Consumer complaint received 2017-07-25
Company: U.S. BANK NATIONAL ASSOCIATION - SAN FRANCISCO MAIN BRANCH
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
On XX/XX/XXXX, I visited a Union Bank ( MUFG Union Bank, N.A ) branch in XXXX XXXX, CA. This was a new branch that had recently opened nearby to where I was working at the time. I was growing dissatisfied with XXXX XXXX ( my main financial institution over the last 15 years ) over some new fees they were charging me so I had been shopping around, trying various other banks in the area ( and one or two online ) looking for a product that suited my needs. Union Bank fit the bill due to this XXXX XXXX branch being near to my work and having another branch not far from my home. When I opened the account, the banker told me about a current promotion they were running, awarding a {$200.00} bonus for opening a new checking account at that branch [ please see page 1 of the attached PDF. ] Pleasantly surprised at my luck, I found out the details and we opened the account. The promotion stipulated that the account must receive a direct deposit of greater than {$250.00} or make five debit card purchases or payments. After opening the account, I had my employer change my direct deposit to the Union Bank checking account and a deposit of {$250.00} was made on XX/XX/XXXX.
On XX/XX/XXXX, I received a letter [ see page 2 of the attached PDF ] on Union Bank letterhead from the Deposit Fraud Department of a company called XXXX XXXX XXXX, a " member '' of MUFG ( the global financial group that Union Bank, N.A. is a subsidiary of ) stating that they would be closing my account in one week ( XX/XX/XXXX ) due to information they received from XXXX ( they did not specify what information exactly ) and that my funds on deposit would be mailed to me in the form of a cashier 's check no later than five business days after the date of closure. I called the number listed in the letter ( XXXX ) to inform this Deposit Fraud Department that there was no fraud, that it was indeed me that opened this account and to see what information they needed to verify that fact so that it could be reopened right away. The phone was answered by a fairly rude customer service representative. He informed me that the department 's decision to close the account was not due to suspected fraud as I had concluded after reading the letter, but due to the fact that I had opened two checking accounts in the two weeks following opening the account with Union Bank. I informed him that I was not fully satisfied with Union Bank and that I was in the process of trialling a few new banks after having banked with XXXX for so long. I do not recall precisely whether he asked me to elaborate on why I was not fully satisfied with Union Bank but specifically I had problems with Union Bank 's policy of charging fees on transfers to external financial institutions, their slow ACH transfer time and their relatively low monthly and daily limits on these transfers, not to mention the monthly checking account fee. None of this mattered ; apparently Union Bank 's decision was final. The representative could not speculate as to whether I was " banned for life '' or not. I asked because I was finding it hard to believe what was happening as nowhere in their disclosures or terms and conditions was it stipulated that Union Bank a jealous lover that would close your account if it caught you fooling around with another suitor. I found the whole conversation with the representative from the Deposit Fraud Department to be absurd in the end. This is America after all, and in America the consumer enjoys the right of free trade, the freedom to choose whom he or she decides to do business with. Union Bank 's policy seems anti-business and anti-America for that matter. If they are so worried about what other banks a customer may be doing business with, perhaps they should focus on improving their products instead so that their customers do n't have good reasons to look elsewhere.

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