Consumer complaint received 2023-08-24
Company: AXOS FINANCIAL, INC.
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Overdrafts and overdraft fees

Complaint:
I've had a checking account, named " My Boomer Checking '' at XXXX XXXX XXXX XXXX, aka Axos Bank, since XXXX. I signed up for overdraft protection on the account but had never used it. 

XX/XX/XXXX I overdrew the account by accident and {$1000.00} was apparently placed on a line of credit. I moved money quickly and {$50000.00} arrived 3 days later. The website does not provide a way to pay off the loan. The loan does not automatically get paid off when there are sufficient funds as I had assumed. I struggled with Axos support via secure messages to have the loan paid off. It took an additional 5 days to pay off the line of credit. 

I thought I was done and had finally succeeded in paying off this overdraft protection. 

XX/XX/XXXX With that context, I again accidentally overdrew the account by {$750.00}. I didn't realize the overdraft protection had activated. I thought any activity was left over confusion over the XXXX payoff. I had made it clear I wanted it paid off and I feared they hadn't done it yet. 

XX/XX/XXXX Two days later, I deposited {$10000.00} in the account. Much more than necessary to cover the overdraft. But I didn't realize the overdraft protect had kicked in and that I now had a balance. 

Eight months later, I noticed a prompt on the website something about making a payment to a loan. I thought the XX/XX/XXXX loan had been paid off. There is no apparent way to pay off the overdraft line of credit on the website. I had a frustrating series of messages with support over many days to finally get it paid off XX/XX/XXXX. Over that time Axos bank charged {$89.00} in interest for a line of credit at 18 % that I never knew had a balance. 

The website does a great job in hiding the existence of the resulting line of credit. 

Website issues : - There is no obvious way to pay off the loan. " Move '' only shows Boomer Checking, nothing about a loan. 
- The line of credit does not normally show up on the website when looking at list of accounts. I had to select to view all accounts. 
- Naming is very confused as both the checking account and line of credit display on the website as the same name, only as My Boomer Checking.

- The website is broken in that looking at the line of credit, it shows no transactions for two years other than the last payoff.

- Support secure mail is slow and unhelpful. Messages are misinterpreted. Requests need to be repeated. It has taken many messages to deal with this invisible line of credit. 

The end result has been a horrific experience with Axos bank. I was charged {$89.00} in interest when I had plenty of funds in the account a few days after the overdraft. But with no clear indication there was a balance, I didnt notice. 

I recently opened a case, XXXX with support. A week later, XX/XX/XXXX, I receive a response saying any accommodation has been declined. 

This is not a good look to a customer since XXXX. 

This is not a financially responsible way to run a financial institution. Clarity is necessary for the customer and Axos is failing for my account and has no interest in fixing it. I find it hard to believe that Axos satisfies requirements of regulatory agencies with the behavior of its website.

Company response to consumer: Closed with explanation