Consumer complaint received 2024-10-08
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Banking errors
Company: PACIFIC PREMIER BANCORP, INC. (CA)

On XX/XX/XXXX, after receiving online that day the Quarterly Statements for " Quarter ending XX/XX/XXXX '' for XXXX ( XXXX ) CD accounts, I called the bank 's branch, and then I called the bank 's " Client Services. '' ( Also, I called the branch XXXX on XX/XX/XXXX ). 
Again, I talked on the phone to XXXX Services on XX/XX/XXXX at XXXX am. 

The issue is the interest rates applied to each of my CD accounts, XXXX ( XXXX ) in total. 
To date no action has been taken by the bank, or me, on any of the accounts. 

On XX/XX/XXXX the branch told me to call XXXX XXXX. XXXX XXXX said that only the branch controls the CD accounts and all statements come from the branch. Then on a second call to the branch which said ( paraphrase ) that is not correct : the statements come from somewhere else. I couldn't ascertain where exactly - no specific location. This 'back and forth ' of contradicting each other has only fueled my concerns about my CD savings accounts at this bank. 

I persisted by calling XXXX Services again on XX/XX/XXXX. Finally I reached a XXXX Services employee who said she would look into the matter and call me on XX/XX/XXXX, which she did. 

XXXX CD account is partially correct : the number of days, XXXX, in the " Quarter ending XX/XX/XXXX '' is correct. I am concerned that the interest credited in the previous " Quarter ending XX/XX/XXXX '' and this " Quarter ending XX/XX/XXXX '' is incorrect because the XXXX rate of XXXX %, not the " current rate '' of XXXX %, was used to compute interest for XXXX ( XXXX ) Quarters. 
" Number of Days in XXXX '' was 92 days. That phrase does not include days ( it should not ) from the " Quarter ending XX/XX/XXXX '' in computing interest, otherwise it would be 116 days in " Number of Days in XXXX '' which was the method used in in the other XXXX ( XXXX ) CD accounts. 

The remaining XXXX ( XXXX ) CD accounts have any amount of days in the " Number of Days in Period '' ( varies with each account ), and credit the interest earned within the " Quarter '' at rates that are not stated on " Account Information Time Deposit Account '' and " Receipt of Time Deposit Fixed Rate '' - documents given to me by the branch for each CD account. 

Examples : The " current rate '' of XXXX XXXX XXXX XXXX XXXX XXXX ) was computed at XXXX % for Quarter XX/XX/XXXX The " current rate '' of XXXX XXXX XXXX XXXX XXXX XXXX XXXX was computed at XXXX % for Quarter XX/XX/XXXX The " current rate '' of XXXX XXXX XXXX XXXX XXXX XXXX ) was computed at XXXX  % for Quarter XX/XX/XXXX The " current rate '' of XXXX  % ( XXXX XXXX % ) was computed at XXXX  % for Quarter XX/XX/XXXX I filed a complaint in XX/XX/XXXX to CFPB in order to receive Quarterly statements online, which I now receive starting with " Quarter ending XX/XX/XXXX ''. The bank does not specify which Quarter, i.e. XXXX, XXXX, XXXX, XXXX, only " Quarter ending ____ '' Nothing indicates whether or not the Quarters are in an annual year, or a fiscal year, or something else. 

I disagree that there were XXXX days, XXXX  days, XXXX days, and XXXX days, respectively, in " Number of Days in Period '' as stated on the " Quarter ending XX/XX/XXXX '' statements. 
These XXXX ( XXXX ) accounts seem to include Terms or partial Terms of each CD that had reached maturity at which time renewal was effected. Using this method means that interest reported on Form XXXX will not be correct as some of the interest was reported in XXXX! And now again in XXXX? 

In the answer to my XX/XX/XXXX complaint, the bank stated that interest is paid every " 90 days ''. That has not happened with all of my CD accounts. The bank paid sometimes XXXX ( XXXX ) months or 24 days. There has been no sense or consistency in methods used by the bank to compute interest for my CD accounts ; no coherent answer was given, other than something to do with the previous Terms that had matured. There was always references made to the original XXXX. It made no sense, so I can not repeat the comments logically. 

The branch XXXX said ( XX/XX/XXXX on phone ) that I should take my " account [ sic } to another bank. '' I have offered to Client Services to do that if the bank will pay me the full interest rate earnings for the full Term of each CD- NOT penalize for early withdrawal. 

Both the branch XXXX and XXXX XXXX have made it clear that nothing will be done. Previously, they both had said there would never be online statements available to me. Now that I have received online statements for each account, I am very disappointed, even angry, to discover that the bank has not and will not meet it's obligations. 

The bank employee said I can complain to CFPB, but nothing will be corrected. Only the XXXX account that earned too much interest.