Consumer complaint received 2023-12-13
Company: HUNTINGTON NATIONAL BANK, THE
State: MI
Product: Checking or savings account
Sub-product: Savings account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
I gave value to Huntington Bank in which in return a savings account was opened alongside a checking account. The application is the security that ensure the account. Huntington Bank is still actively using the security for profits. I also deposited my FRN 's into Huntington Bank which is an investment and the interest from those deposits are still earning Huntington Bank profits. Although Hunting Bank closed the account they made no attempt to return the gain from my financial asset. 
1-204. Value.

Primary tabs Except as otherwise provided in Articles 3, 4, [ and ] 5, [ and 6 ], a person gives value for rights if the person acquires them : ( 1 ) in return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection ; ( 2 ) as security for, or in total or partial satisfaction of, a preexisting claim ; ( 3 ) by accepting delivery under a preexisting contract for purchase ; or ( 4 ) in return for any consideration sufficient to support a simple contract.

3-303. VALUE AND CONSIDERATION.

Primary tabs ( a ) An instrument is issued or transferred for value if : ( 1 ) the instrument is issued or transferred for a promise of performance, to the extent the promise has been performed ; ( 2 ) the transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding ; ( 3 ) the instrument is issued or transferred as payment of, or as security for, an antecedent claim against any person, whether or not the claim is due ; ( 4 ) the instrument is issued or transferred in exchange for a negotiable instrument; or ( 5 ) the instrument is issued or transferred in exchange for the incurring of an irrevocable obligation to a third party by the person taking the instrument.

( b ) " Consideration '' means any consideration sufficient to support a simple contract. The drawer or maker of an instrument has a defense if the instrument is issued without consideration. If an instrument is issued for a promise of performance, the issuer has a defense to the extent performance of the promise is due and the promise has not been performed. If an instrument is issued for value as stated in subsection ( a ), the instrument is also issued for consideration.

( 9 ) " Financial asset, '' except as otherwise provided in Section 8-103, means : ( i ) a security ; ( ii ) an obligation of a person or a share, participation, or other interest in a person or in property or an enterprise of a person, which is, or is of a type, dealt in or traded on financial markets, or which is recognized in any area in which it is issued or dealt in as a medium for investment ; or ( iii ) any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this Article.

As context requires, the term means either the interest itself or the means by which a person 's claim to it is evidenced, including a certificated or uncertificated security, a security certificate, or a security entitlement.

( 10 ) [ reserved ]

Company response to consumer: Closed with explanation