BBB Accredited Business since

BNY Mellon

Additional Locations

Phone: (212) 495-1784 225 Liberty Street, 17th Floor, New York, NY 10286 http://www.bnymellon.com


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Description

The Dreyfus Corporation is a publicly owned firm which manages and sponsors approximately 100 mutual funds, both for institutions and individuals, which encompass various investment objectives such as Tax Exempt Income, Money Market Income, Fixed Income, Growth and Income Aggressive Growth.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that BNY Mellon meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that affect the rating for BNY Mellon include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 25 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

25 complaints closed with BBB in last 3 years | 10 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 6
Delivery Issues 3
Guarantee/Warranty Issues 0
Problems with Product/Service 16
Total Closed Complaints 25

Customer Reviews Summary Read customer reviews

0 Customer Reviews on BNY Mellon
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

BBB file opened: January 01, 1986 Business started: 01/01/1784 in NY
Type of Entity

Corporation

Business Management
Mr. Gerald Hassell, Chairman and CEO Mr. Michael Cole-Fontayn, Executive Vice President and Chairman, EMEA Mr. Thomas P. Gibbons, Vice Chairman and CFO Mr. Mitchell E. Harris, CEO, Investment Management Ms. Monique R. Herena, Senior Executive Vice President and Chief Human Resources Officer Mr. Suresh Kumar, Senior Executive Vice President and CIO
Contact Information
Principal: Mr. Gerald Hassell, Chairman and CEO
Business Category

BANKS INVESTMENT ADVISORY SERVICE FINANCIAL SERVICES

Alternate Business Names
Bank of New York Bank of New York - Westchester branch banking Dreyfus The Bank of New York Mellon

Additional Locations

  • 100 Church Street

    New York, NY 10286

  • 225 Liberty Street, 17th Floor

    New York, NY 10286

  • THIS LOCATION IS NOT BBB ACCREDITED

    BNY Mellon Center
    1735 Market Street

    Philadelphia, PA 19103

  • THIS LOCATION IS NOT BBB ACCREDITED

    BNY Mellon Center
    500 Grant Street, Suite 1925

    Pittsburgh, PA 15258

  • One Wall Street, 21st Floor

    New York, NY 10286

  • One Wall Street,13th Floor-Legal Department

    New York, NY 10286

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

9/6/2016 Problems with Product/Service
8/28/2016 Problems with Product/Service
8/11/2016 Problems with Product/Service
7/8/2016 Problems with Product/Service
6/1/2016 Delivery Issues | Complaint Details Unavailable
5/26/2016 Problems with Product/Service
5/6/2016 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I had received a check made from your Bank on March **, 201* from your client WVF – Paramount 745 Investor L.P (see enclosed) I had called your customer service number on March **, 201* to verify the available funds before I deposited the check into my account at Santander. The rep was unable to verbally verify the check and suggested I take the check into the branch the check was written to have the funds verified. On April *, 201* I went to the Bank of New York Mellon Branch located at *** **** *** **** *** ** ***** at 9:15 am. Three employees at the branch verified that the WVF – Paramount 745 Investor L.P account did have enough funds in their account to cover the check for $4,*00.00. Based upon this information from 3 Branch employees I deposited the check and on April *, 201* the check bounced, and I was charged a fee of $15.00. This is unacceptable and I am requesting that your Bank reimburse me for the bounced check fee.

Desired Settlement: refund of bounced check $15

Business Response: BNY Mellon is in receipt of the complaint filed by *** ****** *****.  BNY Mellon has researched this matter and has responded to *** ***** by letter dated April **, 2016 (a copy of that letter is attached).

2/25/2016 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Bank of New York Mellon(Benefits Wallet) out of *********** **, handles the HSA accounts for my previous employer.. In August of 2015, I changed jobs and moved. At that time I sent a letter and form requesting reimbursement of my HSA funds since I no longer had access to my money via the company website and the debit card they sent me with the account never worked. After I moved in December of 2015, I realized that I had never received my money from Bank of New York Mellon Benefits Wallet. The first of January I called and spoke with a young woman at BNY Mellon , who confirmed that I had sent the correct form but they did not have it. She sent it to me again via e-mail also confirmed at that time that they had my signature on file, so I did not need to have my signature notarized. I resent the forms to BNY Mellon via certified mail at a cost of $4.00 and today I received a response saying that they could not process my request to return my money to me because they did not have my signature on file. Realize that I confirmed this with the young woman on the phone, not to mention that I wrote reimbursement checks to myself - which I signed at least 17 times while I had the account. It is appalling that they do not provide an easy way for you to close out your HSA account and retreive your own money. It is appalling that they send a form back via regular mail and request a piece of information that I already confirmed was in their possession. It appears like they are trying to keep my money so that they can keep charging monthly fees until there is nothing left.

Desired Settlement: I would like my money returned to me immediately, including all fees charged since August 2015 and the money that I spent to send this form via certified mail. I will also be filing a complaint with the regulating authority for New York Banks, the Office of the Comptroller of the Currency and Consumer FInancial Protection Bureau.

Business Response:

BNY Mellon is in receipt of the complaint filed by *** ***** *******.

BNY Mellon has researched this matter and has responded to Mr. Pittman by letter dated 02/**/**.  A copy of that letter is attached.

Consumer Response:

To whom it may concern,

 

In reference to your latest email communications in which you have unilaterally closed the referenced case due to "lack of response", be aware that I accept the proposed actions by the company in question to resolve this matter upon the condition that they execute their proposed plan within a reasonable time frame.  I am not using names due to the inherent insecurity of open email communications.

 

Please reopen this case and update the records accordingly.

 

Also be advised that your time frames for response are unreasonably short and do not account for events outside the control of the respondent.  Because of this, when you close cases in an unreasonably short period of time, you remove any capability for secured communications with your organization.   In essence, your processes are forcing insecure communications and placing your customer's personal information at risk.

 

Thank you.

 

* *******



 

10/31/2015 Problems with Product/Service | Complaint Details Unavailable
10/1/2015 Billing/Collection Issues | Complaint Details Unavailable
9/30/2015 Problems with Product/Service | Complaint Details Unavailable
9/21/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I have been a customer of ** ******* ****** ****** since 1983. Recently, ** spun off this financial services company to BNY Mellon. Mellon is closing the consumer financial services business down. I have been in contact with BNY Mellon since August *** 2015 - by telelphone, by email, by completing forms, and by sending signed letters of authorization. I have spoken with Eugenia, Terri, Jim, and Kyle - 3 of whom are supervisors - in an attempt to get my funds returned to me. Every time - the BNY Mellon representative tells me that the last representative gave me bad information and now they must have a different form. and new letter, a letter sent in a different manner than previously - before they can send me the check for the remaining funds in my account. These responses are truly impossible and are an attempt to defraud me of my money. I am sure BNY Mellon is hoping that I will eventually just give up and forget about the remaining balance in my account - $5,796.71

Desired Settlement: I want a check for the full amount remaining in my account - $5,796.71

Business Response: BNY Mellon is in receipt of the complaint filed by *** ********* ******.  BNY Mellon has responded to *** ******** complaint by letter dated September *, 2015 (a copy of that letter is attached).

9/4/2015 Problems with Product/Service
6/16/2015 Problems with Product/Service | Complaint Details Unavailable
3/17/2015 Problems with Product/Service | Complaint Details Unavailable
2/12/2015 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: This Disbursement Agent will not stop taking insurance premium from my retirement check. They were notified on 11/**/2014 to stop the deduction. ******* ********* notified them as well as ******* ********e. I called them on the 11/**/14. The representative stated that they have the information documented and I would receive my entire retirement check. The $640.42 would not be deducted for insurance benefits. I then asked... So, I will receive my full retirement check for December 2014. The representative for BYN MELLON DISBURSEMENT AGENT RIVERWOOD INTERNATIONAL said yes. In December, the insurance benefit was deducted again, This agent took another $640.42 from my retirement check. I called them nearly everyday to make sure my retirement check for December would me correct. So, in January they took another $640.62 I have called this company 26 times. They keep telling me we are working on it, It has been 3 months. Also, I have written them a letter. I have not collected/received my money yet. I have spoken with 3 supervisors, they all say it is documented and they are working on it. They have got to find out where the error come from. This is not my problem I need my money.

Desired Settlement: I want my money as soon as possible, They now owe me for the months of December and January. I want them to have this error corrected and my February Retirement check is the full amount without deducting any medical benefits. I do not want my refund included with my February retirement check, I need my disbursement within the next few days. It need to be sent electronically to my bank account.

Business Response: On 02/**/15, BNY Mellon was informed by the record keeper for Graphic Packaging, *** ******, that the medical deductions from *** *******'s monthly pension payments were withheld in error and for BNY Mellon to issue a refund for the medical deductions withheld in error.  *** ****** is responsible for updating the participant records for ******* ********* participants to ensure that all voluntary deductions are accurate.
On 02/**/15, BNY Mellon processed two refunds, at the request of *** ******, both payable 02/**/15.  The December deduction will be refunded via a check in the amount of $640.42 and the January deduction will be refunded via ACH in the amount of $640.42.
If there are any other questions regarding this issue, please contact the ******* ********* Retirement Service Center at ###-###-####.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

***** *******



 

10/13/2014 Problems with Product/Service | Complaint Details Unavailable
7/16/2014 Billing/Collection Issues | Complaint Details Unavailable
4/10/2014 Billing/Collection Issues | Complaint Details Unavailable
4/8/2014 Billing/Collection Issues | Complaint Details Unavailable
12/25/2013 Delivery Issues | Read Complaint Details
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Additional Notes

Complaint: They administered a trust. When my dad was alive they provided him with lots of advice and other things and charged a market value fee that. By the way it was different than the fee they were paid to manage the trust. Both are itemized in each monthlhy statement. When my father died, BNYMellon refused to continue to provide those same services such as advice. In fact my brother contacted ******* immediately after my fathers's death, requesting advice, and this was when the refusals started. While they refused to perform the same services, they continued to charge all the same fees. You can't charge a fee for a service you are unwilling to provide. My family has taken this issue up with them multiple times and their response has been to suggest to us that we get a lawyer. They did make the claim that the trust contract BNYMellon signed 50 years ago gave them the right to do this but having read it many times it does not any they fail to be able to tell me where this is stated in the contract. I should add that they seem to be dragging their feet which would benefit them since the longer this takes the longer they are able to make money off the $1.6 million. The bottom line is they have no legal right to charge me for a service they are unwilling to provide.

Desired Settlement: I ask BNYMellon to refund the Market Value Fee collected from the date of my father’s death forward. I also ask that any fees associated with selling stock to cover the $10,000 distribution fee should be returned to us since those stocks did not need to be sold because the fee they erroneously charged plus cash on hand in the account would have covered that. The account should also be credited for any interest that would have accrued. In addition I would ask the BBB to look at waiving the $10,000 distribution fee.

Business Response:

 

I understand that you filed a com plaint with the Better Business Bureau claiming that we are refusing to provide you with advice that we provided to your father prior to his passing. though we continue to charge a fee for the advice

We did  not  provide  investment  advice lo your  father but  we did  provide  discretionary  investment management  services during the  life of the trust. as Corporate Trustee.  for which  we were paid a fee.

We do not however  give  investment advice for assets being distributed from terminating trusts.  Since this trust  is being terminated. our responsibility at this time is to ensure the timely  and accurate  final distributions and termination  of this trust as directed  in the trust document.   We recommend  that you seek outside  counsel for how best to address your estate planning.

In Article Seven of the  trust  document the Corporate Trustee shall  receive as compensation  for its services here under an annual  commission computed in accordance with its standard schedule of fees in effect  from time to time  when said services are rendered.

Further under the terms of the trust document. upon the passing of your father * ******* *** *** * * we identified the terms of the trust and ensured proper protocol to distribute this trust to his issue. per stirpes. To that end  we ensured that all interested parties were notified. all internal reviews in place and  took  proper  actions  for this closing trust

Based on further analysis of the account, the final  dividend. anticipated  for the assets held in  this portfolio, is scheduled for December *** 2013 from  Duke Energy  Corporation.   We allow  live business days for any  corrections  from the sending  company. Final distributions will on  December 2013.  This trust will close by year  end.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# *******, and have determined that my complaint has NOT been resolved because:

 

Dear *** *****:

I am in receipt of your response to the complaint my brother ******* ** ***** filed on behalf of our family, in November of this year with the Better Business Bureau.  While I would have articulated the complaint differently, he and I agree that the management fees your organization has charged the trust since my father's death are inappropriate and should be refunded.

I asked you for this directly several months ago and your response was an angry rebuke in which listed the numerous departments that have worked to bring about a "timely closure" of this trust.  In your letter of November **, 2013 you stated that "we ensured that all interested parties were notified, all internal reviews in place and took proper actions for this closing trust."  What you neglected to mention was that for all of that extra work you charged the trust an additional $10,000.

All trades and management of the assets were frozen as of his death on August **, 2013. Therefore, your organization shifted its efforts to the "closure of the trust" for which you were handsomely paid.

You have all of the control and you have exerted it.  I'm sure that in 1957, when my grandmother set this trust up, the Girard Bank and Corn Exchange had a different fee schedule.  My father told me on many occasions that the first thing he wanted me to do upon his death was to "get the trust out of Mellon."  Nothing got him more upset than paying the fees he was forced to pay your organization, particularly when he performed all of the management of the account.  And he would be even angrier that the closure of the trust has taken four months to complete!

I ask that you do the honorable thing and put in a request for a refund for the "management fees" that we were charged since August **, 2013 during which time no management was performed. I will not ask for the $10,000 disbursement fee to be refunded as there were many departments that all needed to sign off on the distribution.

And before you suggest again that we hire an attorney, my family does not take a litigious approach.  We deal honestly with others and all that I am asking is that you do the same.

'
***** * *****

 

 

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

******* *****




 

Business Response:

This correspondence will acknowledge receipt of your letter dated December ** 2013 to me. Thank you for taking the time to write.  I appreciate your direct comments, as well as giving me the opportunity to address your concerns at this time.


We respectfully decline your request to refund  the monthly bank management compensation from August 2013 up to and including November 2013.  Throughout the terminating process. BNY Mellon continued to maintain our high standard of providing the day-to-day services required of a corporate fiduciary including but not limited to providing management of securities---safekeeping,  records management. and on-going monitoring of historic and current asset information.  This is not simply an investment management  fee. but covers all of the aforementioned  trustee  services.

If I have been unclear in the past regarding my suggestion that you speak with counsel. I apologize.   Please allow me to be succinct. I  recommend  that you seek counsel to assist you with your own personal  financial  and estate planning for your respective  share of this terminating trust.  Further, should you seek the assistance of a fiduciary attorney. I  am most confident that he will  confirm that the bank properly adheres to the guidelines of a corporate co-trustee.

In  Article Seven of the trust document. the  Corporate Trustee shall  receive as compensation  for services here under an annual commission computed in accordance with its  standard schedule of  fees in effect  from ti me to time when said services are rendered . Our bank compensation is very competitive to our peers. Going back  to 1957 and earlier, it was understood  that fiduciary compensation would change with the times.   Therefore, it is the industry standard both then and now, to indicate that annual commission is to be charged in accordance with its standard schedule in effect from time to time when said services are  rendered.

Again, I thank you for your inquiry and comments.

12/16/2013 Billing/Collection Issues | Complaint Details Unavailable
11/11/2013 Delivery Issues | Read Complaint Details
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Additional Notes

Complaint: This complaint concerns Dreyfus Intermediate Municipal Bond Fund account: ****************. I was not able to file my 2012 taxes on 4/**/13 because Dreyfus ,Mutual Fund Shareholders: Dreyfus Retail Services, A division of MBSC Securities Corporation, *** ***** ******* ***** ********** ** *****, did not provide the Average Cost Accounting Statement for 2012. My tax accountant informed me that I could not fill my 2012 tax without this IRS required information. The IRS needed to know how much I had bought and sold municipal bonds during 2012. I called Dreyfus Intermediate Municipal Bond Fund at telephone ###-###-#### in April, May ,June, and July of 2013. I recieved the Average Cost Accounting Statement for 2012 from them in August and was able to file my taxes at the beginning of September of 2013. On October **, 2013 the IRS sent me Notice **** requesting $118.33 in penalties and interest charges. This was broken down into $79.02 for Failure-to-Pay Penalty and $39.33 interest charges. I asked Dreyfus to pay these coast since it was their fault that I could not submit my taxes on time. Dreyfus declined.

Desired Settlement: I am asking Dreyfus to pay $118.33 to cover the cost of my IRS interest and penalty charges because they could not provide the account Average Cost Accounting Statement for 2012 before 4/**/13.

Business Response: Dear *** ******:
We are in receipt of your letter elated October ***' regarding the complaint you received from ******* ***** ***.

In his complaint:, *** *** stated that Dreyfus did not provide him with an Average Cost Accounting Statement for 2012.  He was informed by his accountant that he needed this statement in order to determine the cost of the shares he purchased  and sold during 2012 for his tax return.  *** *** stated that he contacted Dreyfus several times between April 2013 and July 2013 regarding this matter.  He also stated that he was unable to file his tax return until he received  the cost basis information from Dreyfus in August 2013.  *** *** subsequently received Notice **** dated  October  **, 2013 from the Internal Revenue Service (IRS). -The notice stated that *** *** owed $118.33 due to penalty and interest charges he incurred for the 2012 tax year.  *** *** claimed that he incurred these charges due to the delay in receiving the cost basis for his Dreyfus shares and was seeking reimbursement  for this amount.

The Dreyfus account statement that was sent to *** *** for the- year ended December  **, 2012 indicated that the cost basis method for his account was the Average Cost method.  The statement also included a disclosure that stated, in part, "The cost basis on the redemption of covered shares will be reported to the Internal Revenue Service (IRS) and to you on Form  1099-B.  The cost basis on the redemption  of shares that are not. covered shares (shares acquired prior to January *, 2012) is not required to be reported to the IRS, but will be reported to you if available.  For more information on cost basis please consult your- tax advisor."

*** ***' 2012 Form 1099-:S was mailed to him in February 2013, which reported the sale of his shares during 2012. This document indicated that the shares sold during 2012 were non-covered shares and did not include the cost of these shares. As an alternative to receiving the cost basis o:t' these shares from Preyfus, *** *** and his accountant had the option of reviewing his past account statements to determine the price at which his shares were purchased.

Dreyfus' records indicate that *** *** initially called Dreyfus on April **, 2013 regarding this matter, which was after the standard tax filing deadline of April **, 2013. As a courtesy, *** *** was advised that Dreyfus would calculate the cost basis information for the shares in question. Due to systematic
issues, Dreyfus was unable to provide *** *** with a revised 2012 Form 1099-B until August 2013. The revised form that was sent to *** *** included the cost per share for the non-covered shares that he sold in 2012. .

Although Dreyfus was not required. to provide the cost basis for the non-covered shares, we agreed to reimburse *** *** for the IRS charges he incurred due to the delays that we encountered with providing the cost basis information. During my conversation with *** *** on October 24, 2013 regarding this matter, he authorized Dreyfus to credit his account with $118.33. This transaction was completed on October **, 2013. A transaction advice confirming the details of this adjustment was sent to the address of record under separate cover.

We believe this matter has been resolved to *** ***' satisfaction.  However, .if you or *** *** have any questions, please feel free to contact me at the letterhead address. l can. also be reached  at **** *** **** or * *** *** ****, extension  *****, Monday through Friday from 9:30 a.m. to 5:30 p.m., Eastern  time.

At Dreyfus we are committed to providing the highest quality of service for each of our clients, and wc extend our sincere apologies to *** *** for the difficulty he encountered.

11/11/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I am paying a home loan thru **** ** ******* who states bank of new York mellon is the lender. do to financial and family health issues I have called the numbers and only get recordings with promises they will call back. this problem involves a severely *********** * year old boy whose safety and well being hang in the balance.

Desired Settlement: A contact letter with correct phone numbers ie: local and fax numbers to correspond to a real human not a fraudulent answering system.

Business Response: BNY Mellon is in receipt of the complaint filed by *** ******* ******* *****  BNY Mellon has researched this matter and has responded to *** **** by letter dated 10/**/13 (copy of letter attached).

10/24/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: BNY Mellon is acting as, I suppose a clearing house between a bank in Europe sending a transfer to my wife and I in the US. I have a USAA account, BNY Mellon exchanges the foreign currency and posts the wire transfer to USAA who then delivers it to my account. I was made aware that BNY Mellon had the funds in their account on Tuesday or Wednesday of last week. I tried calling them on Friday to ask what the delay was but the operator of BNY directed me to an extension that no one answered and the voicemail wasn't connected, and so it hung up on me. The sender of the wire transfer in Poland is working with his bank just as I am trying to work with mine to discover why BNY is delaying the wire transfer. I can only suppose that they routinely delay wire transfer in order to earn an extra small investment by investing it briefly during the delay. I can only suppose that simply because BNY won't contact anyone. I have not and the sender has not authorized BNY's delay of the funds and we have not been notified of any reasons regarding the delays. On a side-note, a colleague in Poland had sent a test transfer using the SWIFT code to BNY Mellon, then gave the Account number to USAA with BNY Mellon and then finally my account number. This is standard practice for a SWIFT transfer. However, a representative from BNY had contacted the bank who contacted my colleague asking for an ABA/Routing number for the transaction. ABA Routing numbers are only to be used with correspondant bank transfers, not SWIFT. This is just another reason why I question the competence of BNY Mellon's representatives.

Desired Settlement: I would like the transfer to be sent in a timely manner, an apology for their delays and a suitable explanation. We have incurred hardship due to BNY's poor performance and I have been advised to seek legal counsel.

Business Response: Dear *** *********:
I am in receipt of your letter sent to the Better Business Bureau on October *, 2013.
Please allow me to apologize for the fact that your wire was not received into your account until October *, 2013. I know that you have been in contact with my colleague ******* ********** at The Bank of New York Mellon (BNYM) and that she has been instrumental in resolving this matter.  I trust that the below summary and timeline of events should make it more clear that the delay was due to insufficient payment instructions and not a result of improper action or inaction by BNYM.

On October *, 2013, BNYM received instructions from Bank Polska Kasa Opieki S.A, Warsaw Poland (PKO) to pay 200,000 Polish Zloty (PLN).  Unfortunately, the wire format that was received incorrectly instructed BNYM to pay Bank of New York Mellon, NY for further credit to your account, quoting account number xxxxxx615. Since you do not hold an account at BNYM and the wiring details did not include your recipient bank information, BNYM contacted PKO for correction of the wire details.   On October *, 2013, PKO provided the amended instructions which included your recipient bank information.  The instructions were to pay in PLN, so BNYM requested further clarification from PKO to determine if the currency should be converted to US Dollars.    PKO approved the conversion to US Dollars on Tuesday, October *, 2013.    On October BNYM converted the wire to US Dollars processed it with at 2-day spot value of October *, 2013, which is standard practice for such conversions.   Accordingly, your account was credited on October *, 2013.

In order to expedite the timing of future wires to your account, please instruct the remitting bank to include your recipient I beneficiary bank information in the wiring instructions and to include; "Please convert to US Dollars" in the information field of the wire.

Once again we apologize for the delay in crediting your account and hope that you find information provided helpful.  Should you require any additional information, please contact me.


Customer Review(s)

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