Product: Checking or savings account

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, MI, XXXX XXXX XXXX XXXX Consumer Financial Protection Bureau 1700 G Street NW Washington, D.C. XXXX Subject : Formal Complaint against Axos Bank XXXX XXXX XXXXXXXX for Regulation E Violation Dear Sir/Madam, I hope this letter finds you in good health. I am writing to file a formal complaint against Axos Bank, doing business as Skylight One, for a violation of Regulation E under the Electronic Fund Transfer Act ( EFTA ). I believe that the actions of the bank have infringed upon my rights as a consumer and have caused me financial harm. 

To provide some context, I hold an account with Axos Bank under the XXXX XXXXXXXX program. There was an unauthorized withdrawal from my checking account on XX/XX/XXXX using my debit card. The debit card was not present and I did not make nor authorize this transaction. 

I immediately contacted the customer service department at XXXX XXXXXXXX on XX/XX/XXXX ( via the phone number on the back of my card ) a subsidiary of Axos, explaining the situation and seeking assistance in resolving the issue promptly. I was advised that the transaction would need to post before I could file a dispute. 

I immediately followed up with an email on XX/XX/XXXX to dispute this transaction as soon as it posted. The email was sent to the email address they provided. I sent additional email XX/XX/XXXX as well as on XX/XX/XXXX due to the fact they had denied receiving the first two via a phone conversation on XX/XX/XXXX. I also sent a fax to the number I was given should I have difficulty emailing the dispute notice. I have copies of my phone records and will include copies of the transaction as well as my email that was sent immediately disputing the charge. 

On XX/XX/XXXX, a representative with XXXX told me in a conversation that the transaction was not covered by regulation E, and therefore not entitled to a previsionary credit while the fraud investigation was being conducted. I immediately asked why the EFT was not covered by regulation E, and was not provided with an answer. I then asked to speak to a supervisor. Once I spoke to the supervisor she eventually relented and told me that it was a Reg-E covered transaction and the original report was incorrect ; however, the dispute and charge back had been initiated and would need to be voided in order to fix the mistake. I was told this would take another 24-48 hours. ( This conversation happened on XXXX ) Since this happened on a Friday I would need to wait till Monday at the earliest to have the error voided and corrected adding additional time to be without access to any of my cash in my account. 

On Monday XX/XX/XXXX, I called XXXX XXXXXXXX to get an update on the status of the correction and credit for my account. The representative was not able to provide me with any information. I asked to speak to a supervisor and was connected with the available supervisor. I was again told that the transaction was not covered by Reg E, and was not provided a reason why they concluded this. I immediately asked to speak to her supervisor. I was told by her that her supervisor was busy with another client and that he would call me within one hour. No one from XXXX XXXX or its affiliated banks responded. I had no contact with XXXX XXXXXXXX until XX/XX/XXXX when I again called to ask about the dispute status, as well as the status of the provisional credit. I was again told that the EFT did not qualify for a provisional credit and that it would take up to 90 days for a decision and possible credit. This is not correct information being provided. 

I again demanded to speak to the relevant immediate supervisor. I was told that they would call me back. I refused to accept that and instructed the representative supervisor that I would wait on hold as long as it took for me to speak to her superior. After some back and forth I then informed them that as of today they would be in violation of registration-e and subject to complaints to the CFPB, and also the Office of the Comptroller of Currency ( OTC ). After I advised them that I plan to file a formal written complaint with these agencies, XXXX and Axos Bank immediately retaliated against me. After they left me on hold for over 40 minutes, they agreed to issue a credit immediately but then closed my checking account with NO notification. XXXX  stated that they have mailed me a check in the amount of account balance although as of XX/XX/XXXX I still do not have the {$1400.00} that was withdrawn using my debit card number without my authorization. 

Axos Banks retaliation actions caused financial harm to me and my family. They provided no notification of the checking account being closed and provided no reason for closing it. XXXX negligence in retailingatikn by closing my account caused all of my pre-authorized ACH transactions to be returned. These companies charged me fees and shut-off a utility. XXXX still has not provided any proof that the check was ever created or sent and I still dont have my money. 

In addition to the excessive fees charged by XXXX, they took an excessive amount of time to resolve the dispute causing an additional fees from scheduled ACH payments that they returned. I was never notified of my account closer and was grocery shopping when I was declined. 

I called XXXX XXXX immediately after my card was declined and my access to the banks app was terminated. I again spoke to the same representative supervisor [ insert name ]. She informed me that they have concluded their investigation and closed my account. The balance of the account would be mailed to me within 7-10 business days. As of XX/XX/XXXX I have yet to receive any such check for the balance of my account. 

I believe XXXX XXXX  actions after they credited my account were done out of spite and vindictiveness. They provided absolutely no notice prior to closing my account. This action caused my significant embarrassment and once again left me with no access to funds to pay for necessities. 

This incident is a clear violation of Regulation E, which establishes the rights and responsibilities of consumers who use electronic fund transfers. According to Regulation E, financial institutions are required to provide certain protections to consumers, including error resolution procedures and prompt investigation and resolution of reported issues. The failure of XXXX XXXX XXXX XXXXXXXX to address my concerns and rectify the situation is a direct violation of these provisions. 

Furthermore, I would like to highlight the financial impact this situation has had on me. The delayed transfer has caused significant inconvenience, as I was reliant on those funds for essential expenses. Additionally, I have incurred additional fees and charges as a result of this error, further exacerbating the financial burden imposed on me. I have received late or returned ACH fees from all 3 of my credit card accounts, as well as my auto loan payments, all with XXXX XXXXXXXX. I am currently over 30 days late on all of my debt payment responsibilities, which has caused a negative impact on my credit score. 

In light of the aforementioned circumstances, I kindly request that the Consumer Financial Protection Bureau thoroughly investigates this matter and takes appropriate action against XXXX XXXX XXXX XXXXXXXX for their violation of Regulation E. I urge you to enforce the necessary corrective measures to ensure that the bank upholds its obligations and provides the compensation to which I am entitled. 

On request I can provide copies of all relevant documentation, including records of communication with the bank, transaction statements, and any other supporting evidence that may be useful in the investigation of this complaint. 

I sincerely appreciate your attention to this matter and your commitment to safeguarding consumer rights. I trust that the Consumer Financial Protection Bureau will diligently address this complaint and take the necessary steps to rectify the situation. 

Thank you for your prompt assistance. I look forward to a resolution in the near future.