Commerce Bank Complaint - Incoming International Wire Transfer
NEW YORK CITY, NEW YORK -- Commerce Bank (The most convenient bank) was a really great bank for almost a decade, but recently their service quality has significantly dropped.
Their customer service representatives were incompetent and misinformed me that incoming foreign currency international wire transfers would be exchanged to US dollars according to the market spot rate. In reality, the have credited my account with 2% less amount. When I contacted customer service, they forwarded me to their international wire transfer department. They did not know anything about exchange rates. They have sent me their exchange department which informed me that spot rate applies only to amounts greater than $500,000 and that for lesser amounts they would apply exchange rate that is 2% lower than the spot rate. It means that they charge you 2% for currency exchange.
Lesson: Do not trust their branch employees or customer service representatives on complicated transactions like wire transfer or exchange rates. They don't have a clue how it work and you may loose a lot of money. I lost $1,800 because I trusted them that I would get a spot rate for incoming wire transfers. Of course if you transfer quarter million EUR it is not the case, but I don't thin that there are many customers that would have such money.
I could never imagine that I would have to write a negative review for Commerce Bank, but the reality is that they have lost their quality of service. And I will have to move my account again which is not god for them or for me.