Consumer complaint received 2018-02-16
Company: APPLE FINANCIAL HOLDINGS, INC.
State: NY
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-issue: Can't close your account

Complaint:
On XX/XX/XXXX I opened 3 accounts with Apple bank for their promotional rate, by the time I got home I had changed my mind regarding the CD and ask if it can be reverse, the branch was very helpful and efficient however they ask me to come in the next day to further discuss and I was then told that I couldn't close the account including a money market liquid funds savings account because according to them it takes 3 weeks to clear official bank checks and that my check wouldn't be clear until between XX/XX/XXXX and XX/XX/XXXX. which in my opinion is a violation of the federal regulation CC. After explaining this to customer service and having done several phone calls I was allowed to close the Savings account on XX/XX/XXXX but it was such a hassle to close it, gave me all kind of excuses and restrictions as in why I couldn't or should not close it. However, no one ever send me any notice of any extended holds being placed on these checks nor did they ever told me that in person when i opened the account that for 3 weeks my deposit were not earning any interest because the bank decided to put a 3 week hold. I made several attempt to fix this issue with the bank and after several calls to their call center nothing was resolve. I never got a response and was kept waiting for a resolution until XX/XX/XXXX from one of their District executive and even in that phone call i was told that there was nothing they could do for me, there was a very condescending tone. My initial request as a consumer that had a relationship of over $ 750K with Apple bank was to reverse the account on the same day that it was open and when i walked into the branch the next day I was told that i needed to pay {$2000.00} to close it as penalty fee. very unacceptable and unfair to consumers, I still have a relationship of over $ 500K with the bank and don't agree with the fact that within hrs of taking my deposit the account opening couldn't be reverse. 

I thought we could had resolve this issue directly with the bank my intention was never to make this claim, i wanted to handle this very diplomatic taking into consideration that out of the 3 accounts i was willing to keep the largest account with the bank. I was requesting the closure of the smallest account but now that i had to go to such measurements, i think i want to end the entire relationship. As a consumer I understand there is penalties when you close CD accounts before maturity date but in my case i reached out to the bank within the same business day of account opening stating that i had change my mind about locking up the funds and wanted to be reverse and was told that if that's what i wanted i needed to pay {$2000.00}. Same business days, within hours of account opening. 

One of the excuses that was given to me was that the check didn't clear and the bank had not collect the funds from the other bank, however they were willing to charge me {$2000.00} for uncollected funds anyways.

Company response to consumer: Closed with explanation