Consumer complaint received 2023-05-08
Company: U.S. BANCORP
State: MD
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:
During the weeks of XX/XX/XXXX & XX/XX/XXXX, I spoke with multiple US Bank IRA representatives about how to make sure that the required action would be taken to mail a direct transfer check from my IRA CD account to another lending institution ( IRA CD Account ) in a timely manner upon maturity. On multiple occasions, I was advised that the most expedient way would be to have the receiving institution Fax the transfer request to XXXX in advance of the XX/XX/XXXX maturity date, and that within three days processing could be completed so the check would be mailed out on the first business date after the Sunday maturity date. 

XXXX XXXX XXXX XXXX faxed the transfer request to US Bank on XX/XX/XXXX ( 10 days in advance of the maturity date ). A few days later, I spoke with another US Bank IRA rep who checked with the back office and confirmed that the fax had been received and the request was being processed so the check would be mailed out on XX/XX/XXXX. On XX/XX/XXXX, I spoke to yet another US Bank IRA rep who also checked with the back office and confirmed that the transfer request had been processed and assured me that the check would be mailed out on XX/XX/XXXX. 

On the afternoon of XX/XX/XXXX, I called and spoke with another US Bank IRA rep XXXX XXXX who works from home ) to determine whether the check had been mailed. She checked with the back office and told me they advised her that they have not yet processed the request and indicated that it would be 7-10 additional business days before the check would be mailed out. Assuming that someone in the back office gave her a quick answer without looking into my the status specific request, I asked to speak to her supervisor. After being put on hold for an extensive amount of time, I was connect to her supervisor, XXXX ( XXXX in the XXXX, Wisconsin office ). I explained the situation to XXXX in detail and he agreed to contact the back office yet again to determine what is going on and call me back. 

When XXXX called back, he told me that the back office advised him that they are running behind and advised him that they have not yet processed the request and indicated that it would be 7-10 additional business days before the check would be mailed out ( the same thing that XXXX had told me ). I then asked XXXX how I could speak to someone higher up and/or file a complaint because there is no excuse for misinformation and such a delay in transferring my funds, when in fact, the transfer request was generated 10 days in advance of the maturity date. He first told me there was no one I could call, but that I could file a complaint on line. However, when I asked him how to locate the online complaint form, he determined that there is no online complaint form, but suggested that I write a letter to a XXXX XXXX, Minnesota address. 

In that this is a time sensitive situation involving a sizeable amount of money ( $ XXXX ) and questionable banking practices, I am sending my complaint to the Consumer Financial Protection Bureau ( CFPB ). It is totally unreasonable for it to take 18-21 days to have a check mailed to transfer my funds ; and this exclude the time the US Mail will take to deliver the check. Is US Bank on the verge of failure?

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