the **** Exchange funds.  All documents needed for the closing were sent to Accruit/ATX **** *************** (Representative ******) via email at **** AM on 9/8/23.  FATCO verbally confirmed with the same representative (******) that the information and instructions had been received.  She communicated to FATCO that the wire was setup at that point and she would be sending a finalized settlement statement which ***** signed and followed up with a phone call to ****** to confirm.  She confirmed the wire was approved and set to go out with the funding department that day.  

  The President of Accruit/ATX has thrown up a smoke screen with inaccurate information again, and did so in order to keep my monies over the weekend, which equates to $352.00 of interest. 

  Ive been in the finance industry for over 30 years and as many financial institutions do to unknowing clients, they hide behind a smoke screen of time, processing, etc. so that they can keep the float on the monies.  Which done over hundreds of times over the course of a year will net an additional 6 figures of profits for said company.   The bad actors in the finance industry need to be addressed and no longer able to take advantage of stealing the float on peoples money.  

  
  Sincerely,
  
  ************************

  Business response

  09/26/2023

  Wed like to take this opportunity to clarify a few items in this final response. First and foremost, our responsibility was to the client, the Exchanger, not to the seller of the property that the client was purchasing whom has filed this complaint.

  Our standard internal protocol to ensure the safety and security of the clients funds includes a 48-hour notice to process outgoing wires, as well as dual authorization. After further examination of this transaction and detailed review of the contracts binding the buyer and seller, it was determined that in fact our company delivered the funds in a timely manner.  The closing of the property was September 11th, 2023 and the funds were delivered early morning on September 11, 2023 in plenty of time for the transaction to close. Our inability, due to protocol, to deliver the funds to the closing agent three days prior to closing date had absolutely no consequence on the sellers interest calculations since the closing occurred on Monday, September 11th, 2023 as scheduled.  We stand by our original statement that we are far from a bad-actor and as you can see from a note from our client, we delivered to the exact expectation of our Agreement.  Given these facts the request for monies from the complainant are unfounded. Using the channel of the BBB to accuse our organization of deliberately holding funds is without merit.  We implore the BBB to look at the facts and disallow a posting that has been found to be inaccurate at best but more harmful to an organization that prides itself on ensuring safety and security of our clients funds.  
  
  Below is a direct quote via a letter received from the ATX**** client that purchased the complainant's property as part of their **** Exchange.

  To the entire ATX **** Team  
  
  I want to thank you for the exceptional service you offered me with my ***** on the purchase of my property. I appreciate how simple you made the entire process and that we closed perfectly on time on September 11th according to the terms of the contract. You and your entire team were a pleasure to work with and I knew I was in good hands the entire time. The closing date on the contract from day one was September 11th and we closed and funded on September 11th. Your firm performed exactly to the terms of the contract. All parties to this transaction, including my realtor, his realtor, your firm and the title company worked hard and went above and beyond to ensure a timely closing. Again, thank you for all of the work to ensure smooth and on-time closing. 

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩