JC Goosen review: Re: unauthorised conversion of funds and damages suffered

MR. JC GOOSEN

72 YORK STREET

GEORGE

6529

cobus.[protected]@pkf.co.za

+27 [protected]

22 August 2023

[protected]@bofa.com

BANK OF AMERICA, N.A.

LONDON BRANCH

2 KINGS EDWARD STREET

LONDON, EC1a 1HQ

UNITED KINGDOM

ATTENTION: CUSTOMER COMPLAINTS DEPARTMENT

Dear Sir/Madam,

RE: UNAUTHORISED CONVERSION OF FUNDS AND DAMAGES SUFFERED

Kindly note that this letter refers to an illegal and unauthorised conversion of funds by Bank of America (hereinafter referred to as “BOA”).

On 23 July 2023 (Date of Transaction), I initiated an international transfer of 15,930 Euros (EUR) from my Bank of Ireland account to my Euro Investec Account with Investec South Africa. The primary purpose of this transaction was to deposit the Euros into my Investec Account, maintaining the original currency.

To my astonishment, BOA unilaterally decided to intercept this transaction on 2 August 2023 and arbitrarily converted the Euros into South African Rand (ZAR) at a significantly unfavourable exchange rate of R19.00 to the Euro.

Due to this interception from BOA, I suffered damages in the amount of at least R31 700.70.

The exchange rate on the day of the transaction was R20.29 to the Euro. This substantial difference of R1.29 per Euro amounts to a significant financial loss on my part. This unauthorized and unfavourable conversion has caused me to suffer a monetary loss of R20,549.70. This assumed that I would have converted the money on the day on the transaction, I could have waited, and the Rand weakened by another 0.70 cents, that increase my loss to R31 700.70.

I attach the following documents for your ease of reference:

• Foreign Exchange Receipt Of Funds Advise from Investec;

• Rand Euro graph;

• GPI Tracker

• Nedbank email confirming it was BOA who converted the Euro

I submit that your actions constitute a breach of both South African and international legal standards. South African banking regulations and international laws governing financial transactions clearly mandate that financial institutions, such as BOA, must act in accordance with the principles of good faith, transparency, and fair dealing when it comes to customer transactions and currency conversions.

In light of the above, I expect BOA to take the following steps to remedy their actions:

1. Reimbursement:

BOA should immediately reimburse the amount of R31 700.70 to me, which was unfairly deducted from my account due to their improper and unauthorised conversion of the Euros.

2. Explanation and Apology:

I require a detailed explanation from BOA regarding the unauthorized interception and conversion of my funds and assurance that this will not be a reoccurring event.

I would also like an official apology for the inconvenience, financial loss, and breach of trust resulting from this incident.

3. Rectification of Process:

I urge BOA to review and rectify its internal processes to prevent similar incidents from occurring in the future. It is imperative that customer transactions are executed in a manner that aligns with legal and ethical standards.

Should you fail to address this matter promptly and adequately I will have no choice but to explore alternative legal avenues to seek redress for the financial loss incurred, as well as to report this incident to the relevant authorities and consumer protection organizations.

Kindly acknowledge receipt of this letter and provide your written response to the abovementioned points within 14 days from date of this letter.

You may direct all communication to the contact details provided above.

Yours faithfully,

JC Goosen