Consumer complaint received 2020-02-07
Company: BBVA FINANCIAL CORPORATION
State: MA
Product: Checking or savings account
Sub-product: Savings account
Issue: Closing an account
Sub-issue: Can't close your account

Complaint:
BBVA USA is the most dishonest and unethical bank I have ever dealt with. 

In XX/XX/XXXX I opened a Money Market account with BBVA USA bank ( XXXX, AL ). I chose BBVA specifically because they advertised on-line an interest rate of 2.4 % which was competitive with other banks. Within a short time after opening and funding the account, I noticed in the on-line banking app that the interest rate on my account was only 1.39 %, 42 % less than what was advertised. I called to complain about this " bait and switch '' to BBVA. On XX/XX/XXXX, XXXX of BBVA sent me a message documenting that I had complained about the interest rate. At that time, his response was only that BBVA wasn't showing any deposits listed in the account. He said he couldn't actually see what interest rate was being paid on my funds. From XXXX to XX/XX/XXXX I deposited {$200000.00} in the account, thinking that XXXX would correct the interest rate to the advertised rate. However, when I went online I found that the interest rate was still at 1.39 %. I tried to withdraw funds online from the account, and found that BBVA limits withdrawals to {$5000.00} per day and {$10000.00} per month, and they also charge a {$3.00} per transaction fee for each withdrawal transaction, which I had never seen in a bank. I tried to transfer {$5000.00} on XX/XX/XXXX but BBVA failed to execute the transfer. I called to complain and inquire as to how to transfer the refunds. They offered to sell me a set of checks which I could use to close the account, but they do not provide any free checks. BBVA obviously gets funds by bait and switch and makes it as hard as possible for customers to withdraw funds.

When I advised BBVA by phone that I wanted to close the account due to the " bait and switch '', high fees and poor customer service, I was told that I would need to send a written request to close the account, with instructions of where to transfer the funds, and a copy of my driver 's license. I provided that information in a letter on XX/XX/XXXX. That letter contained instructions to transfer the funds by EFT to an account at another bank, which had already been linked electronically to my BBVA account. Over three weeks later, BBVA had not responded to my written instructions, although they did post a message confirming they received the letter. When I called to follow up, they said I needed to have the letter notarized ( not mentioned in their original request ), which I immediately did and re-sent it on XX/XX/XXXX. It is now almost two weeks later and I still have no response. So I called again on XX/XX/XXXX. They said they had not received the letter. I demanded, consistent with their fiduciary duty, that BBVA transfer the funds by EFT to the external bank that was already linked to my account. I told them it was my funds, my intentions were clear, they had the EFT link already established and had used it to transfer funds INTO the account. They refused to remit my funds and told me that I needed to send yet another letter, notarized and with a copy of my driver 's license ( I have already sent, and they have acknowledged receipt of such letters, notarized and with copy of drivers ' license ). I believe the only reason they are requesting this third letter is to further delay the return of my funds, allowing them to unjustly benefit from their very low interest rate.

The above practices are all unfair, unethical and illegal. BBVA advertised one rate and paid a rate nearly 40 % below the advertised rate. BBVA violated its legal and fiduciary duties by ignoring repeated requests to EFT transfer my funds and illegally holding over {$200000.00} of my funds when my instructions were crystal clear and made three times orally, and two times in writing.

Consumers should be warned to stay far away from this bank, with their deceptive, unethical and illegal practices. I hope the bank regulators provide appropriate sanctions and punishment for BBVA 's behavior. I have copies of all correspondence and notes of my many conversations with this bank.

Company response to consumer: Closed with explanation