Consumer complaint received 2023-02-06
Company: MORGAN STANLEY & CO. LLC
State: NC
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Can't close your account

Complaint:
Using the Etrade online portal, I requested on XX/XX/XXXX that my account be closed and that the balance be transferred to my XXXX XXXX account. On XX/XX/XXXX I received an email notification from Etrade that the funds transfer was complete. On XX/XX/XXXX, I recieved an email notification from XXXX XXXX that my XXXX  account had been closed on XX/XX/XXXX because I had a XXXX balance. Then I discovered that I could no longer fully access my ETrade account online. When I logged in to Etrade, an info-box said that restrictions had been placed on my account and that they could only be removed if I called them. I received no further information from Etrade until I contacted them on XX/XX/XXXX. I had a hard time reaching them sooner by phone due to long hold times. The rep I talked to told me that I needed to upload a copy of my photo ID with a signed letter stating the reason that the transfer was returned ( because unbeknownst to me XXXX had already closed my account with them ). As I kept asking questions and not getting satisfactory answers, the Etrade rep was impatient and dismissive and actually hung up on me. I still immediately uploaded the requested letter ( typed with an electronic signature ) with my ID. I didn't hear from Etrade again until I initiated an online chat on XX/XX/XXXX to ask why my account still had not been closed. The chat lasted more than an hour. I was told that my uploaded documents had been rejected and that I should have been notified of this. ( I had not been notified. ). They used vague terms, stating for example that my documents were " not in good order. '' I repeatedly asked clarifying questions about what this meant, which they refused to answer. Throughout the chat, which I can provide the transcript of, I was given confusing and contradictory instructions about what the problem was and what they were requiring. I was told that the letter had to be handwritten ( not just a wet signature, but the entire letter ). This was later contradicted in the chat by a different representative. Still, I submitted a new handwritten letter and was told they were not requiring anything further and that my request would be processed within a couple of days and that a check for the balance in my account would be mailed to me. Again, I heard nothing from Etrade and initiated another online chat today. I was told that my photo ID was not legible. When I complained that I had already submitted it multiple times, I was told that the photo ID I had submitted was ok after all. Then I was told that I need to submit a bank statement from XXXX XXXX proving that that account was closed. i asked why this was necessary and why I was not told of this requirement before. They would not answer those questions and just said that it's protocol. The rules and requirements just keep changing and all I'm asking for is that my account be closed. I have literally spent hours trying to get my account closed and it is not clear why they will not close it. I do not believe a bank statement from another bank should be required.

Company response to consumer: Closed with explanation