Consumer complaint received 2022-09-08
Company: HUNTINGTON NATIONAL BANK, THE
State: MI
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Opening an account
Sub-issue: Unable to open an account

Complaint:
Upon both of our parents passing, my father XX/XX/XXXX and our mother XX/XX/XXXX, we attempted to work with TCF nka Huntington Bank, for all 5 of us beneficiaries to collectively keep our respective inherited shares as Individual IRA accounts at TCF Bank  wealth management ( now referred to as Private Banking ). As a result of that decision, our administrator, XXXX XXXX, was going to provide each of us with documentation for signatures to have the agency account holdings managed by TCF as well. She explained that since we elected this course of action, that the investment officer would contact us individually to determine our investment objectives. We were all excited to have our funds invested together and all signed the documents on XX/XX/XXXX. My sister who was handling all the correspondence spoke with the administrator of the accounts on XX/XX/XXXX to discuss some of my parents other accounts and discussed a question regarding my mothers will from our attorney. You will see on the documentation provided that Huntington signed off as personal representative of the estate, as well 4 of us beneficiaries, naming my sister the sole personal representative. As of XX/XX/XXXX no individual IRA 's set up. XXXX was emailed asking for the the documentation for the agency accounts that were supposed to be set up. She stated she would review and have the documentation to us by the holidays ( attached email ). This was the last response from our XXXX until my sister went into the bank nearly five months later. XX/XX/XXXX Emailed XXXX for the status of the investment accounts and if she would prefer we speak with our investment officer, no response. XX/XX/XXXX A call was placed to the investment officer and a voicemail was left. No correspondence from anyone at the bank. In XX/XX/XXXX, we were informed by our attorney that the investment officer that was supposed to be handling our funds hadn't been employed by the bank for several months. ( my understanding is that occurred during the transition from TCF to Huntington ). The statements that were still being sent to my mother ( who passed 6 months prior ), have had 4 different investment officers since her passing. XX/XX/XXXX My sister had emailed XXXX to discuss cost basis while preparing my deceased mothers tax returns. No response was ever received. XX/XX/XXXX We decided as a family to close out our accounts since we couldn't get Huntington to follow through with setting up our accounts, we couldn't access our funds, and we couldn't even get any responses from XXXX, who should have been acting in our best interest. XX/XX/XXXX My sister went into the XXXX XXXX, MI XXXX XXXX XXXX and asked to close out the accounts. My sister was directed to the branch manager, XXXX XXXX, to close out the accounts that he could and he did provide excellent service. He called in XXXX XXXX and the two of them explained that XXXX XXXX would need to close out the IRA and Agency accounts at which time they looked at XXXX 's calendar and set up an appointment for my sister to meet her on XX/XX/XXXX. My sister met with XXXX at XXXX XXXX branch. Expressed intentions to close out both accounts. It was very clear. She understood. She said she would calculate the cost basis but it would not be in the next couple days, rather the first of the following week. I was expecting paperwork that showed our intentions and we would liquidate. At no time did she advise me to let my siblings know that they had to e-mail her with their intentions. XX/XX/XXXX My sister emailed XXXX to request packets for signatures - no response ( see attached ). XX/XX/XXXX Sister call XXXX XXXX ( because she was helpful previously ) to see if she could check on the status. She forwarded the email to XXXX from XX/XX/XXXX. XX/XX/XXXX She was very responsive and said that XXXX would be working on the cost basis over the weekend and to follow-up the next week ( see attached ). XX/XX/XXXX Another email to XXXX imploring her to get us the paperwork. She said she would have the cost basis finished up later that day and would give my sister a call ( see attached ) - no call, no email, no response. XX/XX/XXXX Another email from my sister asking that XXXX contact her - no response ( no email, no call ). XX/XX/XXXX I emailed XXXX asking her contact us and asked her a couple questions. - no response. XX/XX/XXXX My sister called XXXX because he was so professional and gave great service and he got a hold of XXXX and she said she would call me that afternoon.Unapologetically received a call and she had indicated she had about finished the cost basis. I indicated I wanted this done. I asked if this was common practice to hold a deceased taxpayers funds for nine months? I asked why we did the transfer on death when that was not occurring? I asked for an explanation and was not given one. I asked about the lost funds and she said she would check with her supervisor but would most likely not have an answer next day. It was at that point she said that she would send us an e-mail with instructions and that each beneficiary would need to e-mail back their intention. XX/XX/XXXX by XXXX XXXX  no email. @ XXXX eamil from XXXX with instructions ( see emails ). XX/XX/XXXX We were finally able to get our holdings sold. We never would have sold on one of the worst day of the market except for the fear that Huntington had already been holding our funds for 9 months without us having any access and no one contacting us. We felt we had no choice and we had requested XXXX to refund us the losses from XXXX, which are approximately $ XXXX, since that is when we requested to have the funds disbursed. XX/XX/XXXX My sister emailed XXXX regarding additional questions and received no response. XX/XX/XXXX My sister contacted her supervisor, XXXX XXXX, explained what had been occurring, he stated he was unaware and would look into it and get back with my sister. XX/XX/XXXX My sister had stated she hadn't hear back from anyone on a previous email sent on XX/XX/XXXX, so that one along with all others had been sent to XXXX, in addition she had told him how we had inquired to XXXX about the reimbursement of lost funds. XX/XX/XXXX Email from XXXX stated he had made initial calls on XX/XX/XXXX and had to make further calls today XX/XX/XXXX but should have a response to my sister on XX/XX/XXXX. XX/XX/XXXX XXXX emailed and said that XXXX had followed proper protocol and that bank policy was followed. XX/XX/XXXX My sister responded back asking multiple questions and advised of our concerns. We really questioned if it was banks policy to no set up accounts, to not follow through on emails and to not allow us access to our funds? XX/XX/XXXX - My sister and XXXX talked and he asked her for a timeline of the events as he felt that XXXX possibly didn't follow protocol. She said she would be happy to do a timeline of events but she would like a week to get it completed. XX/XX/XXXX I had emailed XXXX to find out when the funds from the IRA where going to be put into my account that I set up with another financial institution in the middle of XX/XX/XXXX. I advised that a tracking number was provided to me from the other investment company that Huntington received on XXXX @ XXXX XXXX and signed by an individual with the last name XXXX. I was told that the IRA funds could not be disbursed until all of my siblings accounts were set up, which was being worked on. I was not certain why I couldn't receive my funds and that was the only answer provided. She also included in that email that the agency funds ( those from XXXX ) distribution was being cut that day and would be shipped overnight via XXXX. Those funds did arrive the next day. XX/XX/XXXX My sister sent a very detailed guideline ( much of what I have followed ) included all emails, paperwork and documents. XX/XX/XXXX XXXX acknowledged my sisters email and said he wouldn't be able to really devote the time until tomorrow and over the weekend but would connect with her to give her a status update. XX/XX/XXXX XXXX emailed my sister to state the following : I have a follow up meeting scheduled late next Monday afternoon to talk further about your request with our fiduciary team. I appreciate you sending me the additional information and I will update you again next week. XX/XX/XXXX my sister wrote him back thanking him. XX/XX/XXXX My sister emailed the following to XXXX ; Hope you are doing well. I understand these things take time, but just wanted to let you know that I havent heard anything yet from the XXXX XXXX. XX/XX/XXXX My sister emailed XXXX and XXXX the following : Hi XXXX and XXXX, Can one of you please let us know the status of our reimbursement request? XX/XX/XXXX XXXX responded the following ; Huntington was XXXX on your mothers Transfer on XXXX XXXX account, meaning after your mothers passing Huntington takes direction from the beneficiaries on the account. Direction from all beneficiaries to sell out of holdings occurred on Friday, XX/XX/XXXX, after the market close. Trades were placed on the next trading day, Monday, XX/XX/XXXX. Huntington acted as soon as possible after receiving direction and is not responsible for any change in value of the account, whether positive or negative, that preceded the receipt of direction from you all. XX/XX/XXXX I responded to XXXX the following : Hello XXXX, I sent an email last week with a few questions but after reviewing your email I have additional concerns I want answered.First, my name is XXXX. In addition to my sister XXXX XXXX, are my sisters XXXX XXXX, XXXX, and my brother, XXXX. I would appreciate you address us by name and not categorize us as et al. My concern is that you don't recognize us as individuals.I expect the following questions to be answered : If Huntington was supposed to be acting on the direction of all beneficiaries then why were our original accounts not set up as directed by all of us on XX/XX/XXXX? Why did no one from Huntington contact us regarding what risk tolerance we wanted set up on our investments? Certainly, someone in their XXXX or XXXX is going to invest quite differently than someone in their XXXX. Once again that was requested by all of us on XX/XX/XXXX, at which time, Huntington, who was supposed to be acting on our direction, should have completed. 
I would also like to know how we were supposed to be able to access our funds? Multiple attempts on our part went unanswered by Huntington. 
This is one question that is really concerning to me and that is why Huntington decided to not allow us access to our funds for 8 months? 
Why were we never provided with any disclosures, such as the CRS Relationship Summary, Customer Agreement, Brokerage Disclosures, Terms & Conditions, Schedule of Fees, Privacy Notice, and the Right to Opt Out, to name a few. 
Why were we each of us not provided with a copy of the investment statement monthly, or at least quarterly? Since the account is now that of the beneficiaries, it would seem as though you should have been providing one to each of us. 
I would also like to request a breakdown of how any and all fees were applied since my mother 's passing on XX/XX/XXXX. Including any trades or transactions in which we paid fees. I would like responses to these questions and a resolution by Friday, XX/XX/XXXX. Please be certain to cc all of my siblings. If no response is received I will be contacting the SEC, FINRA, XXXX XXXX XXXX, as well as the NASAA State Regulator. Could you please confirm if your XXXX # XXXX is accurate? I would also like a phone number that our attorney can contact since all of this is time sensitive. 
XX/XX/XXXX Response from XXXX : XXXX, XXXX XXXX, XXXX, XXXX, and XXXX, Let me start with an apology. I am sorry if I offended you with the salutation used in my last email. No offense was intended. Distribution checks are being sent today via XXXX  to the institutions each of you provided, and made payable as each of you has instructed. 
( This section contains dollar amounts of our distributions and each of our XXXX  tracking # 's. ) Copies of past monthly statements will be provided and will show fees and charges since XX/XX/XXXX. XXXX XXXX and/or her Service Specialist XXXX XXXX will be providing those next week.The CRD # you listed WAS my CRD # when I was a Registered Representative earlier in my career and affiliated with a broker/dealer. However, it is no longer applicable as my current position within the XXXX  does not require securities licensing so I closed them out years ago.XXXX  XXXX, XXXX XXXX XXXX, who is copied on this email, is available as a contact for your attorney. Her phone is XXXX. I emailed XXXX XX/XX/XXXX ; Hello Brad, Thank you for the follow up. We will watch for those funds to be delivered to our respective accounts. I find it unfortunate that you didn't answer many of my additional questions. I appreciate you providing XXXX 's information. 
I will attach copies of all the emails. I find it very disturbing that transactions and correspondences weren't followed through and caused us to lose money without Huntington taking any responsibility. I begin to question how many other people Huntington did this to as well. Initially, it was during a merger which makes me wonder if they were trying to pad their books and increase their portfolio. Then naturally they are going to want to have a good first quarter earnings so is that why we still couldn't have access to our funds? Was it only in XXXX when interest rates were going up and the market wasn't doing well that they were willing to part with our funds. It would be an easy way to say that is why their portfolio possibly decreased. I also question the fact of fees we were charged, yet nothing was being done with our accounts. And honestly, what kind of bank holds onto your funds from XX/XX/XXXX with multiple requests until the middle of XXXX. We never should have been denied any access to our funds and we were and it wasn't based on a lack of trying. I also, truly wonder what kind of bank doesn't give you any disclosures, where it be the arbitration agreement, account set up, fee disclosures, etc.. Huntington needs to be held responsible. This has taken a terrible strain on all of us and my parents set it up so it wouldn't be such a hassle. Huntington has created a headache, a hassle and so much stress and anxiety. I would like to know if you can please help us out and look into this further. I appreciate any and all help. If there is any other area that I should contact please advise.

Company response to consumer: Closed with explanation