Consumer complaint received 2023-08-16
Company: Self Financial Inc.
State: NJ
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
To Whom It May Concern, I am writing to formally lodge a complaint against XXXX XXXX, operating under XXXX XXXX XXXX  in South Carolina, for their deceptive business practices, misrepresentation, and potential violations of federal laws. I have documented evidence, including screenshots, which I am prepared to provide to substantiate my claims. 

I. XXXX XXXX XXXX XXXX XXXX XXXX has engaged in deceptive business practices, which I believe violate the Federal Trade Commission Act ( 15 U.S.C. 41-58 ), specifically Section 5 ( a ) which prohibits " unfair or deceptive acts or practices in or affecting commerce. '' Details : Misrepresentation of Payment History : Despite my timely payments, XXXX XXXX falsely claimed that I paid late. However, there is no late payment reported on my consumer report, which contradicts their claim. This inconsistency raises concerns about their reporting accuracy and integrity. 


False Promises Regarding Credit Card Offer : I was informed by XXXX XXXX that after making three consecutive on-time payments, I would be eligible for a Self Visa Credit Card. I fulfilled this requirement, yet they reneged on their promise. Furthermore, their terms did not explicitly state that a single late payment would disqualify me from this offer. Their failure to disclose critical information and subsequent denial of the promised service is misleading and deceptive. 

Penalization for Early Payments : I have been penalized for making early payments. This practice is not only unfair but also potentially violates the " XXXX XXXX XXXX XXXX '' which prohibits the charging of prepayment penalties in certain circumstances. Additionally, South Carolina 's Consumer Protection Code ( SC Code 37-3-209 ( 1 ) ) also limits the circumstances under which prepayment penalties can be applied. 



XXXX. Violations of Federal Laws : Truth in Lending Act ( TILA ) ( 15 U.S.C. 1601-1667f ) : The misrepresentation regarding the credit card offer and the penalization for early payments may be in violation of TILA, which requires clear disclosure of terms and conditions. Specifically, TILA mandates that consumers be provided with clear and accurate disclosures of terms dealing with credit transactions. 

Federal Trade Commission Act ( 15 U.S.C. 41-58 ) : As previously mentioned, XXXX XXXX XXXX XXXX practices likely contravene Section XXXX ( a ) of this act, which prohibits " unfair or deceptive acts or practices in or affecting commerce. '' International Lending Supervision ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX  ) : While this section primarily deals with international lending and the adequacy of capital for holding companies, any discrepancies in XXXX XXXX 's reporting or lending practices that affect their capital adequacy could be relevant. Their practices, if found to be deceptive or misrepresentative, might have implications under this title. 

XXXX. Discrepancies and Missing Funds : Upon reviewing my account statements and transaction history, I have identified discrepancies where money appears to be missing and not accurately accounted for. XXXX XXXX 's explanation attributes these discrepancies to fees. However, when I inspect individual payments, these fees are already disclosed and included. This raises serious concerns about the transparency and accuracy of their financial reporting. 

IV. Request for Action : Investigation : I urge the CFPB, OCC, and FTC to conduct a thorough investigation into these matters and take appropriate enforcement actions against XXXX XXXX. 
Correction of Records : I demand XXXX XXXX to rectify any inaccuracies in my payment history and provide a clear explanation for their previous misrepresentations. 
Compensation : Given the potential harm to my creditworthiness and the stress caused by their deceptive practices, I seek appropriate compensation. 
Transparency : I request that the CFPB, OCC, and FTC keep me informed about the progress of the investigation and any actions taken against XXXX XXXX. 

XXXX Conclusion : It is essential to hold financial institutions accountable for their actions to protect consumers and maintain trust in the financial system. I trust that the CFPB, OCC, and FTC will treat this complaint with the seriousness it warrants and ensure that justice is served. 

If these matters are not resolved to satisfaction, I am prepared to escalate this complaint to the XXXX XXXX XXXX Texas United States XXXX to seek legal remedies. 

XX/XX/2023 - Payment of {$50.00} XX/XX/2023 - Auto payment failed ( This breaks the consecutive payment streak ) XX/XX/2023 - Manual Payment of {$52.00} ( Failed payment fee mentioned ) XX/XX/2023 - Manual Payment of {$50.00} XX/XX/2023 - Manual Payment of {$48.00} XX/XX/2023 - Manual Payment of {$4.00} XX/XX/2023 - Manual Payment of {$110.00} XX/XX/2023 - Manual Payment of {$52.00} From the above : The payment on XX/XX/XXXX was successful. 
The payment on XX/XX/XXXX failed, breaking the consecutive payment streak. 
Starting from XX/XX/XXXX, Ive made three manual payments on the same day, followed by payments on XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. 


In reviewing the payment history provided, it's evident that there was a consistent effort to make timely payments, which aligns with the consumer 's rights under the Truth in Lending Act ( 15 U.S.C. 1601-1667f ) to be provided with clear and accurate information about their credit terms. On XX/XX/2023, a successful payment of {$50.00} was made. However, the consecutive payment streak was interrupted on XX/XX/2023, when an auto payment attempt failed. This raises concerns about potential violations of the South Carolina Consumer Protection Code ( SCCPC ) 37-5-108, which prohibits unconscionable debt collection. 

Despite this setback, a diligent effort was made to rectify the situation. On XX/XX/2023, three manual payments were made : one of {$52.00} ( which had a failed payment fee ), another of {$50.00}, and a third of {$48.00}. These payments were followed by additional payments on XX/XX/2023, of {$4.00}, on XX/XX/2023, of {$110.00}, and on XX/XX/2023, of {$52.00}. Notably, after the missed payment in XXXX, there were three consecutive payments made on XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX, demonstrating a commitment to maintaining a consistent payment record. The Texas Debt Collection Act ( TDCA ) 392.304 ( a ) ( 8 ) prohibits misrepresenting the character, extent, or amount of a consumer debt, and any discrepancies in the reporting of these payments could be seen as a violation. 

Furthermore, any deceptive practices or misrepresentations by the financial institution could be in violation of the Texas Deceptive Trade Practices-Consumer Protection Act ( DTPA ) and South Carolina 's Unfair Trade Practices Act ( SCUTPA ). It's essential for financial institutions to maintain transparency, accuracy, and fairness in their dealings with consumers, as mandated by both federal and state laws. 



Thank you for your attention to this matter.

Company response to consumer: Closed with explanation