Consumer complaint received 2024-12-16
Product: Checking or savings account — Checking account
Issue: Closing an account — Company closed your account
Company: U.S. BANCORP (CA)

US Bank XXXX ending in XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Ca XXXX Reference # XXXX Subject : Formal Complaint Regarding Unlawful Closure of Accounts and Potential Consumer Rights Violation To Whom It May Concern, I am writing to formally express my deep concern and dissatisfaction regarding US Banks decision to close XXXX of my XXXX accountsmy checking and savings accountswithout adequate justification. These actions appear to violate my consumer rights and raise concerns about unfair treatment and potential discrimination. 

I currently hold a Certificate of Deposit ( CD ) account with a balance exceeding {$6000.00}, and at one point, I maintained a balance exceeding {$10000.00} collectively between my checking and savings accounts. Despite this, US Bank proceeded to : Lower the interest rate on my savings account without reasonable cause. 
Close my checking and savings accounts after I transferred some of my funds to another bank, a decision well within my right as a consumer. 
Further exacerbating this issue, I was contacted by a US Bank representative who unprofessionally inquired about how and why I was spending my money. This intrusive questioning is wholly inappropriate and raises serious concerns regarding privacy and discriminatory practices. 

To summarize my grievances : Arbitrary account closures : US Bank closed my checking and savings accounts while holding on to my CD account funds, effectively restricting access to my money. 
Discriminatory practices : The questioning of my financial decisions and subsequent account closures suggest an unfair bias. 
Consumer rights violation : Under federal regulations, banks are prohibited from arbitrarily closing accounts without sufficient notice or cause. Further, the intrusive inquiries violate my privacy rights as protected under consumer protection laws. 
Federal Banking Regulations and Consumer Rights : According to the Consumer Financial Protection Bureau ( CFPB ) and federal laws, financial institutions must act fairly and without discrimination. Specifically : Under Regulation E ( Electronic Fund Transfers Act ), consumers have the right to control their funds and perform transfers without facing unfair restrictions.

The Equal Credit Opportunity Act ( ECOA ) prohibits discrimination based on any arbitrary factors, including financial decisions made by consumers.

US Banks actionsquestioning my financial decisions, closing my accounts without justification, and retaining my CD accountsuggest an abuse of discretion and potential bias against me as a consumer. 

I demand the following actions be taken immediately : A formal explanation for the closure of my checking and savings accounts.

Immediate access to the funds in my CD account.

A full review of US Banks conduct in this matter to ensure compliance with all relevant consumer protection laws.

Failure to address this issue will leave me no choice but to escalate the matter to the Consumer Financial Protection Bureau ( CFPB ), as well as other regulatory agencies overseeing fair banking practices. 

I expect a prompt response to this letter within 10 business days. You may contact me directly at [ Your Phone Number ] or via email at [ Your Email Address ]. 

Thank you for your immediate attention to this matter.