Consumer complaint received 2023-03-01
Company: Bread Financial Holdings, Inc.
State: WA
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-issue: Problem with renewal

Complaint:
On XX/XX/XXXX my husband and I signed up as joint tenants for a 2-year CD with Comenity Bank XXXX which had a maturity date of XXXX. 

We were not notified that the Bank had changed to " Bread XXXX '' during this period, but more importantly we were not notified by the bank that the maturity date was approaching ( as the FAQ 's on their website indicate you will be ). We were also not notified that the CD had been renewed without our knowledge or consent. 

As we were gathering XXXX tax info, we noticed that the CD had matured. We immediately tried to contact what is now " XXXX XXXX. '' On XX/XX/XXXX we attempted numerous times to access our account on-line, however we received the message that our account was " Dormant. '' On the XXXX we were also unable to access our account, or to reach Bread. 

We continued trying to reach Bread on-line and by telephone on Monday, XX/XX/XXXX, and after many problems with their technology ( it didn't recognize dialer selections from our cell phones ; it only sent reset codes to the landline that we were calling from ( which of course doesn't receive text messages ; etc ), we were finally connected to a customer service representative. 

As mentioned, my husband and I hold the account jointly. I ( the wife ) made the call, as my XXXX husband was recovering from a cardiac procedure. Unfortunately, the representative said that he was only able to discuss the matter with " the man on the account. '' After explaining that I was jointly on the account, and that my husband was ill, the representative continued to insist that he was unable to discuss the matter with me. Ultimately, I brought my husband to the phone. We requested that our funds be returned, as the CD had just matured ; we had started our attempt to receive the funds prior to the 10-day grace period ; because we received no notice that the funds were maturing ; because our account stated that it was " Dormant ; '' and because we were unable to access the account. 

We were told that the CD had been renewed, even though the account stated that it was Dormant. The representative walked us through getting access to the account, and changing the telephone number that text verification messages were sent to, but he was unable to accomplish either task. 

Still unable to access our account, we called back later that day, the afternoon of XX/XX/XXXX. We were able to connect to a customer service representative that was able to get us access to our account, and to change the phone number to one that would work for text verifications. She also indicated that the CD had matured and been renewed. Despite offering a 1-year CD at 4.75 %, Bread opted to renew our CD for 2-years, at the lower rate of 4.5 %. All of our additional requests ( we want our money returned ; we dont want to pay a {$600.00} penalty given the circumstances ; we at a minimum want a written document that shows we have a XXXX, along with the amount, term, and interest rate ) were met with Im sorry Im unable to help you. Over and over and over. 

At this point we still have no documentation of the new CD, and the latest notice that exists on-line is the CD that matured on XXXX XXXX XXXX. 

We are deeply concerned about the honesty, viability, and competence of this organization. After reading reviews on-line about similar situations, we are very concerned that we will be unable to get our money returned to us in 2 years if we leave it with the organization.

Company response to consumer: Closed with monetary relief