Consumer complaint received 2018-08-04
Company: FULTON FINANCIAL CORPORATION
State: PA
Product: Checking or savings account
Sub-product: Savings account
Issue: Closing an account
Sub-issue: Fees charged for closing account

Complaint:
XXXX XXXX ( Address : XXXX XXXX XXXX, XXXX, PA - XXXX ) has made it unusually difficult to close my Money Market Account. Specifically, this bank does not allow customers to close their account over phone or online and requires them to come to a branch just to close the account. Moreover, the bank did NOT explain this strange rule to me when I opened my account. 

In my case, this unexpected and strange rule led to additional problem : Since I didn't know this rule, I electronically transferred my entire account balance to another bank on XX/XX/XXXX as a preparation to close my account. A few days later I called the bank to close the account which is when I was first told about the rule that I'd need to go to a branch to do so. Since I couldn't find time to go to the branch due to my busy work schedule and also the business travels, the bank charged me {$25.00} Minimum Balance Fee on XX/XX/XXXX because the account had only {$6.00} ( which was monthly interest credited on that day ) left and was still open. This fee resulted in my account balance becoming negative. The bank interpreted this negative balance as 'overdraft ' although I had never withdrawn any amount more than my account balance. 

What's more, the bank started charging me an outrageous and predatory 'overdraft ' fee of {$6.00} PER DAY since the account balance stayed negative as I was trying to resolve this matter. After I called the local branch and explained them the situation, they insisted that I need to visit the branch to close the account but reversed original {$25.00} Min Balance Fee that had caused the account balance to become negative in the first place. Strangely, they refused to reverse the resultant {$6.00} per day 'overdraft ' fee and asked me to come to branch to pay all this 'overdraft ' fee before I can close the account. As a result, as of today ( XX/XX/XXXX ) this matter is still unresolved and my account has a NEGATIVE balance of {$140.00} ( consisting entirely of this ever-increasing 'overdraft ' fees ) simply because I could not close my account over phone, something all other banks that I've done business with over the years allow. 

Fulton Bank has been sending me letters asking me to visit a branch and pay them all these fees just to close my account. I sent them a letter on XX/XX/XXXX explaining the situation. They ignored it and have sent me one more notice threatening to report my account to XXXX, XXXX which may impact my ability to open a deposit account with other Financial Institutions in future. 

I find it hard to believe that in this 21st century world of online banking, we still have a bank that a ) refuses to let customers close their account over phone/online b ) considers negative account balance caused by this strange rule and its own fees as 'overdraft ' and c ) expects the customer to pay these dubious fees just to close their account! 

Hopefully, CFPB can protect customers from these dubious rules and fees that make no sense. 

Thanks.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief