Consumer complaint received 2021-04-09
Company: UMB FINANCIAL CORPORATION
State: SC
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
Summary : Upon receiving my request to close my UMB HSA and transfer the funds directly to my XXXX HSA, UMB closed the account and claims to have mailed a check for {$41000.00} to XXXX. However, XXXX has not received that check as far as they can tell, and UMB says that there was no tracking number. Further, UMB says that I have to wait 30 BUSINESS DAYS ( 6 weeks ) before they will cancel and reissue a check, with no assurance that the next check will fare any better. I asked them to confirm the XXXX account number that they included along with the check in the instructions to XXXX, and they said that they would forward my request to " management '' who will " research '' the issue. They have not responded in the timeframe they gave me during my conversation with the customer representative. I am filing this complaint to try to get some traction on the problem, as well as to call out the shoddy practices used by this company. If they are mailing a check, they must be able to track it. But a more basic question is why isn't UMB using some of the exorbitant fee ( {$25.00} ) they assessed to close my account to transfer the funds via EFT through the Automated Clearing House ( ACH )? 

Secondary issue : They did not include accrued interest that had posted on the same day that they closed the account, reversing the transaction instead. 

Detail : XXXX XXXX processed my Transfer of Assets ( TOA ) request to transfer all cash funds from my UMB HSA account to my XXXX HSA account on XX/XX/2021. The XXXX site shows that they forwarded the paperwork to UMB the same day. Estimated completion at the time was supposed to be 3/22/2021.

I called UMB HSA customer service on XX/XX/2021 to check in on the progress. The UMB customer rep indicated that they received the paperwork on XX/XX/2021, and that they mailed a check for {$41000.00} to XXXX on XX/XX/2021 ( Check # : XXXX ). The rep could not provide a tracking number to confirm or refute this. The address they said it was mailed to seems correct ( it was the same address that I mailed my initial paperwork to get the transfer started ). 

XXXX still had not received the check by XX/XX/2021, so I called UMB HSA customer service again, specifically to confirm what XXXX account number they had included in the instructions mailed with the check. The rep said that she did not have that info and would open up a research request and have someone contact me within 2 business days. She also stated that they could not cancel and reissue a check until 30 BUSINESS DAYS ( 6 calendar weeks not counting holidays ) after they received the paperwork. The paperwork was received on XX/XX/2021, so I would have to wait until at least XX/XX/2021, with no guarantee that another check won't meet the same fate. 

I did not get the promised call or email within 2 business days, so I called UMB HSA customer service again on XX/XX/2021. I explained that I was promised a call back with the account number information I had requested, and the rep said that she would immediately contact " management '' to get an answer to my question while I waited. She came back on the line and said that " management '' was busy, but that they would call me back in the afternoon. No call has been received. 

Meanwhile, I checked the transaction log on my closed UMB HSA ( still accessible through XXXX ) and noticed that on the day that UMB had closed my account ( XX/XX/2021 ), I had received {$2.00} in interest that was explicitly reversed rather than being included in the transferred funds.

Company response to consumer: Closed with explanation