Consumer complaint received 2021-01-13
Company: U.S. BANCORP
State: FL
Product: Checking or savings account
Sub-product: Savings account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
This is a complaint against XXXX XXXX, owned by US Bancorp bank. I closed my account 35 days ago and still have not received my funds, despite my many efforts and contact with XXXX. 

Timeline : XX/XX/XXXXh : I closed my savings account on XX/XX/XXXX and was told to allow 14 days for allow a check of my funds ( {$250000.00} in initial deposits plus the interest earned at XXXX  ) to arrive. This 14 days is also outlined in the agreement.

XX/XX/XXXX : No check arrived in the 14 days after I closed the account. On XX/XX/XXXX, 21 days after closing the account, I called customer service to follow up. They told me they would have to issue a new check, because it had been over 14 days. They told me it would take 3-5 business days to receive a response from the department which issues a new check. They said they would contact me after that.

XX/XX/XXXX : On XX/XX/XXXX I called customer service again. The representative, XXXX, told me they a new check had been sent, which would arrive in 6 business days ( by XX/XX/XXXX ). They had not contacted me about this, and it was still longer than I felt appropriate, so I asked to speak with a manager. After a 15 minute hold, XXXX came back on the line and told me that in fact the new check had not in fact been sent out yet. It is unclear whether he made an error or if he had lied before. He said he would expedite the check to arrive within 3 business days. I requested he mail it overnight instead, as it had been 4 weeks since I closed the account. He told me they did not offer that. I asked again to speak to a manager. The manager ( I did not get his name ) told me 3 business days is the fastest they would offer, but he offered me an alternative : they could transfer the money back to my XXXX  XXXX XXXX account via ACH. He said this would take 4-6 business days. I asked why it would take so long, because ACH transfers can be made next day or same day, especially to a major institution like XXXX  XXXX XXXX, and certainly XXXX has that capability, as they advertise instant peer-to-peer transfers, XXXX XXXX, and a national charter. The manager said he did not know why it takes so long. I again asked him to mail a check overnight or send a faster ACH. I was put on hold again, then the manager returned, offered no expedition on the matter, but he offered me a {$25.00} credit for my trouble. He then asked whether I would prefer the check or the ACH transfer. I told him I preferred the ACH transfer, and I asked for confirmation and tracking for it. He told me he did not have the ability to provide that. He said my next step was to reply to an email just sent from XXXX, confirming my desire to have the money transferred. He said I could ask them for tracking and confirmation. After the call, I immediately replied to their email. I again expressed my discontent, reiterating that I had waited 28 days already, well beyond the 14 days in the agreement. I asked that my money be sent same day ACH or wire transfer. 

XX/XX/XXXX : The next day, XXXX replied to my email stating, I apologize for the inconvenience. We will return the deposits to XXXX  XXXX XXXX and will issue you a check for the remaining balance of {$330.00}. Please allow fourteen ( 14 ) days for processing and mailing of the refund check. They offered me no time frame for when the transfer would be sent or when I should expect it in my account, just that the deposits will be returned. They also had not previously mentioned they would only return deposits of {$250000.00} via ACH while sending the interest via check separately. 

XX/XX/XXXX : I called customer service for confirmation and proof that funds had been sent and to get the exact timeframe for when they would be in my account. The representative, XXXX, told me on the phone and sent email confirmation that the funds had indeed left my account and would arrive in my XXXX  XXXX XXXX account by Tuesday XX/XX/XXXX at the latest. I also asked her for copies of my account statements, since I had been locked out of my account following its closure. She put in a request for them to be sent to me and told me I should receive them within 2-3 business days. 

XX/XX/XXXX : as of XXXX Eastern time, I have not received the deposits in my account. I called XXXX  XXXX XXXX, and they confirmed that no money had been transferred in from XXXX. They also informed me there are no pending or scheduled transfers to my account for the next 3 business days either. In addition, I have not received copies of my account statements. 

Conclusion : It has been 35 days since I closed my account and I have not received any of my money back. XXXX has provided misinformation to me on multiple occasions and has delayed returning my money to me beyond any reasonable timeframe. They continue to provide no proof of any action being taken towards returning my money ; the information from XXXX  XXXX XXXX confirms this.

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