Consumer complaint received 2022-08-05
Company: CITIZENS FINANCIAL GROUP, INC.
State: RI
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-issue: Fees charged for closing account

Complaint:
I have been doing business with Citizens Bank for approximately fifteen ( 15 ) years. Im writing to loudly complain about the following transaction. 

RE : XXXX XXXX  Fixed Annuity Account Contract # XXXX Account Number : XXXX  Time Line : XX/XX/XXXX, XXXX opened brokerage account ( Citizen Investment Services ) Representative- XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX fixed annuity ( individual single purchase payment deferred annuity ) XX/XX/XXXX, XXXX Notified that the fixed annuity 3-year Guaranteed Period will reach the end of its withdrawal charge period on XX/XX/2022. 

XX/XX/XXXX, XXXX Notified XXXX XXXX that I would not be renewing. Sent in the appropriate form to XXXX XXXX ( Annuity Contract Withdrawal Request ). 
XXXX XXXX returned to me for lack of owners signature. XXXX XXXX received the same letter according to XXXX XXXX. He never reached out to me to offer any help with filling out this form. 
Sent the form back to XXXX XXXX with my signature. 

XXXX XXXX Received the form back stating that it was the wrong form. Tried to call them several times ; always put on hold for anywhere from 27 to 43 minutes and inevitably disconnected. This continued on XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX until the current date. 

During this time, I tried to talk to XXXX XXXX about this issue. At this point, I was losing money and the plans that I had for this money were put on hold. He argued with me about the withdrawal process, the lack of knowledge of my personal financial advisor ( who will no longer work with him or call XXXX XXXX due to the rude, inappropriate verbal behavior ). In the meantime, XXXX XXXX released ( my money ) and charged me a Surrender Charge of {$1700.00}. Whatever I did to try to get my money out of this investment was not good enough. It was either the wrong day of the week, the wrong color of ink, or some other excuse on their part. 

I only received {$22000.00}. They renewed the contract for the remaining {$25000.00}. I never approved this or signed an agreement for this which they claim is not necessary for the annuity to be automatically renewed for three ( 3 ) more years. I am XXXX years old.I had other plans for these funds. 

On XX/XX/2022, I called XXXX XXXX at Citizens Bank ( XXXX XXXX, XXXX, RI ) to try to enlist his help in at least getting my Surrender Charges refunded. 

That is where the process stopped. 

XXXX XXXX refused to help me. He was belligerent because I wasnt investing in XXXX XXXX anymore. He was insulting to me as a financial consumer and as a woman. He told me to calm down, would not listen to me, and ultimately hung up on me. 

That afternoon, I called his bank manager and supervisor at Citizens Investment Services and XXXX XXXX The local bank manager was very helpful but informed me that she could not help me as she wasnt licensed. I heard back from XXXX XXXX, and they just informed me that I was basically stuck for another three ( 3 ) years and to write a letter to the authorities for an exception. That was the extent of their help. Citizens HR never called back. 

XX/XX/2022 XXXX. At what point is XXXX XXXX going to admit that there was a flaw in their system? 

2. Why wont Citizens Bank voluntarily help me out? I still have a HELOC, mortgage checking/savings account with Citizens Bank . According to XXXX XXXX he wont help me unless I reinvest with XXXX XXXX XXXX This is nothing short of financial entrapment. I tried to play the game fairly and XXXX XXXX prevented me from getting my money.

Company response to consumer: Closed with explanation