Consumer complaint received 2022-09-01
Company: MoneyLion Inc.
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I had a XXXX XXXX checking account, as well as investment account. XXXX XXXX is powered through XXXX. XXXX XXXX or Money Lion is not a financial institution. Therefore, my only option is to report XXXX, and pray that they ensure my affairs are properly handled and justice is served. What happened was, I reported my card as lost. After I reported my card lost, some unauthorized transactions took place on my account. Something which I've never done. Out of the 2+ years I've had my account, I conduct routine transactions. Nothing out of the ordinary. The week of me reporting my card lost, my account was closed, due to " suspicious activity. '' No further information was provided. Not only did I not receive my money back from the unauthorized transactions, but my account was frozen and I haven't been able to retrieve my funds. I was told by Customer Service that they can't do anything and I have to wait for the money to go back to the state and I have to follow my state 's money claim procedures. Furthermore, I had an investment account as well, which I monitor everyday, throughout the day. I invested a total of {$500.00} in that account. The account started doing well, then after I notice it get back to {$500.00}, I requested it to be withdrawn. What was given to me was about {$340.00}. No explanation of any sort was provided as to why I wasn't given the amount of money as I knew I was supposed to receive, which was {$500.00}. There is nothing in the agreement, that states that a fee would be taken or whatever. This company does whatever it wants to a customer, and because they're online, they talk to you the way they want, then hang up the phone on you. Money Lion owes me the money that's in my account, the transactions which I did not conduct. Which I reported my card lost, before it happened. My account shouldn't have been closed in the first place. Nevertheless, I want the money that is just sitting in there ( which I believe they are trying to steal or conduct some illegal activity ). Informing me of this security team made the decision and it's final. At any time, they could've called or contacted me about some alleged " suspicious activity. '' Which, the fact is, I haven't conducted any activity, which I don't normally do. I've been conducting the same transactions since I opened my account. What caused anything to be suspicious all of a sudden, that hasn't been suspicious for the past 2 years. Nothing was ever changed. My deposits came from the same sources since the account opening 2 years ago. I've made multiple attempts to resolve this. I've tried to get my money, even when they told me of what was needed from me, I contacted the institution which sent my last deposit ( which is the same one I normally use ), and they had no idea whatsoever of the request. Can I please get some justice? I can't even view the transactions, because everything is locked from my viewing. Statements aren't available due to restricted access. Some definite foul play has transpired on my account and I DEMAND JUSTICE. It's only a XXXX  XXXX dollars, but it was my money. Using the statement, they there have the right to close, deny account at their discretion, doesn't give them the right to hold funds, and refuse a customer their hard earned money, when they've been wronged. It's against the law to refuse a person their money and to return their funds when they've become a victim of fraud. To make them pay for someone conducting unauthorized transactions on their account. I wasn't able to pay my portion of rent, or get anything to eat because of Money Lion and what they did. I starved for 2 weeks. I had NOTHING to eat. I ended up being evicted and having to move into a shelter through XXXX in XXXX XXXX  XXXX because of this foolishness with Money Lion. I will get an attorney and do whatever I have to do because of what Money Lion did to me. Even if it is a XXXX XXXX dollars. Doing this to customers is unconstitutional.

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