Consumer complaint received 2023-08-25
Company: FIRST CITIZENS BANCSHARES, INC.
State: TX
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
CIT bank accepted deposits from a separate, external business bank account, held in my name and business name. When I later attempted to wire funds out of the CIT account on XXXX XXXX, 2023, I received no indication of any " review '' status related to my account and instead, received a confirmation for the wire transfer request at XXXX cst. However, CIT placed my account " under review '' on XXXX XXXX, 2023. I was not informed by phone, call, or other means of this review. In fact, I did not receive any other communications from CIT between the account opening on XX/XX/2023 and XXXX XXXX, 2023 except for a Congratulations email and marketing emails. On XXXX XXXX, I only received confirmation of my password change and confirmation of the wire request. The only other communication I have received during that time is another marketing email on XXXX XXXX, the date " XXXX '' confirms as the review placement, related to the APY rate on CIT 's CD product. The wire recipient informed me that the wire had not completed yet on XXXX XXXX, 2023. When I attempted to verify the status of the wire transfer, I was prevented from logging into the account and attempted to reset the password ; it was only after a failed password reset that the CIT website displayed a notification that the account had been " locked by an administrator ''. I initiated contact with CIT bank and it was only then that I was informed by " XXXX '' that the account had been placed under review on XXXX XXXX and that all of my access, including to any past records, had been restricted. XXXX also refused to provide any information related to the status of the wire transfer. I had to request that XXXX transfer me multiple times to a supervisor before he complied with that request insisting that there was " nothing he could do '' and I should expect a response to the review in 3-5 days. I was finally transferred to " XXXX '' who said she was a supervisor and explained that the account was placed under review because the name on my external linked account did not match the name on my CIT account. This is a misrepresentation by XXXX ( i.e. lie ) because the names did not match when the account was opened and when funds were deposited from that external account to CIT ( both accounts contain my individual name and the external account also contains my business name ). This was true when the account was opened and when funds were deposited to CIT throughout XXXX and XXXX. My account was only placed " under review '' when I attempted to withdraw funds. XXXX or XXXX also lied about the time frame for a response ; XXXX provided a time frame of 30-90 days and threatened me with account closure stating that " maybe they will mail me a check for the funds ''. She did not specify which funds or a total and she refused to answer any questions related to the balance, the wire transfer status, or the interest earned to date. XXXX then offered the option to expedite the request for an explanation, citing a response time of 1-5 days, but refused to provide anything in writing. She provided a confirmation number for the expedited review but refused to provide any notice to me in writing related to the " review '' or any other account information. 
On XXXX XXXX, 2023, I called CIT because I had not received any explanation. I spoke with " XXXX '', who claimed to speak to a superior, and informed me that XXXX noted in my file that she had informed me of 30-90 days. I asked for the superiors name and XXXX told me it was XXXX who informed him of this falsehood. I corrected XXXX and told him that XXXX told me an expedited request had been made ( and she had provided me with a confirmation number of that request ). He said, Okay, well technically its only been four days and Monday will be the fifth day. These people are misrepresenting facts. This bank is unlawfully withholding funds. Their reasoning for the review is flawed b/c the name difference existed when they accepted funds for deposit and they provided no notice that it would be an issue until, and only when, I attempted a withdrawal. This is a clear red flag of a scam.

Company response to consumer: Closed with explanation