Consumer complaint received 2023-09-24
Company: M&T BANK CORPORATION
State: NJ
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
My first unpleasant encounter with M & T Bank was on XX/XX/2023. I went into the XXXX XXXX, NJ branch to deposit a check into my business account. This is something periodically done whenever I receive a check for one of my clients. Upon entering the bank, I greeted a XXXX customer representative and asked him if I could speak with the branch manager. The reason that I asked to speak to the branch manager is because this is not the branch, I usually visit to make deposits, in addition to the check being a large amount, so I assumed there was a possibility that there would be some resistance. The XXXX customer representative identified himself and a manager in training and he said that he would be able to assist me. I explained to him that this is a check for one of my clients and that I always submit a signed and notarized power of attorney along with the check that authorized me to endorse the check and attorney in fact and make the deposit. He seemed confused about what I was doing, but he accepted my documents and said he would figure out what needs to be done. Shortly after that, he came back to me and explained that I would have to wait 10 days to make a deposit because this would need to be reviewed by upper management. I then explained to him that the authorization he is referring to is something that I had already completed in my home branch to be able to make deposits, which I now do on a regular basis. To deposit third party checks with M & T Bank, there needs to be a power of attorney signed and notarized by the payee and the bank will make copies and keep them on file for each deposit. Before making my first deposit, I had to wait at least 3 weeks to get the okay from risk management and then I had to sign an indemnification form for M & T Bank. The indemnification will ensure that if any fraudulent activity takes place on my account, then the bank will not be held liable or financially responsible. The manager in training asked me to give him a second so he could investigate my account and see if he could locate some documentation on my account. He then told me that my power of attorney was not on file and that I would have to wait 10 days. I explained to him that with each deposit I make I provide a power of attorney for that specific client which then the bank teller will make a copy and put it in their file with that deposit. He was still confused about the process, but he told me to give him a second while he investigated it. He asked the teller at the desk to open my account and she replied to him that she only saw a power of attorney for the first check I ever deposited. I then explained to her that that deposit has nothing to do with the deposit I am trying to make right now. She already was giving me an attitude from the minute that I walked in the bank and did not want to greet me at all. She then started saying that my power of attorney was missing the back page, insinuating that the document was not valid. I then explained to her that a power of attorney does not have to have 2 or more pages, it just needs to be signed and notarized. Her and I went back and forth a couple of times about that, so at this point I was being told again by the manager in training that I needed to wait 10 days to get a response from the department that handles these matters on whether I can deposit the check. After receiving much resistance and scrutiny on the validity of my documents, I then asked the manager in training to call the branch manager where I usually make deposits to confirm that this is something I regularly do. After asking him twice previously, he agreed to make a call to my home branch. He went into his office and was on the phone for about 5-10 minutes and then he came back to me and let me know that I was able to deposit the check. He then told the bank clerk to deposit the check. The expression on her face was the look of someone who was disappointed that I was allowed to deposit the check. I then asked her to print a cashier 's check in the name of my client so that they could be compensated. From that point on, her responses were very short and passive aggressive. Not once did I get out of character, but I knew there was a 50 % chance that I would go through what I went through, and not only because of the amount of the check, but the amount of the check that was in possession of a XXXX XXXX. I was professionally dressed, and I still received the resistance that most other XXXX customers of the bank receive all over the country. 


On XX/XX/2023 I went to order a ride from the XXXX application and noticed that my business debit card would not be accepted as a payment. I tried to book the ride several times with my business debit card, but the request would not go through. Roughly about an hour later I attempted to use my debit card from my personal account at the ATM machine and there was an error message that kept saying my pin number was incorrect. My pin number is a number associated with my children 's birthdate, so I knew that I was using the correct pin. After trying to enter my pin number several times and receiving an error message each time, I decided to contact the bank. When I tried to reach out to the bank my calls would not go through at all. Every time I called the automated system would play the usual greeting and then the call would go blank without allowing me to choose any options. I called at least 4 different numbers listed for M & T Bank to try to get through. I tried to call the bank back about 40 minutes later and at that time I got through to a customer service representative. I asked the representative what was going on with my account and he notified me that there was a block placed on my account by the fraud department. I asked him what the reason was, and he explained to me that he could not see any details, so I asked to be transferred to the fraud department. Once I was transferred to the fraud department, I spoke to a representative who could not explain to me why the fraud department placed a block on my account. The representative said that he would make a request that the fraud department reach out to me. At XXXX on XX/XX/2023 I received a call from an individual who identified himself as XXXX XXXX . He said that he worked in the financial crimes department and that he was calling me to discuss my account. Before he spoke, I expressed my frustrations with my account being blocked and investigated without any valid reason. XXXX XXXX immediately began to scrutinize and critique my business model saying that my business was not " framed '' correctly. He immediately tried to discredit my business and eluded that I am operating in an unethical manner. He said that the service I am providing to customers is something they could do on their own for free. He said that I am " targeting '' my customers and if I have a profile for the customers that I am contacting and that I am being deceptive in nature. XXXX XXXX then began to try to discredit my business by insinuating that my contract for fee agreements and the power of attorney documents were not drafted correctly. I explained to him that I am acting as a third-party locator, which is completely legal in the state of New Jersey . The contracts for my fee agreements must disclose what the property type is, the value of the property, and where the funds or property are being held. The documents must also be acknowledged by a public notary. I then explained to him that my power of attorney meets the requirements of New Jersey because I had an attorney represent me in a case as an assignment from a client to release surplus funds. I was required to submit those same documents, meaning the fee agreement and power of attorney to my attorney to represent me in that case. It's safe to say that if anything illegal or incorrect was being done, the attorney would not have taken my case. I also explained to him that attorneys seek to locate clients the same way as an asset locator by obtaining a list from the Superior Court of New Jersey. This list is a public record and can be purchased for {$10.00}. He continued to try to discredit my business model and insinuate that I was engaging in something illegal and unethical. He stated that I am not an attorney and I told him that you don't have to be an attorney to be a third-party locator and to check the unclaimed property rule. My business is providing a service and none of my clients are forced to enter into a contract with me at all. At least 50 % of these prospective clients are not aware that they have money to collect. I began getting very frustrated because now I was being insulted and basically being called a criminal. XXXX XXXX could not tell me what crime I committed, what crime I was being charged with, what fraud was committed, and he never explained to me what the reason was that account was blocked. After going back and forth with him I told him I was no longer interested in doing business with this bank and to unblock my account immediately and that I would be filing a lawsuit. He said I was about to tell you that the bank is no longer interested in doing business with you at this point. 

The reason my account was blocked was because a friend of mine who does the same business as me was being XXXX XXXX and discriminated against by the branch manager of M & T Bank in XXXX XXXX, NJ. He had been trying to deposit a check for over 30 days before he decided to take his check and deposit it at the branch in XXXX XXXX, NJ. Once he took his check to the XXXX XXXX, NJ branch, his check was deposited in 20 minutes without incident. I told him to let the branch manager know that he knew me and to give me a call if she needed me to vouch for him. They had no problem depositing his check because I have been doing business with this bank for a whole year without incident. The branch manager in XXXX XXXX, NJ got wind of the friend depositing his check and the request for his account to be serviced at XXXX XXXX. Obviously, he was upset and flagged his account for some kind of fraud or financial crime, so that same day on XX/XX/2023 he called me and told me that XXXX XXXX called him, and his account was blocked. I am in no way associated or legally tied to my friends business in any way, so based on them investigating his account they took it upon themselves to investigate my account. My account was blocked based on the suspicion of another business who was operating in its legal capacity, a business I am not way legally involved with or tied to. I have had my account at M & T Bank for almost a year without any incidents or complaints whatsoever. This is clearly discrimination because this would have not happened if I was not a XXXX XXXX. I have followed every procedure that the bank requires, and I have never had any fraudulent activity take place on my account. The documents necessary to make deposits are always provided when I make deposits and that is the policy for depositing third party checks with M & T Bank

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 explanation