Consumer complaint received 2023-10-06
Company: SANTANDER HOLDINGS USA, INC.
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, NY XXXX XXXX Cell Phone : XXXX XX/XX/2023 Consumer Financial Protection Bureau XXXXXXXX XXXX XXXX XXXX XXXX Iowa XXXX Dear Sir/Madam, I am writing to file a formal complaint against Santander Bank regarding the abrupt closure of my business checking account and the prolonged delay in refunding my initial deposit. My name is XXXX XXXX, and I am the owner of XXXX XXXX, with an address at XXXX XXXX XXXX, XXXX XXXX XXXX, NY XXXX. 

On XX/XX/2023, I opened a Business Checking Account with Santander Bank at the XXXX XXXX, in-person, with an initial deposit of {$5000.00}. I chose Santander Bank because of its proximity to my business and a promotional offer that required maintaining a {$5000.00} balance for 90 days to receive a {$500.00} bonus. 

However, on approximately XX/XX/2023, I received a letter via XXXX Mail notifying me of the abrupt closure of my business account, which had only been open for a short time. As of today, XX/XX/2023, my initial deposit has not been returned to me. 

I attempted to resolve this issue by contacting Santander Bank 's customer service on XX/XX/2023, and received Complaint Reference Number XXXX. Unfortunately, the customer service representative I spoke with was uncooperative and could not provide me with a clear timeline for the return of my funds. I requested an expedited refund of my deposit, but the response I received was vague, leaving me uncertain about when I would receive my funds. Santander Bank has held my funds for over 1.5 months, causing me significant financial stress and frustration.

I would like to emphasize that my request for a business checking account did not involve seeking any credit facility from the bank. The abrupt closure of my account has had a negative impact on my credit report, as it now shows that the account was opened on XX/XX/2023, and closed within a month. This adverse information will create suspicion among potential financial lenders and negatively affect my financial standing for the next five years.

I believe that I and my business have not been treated fairly by Santander Bank, and I request compensation for the loss of the promotional bonus, the time wasted in the account-opening process, and the frustration caused by this ordeal. Furthermore, I urge the Consumer Financial Protection Bureau to investigate this matter thoroughly and ensure that Santander Bank addresses these issues promptly and appropriately. 

Bank took into consideration attached report from XXXX XXXX XXXX. I do not see any problem in the report. Report is attached. 


I appreciate your prompt attention to this complaint and your efforts to protect the rights and interests of consumers. I look forward to a resolution that rectifies this situation and prevents similar occurrences in the future. 

Thank you for your assistance in this matter. 

Sincerely, XXXX XXXX XXXX XXXX

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