Consumer complaint received 2023-04-24
Company: FinCo Services Inc DBA Current
State: DE
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
My dispute is against Current Bank, whose banking services are managed by XXXX XXXX XXXX per their website at www.current.com, and their known address is : XXXX XXXX XXXX XXXX XXXX XXXX XXXX, NY XXXX I had signed up for a financial product with Current in XXXX called 'Savings Pods ' which paid 4 % interest. The account information is only accessible by using their smartphone app. 

In late XXXX or early XXXX, Current changed their policy to only pay the 4 % interest if consumers did direct deposit in the account. I was traveling overseas between XX/XX/XXXX and XX/XX/XXXX. Due to their change in rates, I wanted to withdraw my money from the account. I attempted to login to the app in XX/XX/XXXX while overseas, with the intent of moving money out of the account. After attempting to login, I was informed by the app that my account was suspended, without explanation. 

Suspension of the access meant I could no longer access online chat, the funds in the Savings  Pods, as well as balance/transaction history on the account. 

After returning to the US, I sent a mail to Current Bank customer support ( XXXX ) on XX/XX/XXXX that I was still unable to access my account. I received an automated mail that the request was received, but no response received from a support person about the issue. 

On XX/XX/XXXX, I had still not received a response, and sent a followup email. Again, no response from Current. 

On XX/XX/XXXX, my husband attempted to use the app using his Current account to talk to customer support via online app chat to escalate the issue ; they informed they could not discuss the issue with him but said they would escalate to customer support. I again received an automated email that the request was received. 

On XX/XX/XXXX, I again sent a followup. Again, no response from Current. 

On XX/XX/XXXX, I attempted to call Current Customer Support at XXXX. I told them my account had been suspended and inaccessible, and the representative was unable to assist. She informed it was a 'back office issue ', that they did not have contact information for the back office, that she could not close my account despite terms of service state that account closure can be requested via the phone. She also informed there was an email that was sent on XX/XX/XXXX, which I did not receive and she did not describe the content. I asked if the mail could be re-sent ; they did not resend it. ( As of XX/XX/XXXX, I still have not received a resend of this email, nor an explanation of what was in it. ) I also sent another email followup on XX/XX/XXXX, demanding Current to either restore access to the account or close the account or threatening to file a formal complaint. 

On XX/XX/XXXX, I finally received a response from someone in their Fraud team ( " XXXX '' ), stating that after internal review, they would close my account per terms of Section C Article 12 of the account agreement at " https : XXXX ''. I replied to the same mail, requesting return of funds via check and provided them evidence of my home address. 

As per Current 's terms of service, they state if an account is closed then funds will be returned within 2 weeks after request. Per their Terms of Service in Section C point 12 : " If your Account is canceled, closed, or terminated for any reason, you may request that your unused balance be returned to you via check sent to the mailing address we have in our records. For security purposes, you may be required to supply identification and address verification documentation prior to issuing a refund check. Allow up to fourteen ( 14 ) days for processing and mailing of the refund check '' On XX/XX/XXXX, I received another response from XXXX stating that they are refusing to return the funds in the account, as well as refusing to provide an explanation as to why. 

To my knowledge, I had approximately {$550.00} collectively in Current 's checking account and XXXXSavings Pods ' when the account was frozen ; however, I am unable to provide a screenprint since the only way to capture the realtime balance is via the app, which they had locked me out from accessing since XXXX. ( I can however, provide proof of an initial direct deposit from a payslip on approximately XX/XX/XXXX of {$500.00}, showing the initial funding of the account. ) Current has seized my funds without providing explanation, refuses to provide return of funds without a reason. This violates their own terms of service in Section C Article 12 which they cited to me as justification to close my account.

Company response to consumer: Closed with explanation