Consumer complaint received 2017-08-21
Company: BBVA FINANCIAL CORPORATION
State: TX
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
I am the XXXX of the XXXX XXXX XXXX XXXX XXXX ( XXXX ) which is the homeowner 's association of approximately 2300 homes in XXXX County, XXXX, Texas. We have had an ongoing Certificate of Deposit with Compass Bank since approximately XX/XX/XXXX. At that time XXXX XXXX was the President of XXXX and XXXX XXXX was the Treasurer. XXXX XXXX is still the Treasure of XXXX and is most likely the signer on this CD. I have enclosed a copy of our Board of Directors minutes showing that I am the XXXX and XXXX XXXX the Treasurer. We renewed CD # XXXX on XX/XX/XXXXfor two years. On XX/XX/XXXX, XXXX XXXX and I went to the Compass XXXX branch to move the CD to another bank. After waiting for over an half hour we finally were assisted and the employee told us that we do not have a CD with Compass. After pressing her on the issue, she finally stated that Compass has deemed the account inactive and had escheated the funds to the State of Texas. We asked how that could be as there is never any activity on CD 's with the exception of the regular interest deposits. She had no explanation. We asked who we could contact at Compass to follow up. She would only state that the funds were with the State of Texas and nothing more she could do. She also stated that they had sent a letter to XXXX XXXX informing them of this action earlier this year and that the funds went to the state in XX/XX/XXXX. I am retired from a 40 year career in XXXX and this stuck me as very odd. The employee was totally incompetent. We called XXXX XXXX, who is the management company for XXXX. They stated they never received any letters of such from Compass Bank and called the State of Texas Unclaimed Property Division and was told that they did not receive the approximate {$54000.00} in funds from Compass Bank. I tried to call Compass but one only gets a call center in XXXX, TX and its almost impossible to deal with those lower level employees. Finally I was able to talk to a supervisor, XXXX XXXX, who stated he would forward this matter to their corporate office, wherever that maybe! Thus far I have not heard anything further. So Compass claims they sent our funds to the State of Texas. The state claims they do not have them. We need to find out the date that Compass sent those funds, the amount sent and the manner they were transferred, ie wire, mailed check, ACH, etc. If the funds are indeed with the state we can access them back. However as a former bank I well know that somewhat inactive accounts are fertile ground for employee embezzlement and I would not be shocked if this were the case. We are finding it extremely difficult to deal with Compass Bank as no one can provide any additional information and they will not provide phone numbers or names to call with the exception of their Call Center which has minimal knowledge at best. Your assistance on this matter is much appreciated and I have attached various documentation to assist you in this very important matter.

Company response to consumer: Closed with explanation