Consumer complaint received 2024-10-30
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Closing an account — Can't close your account
Company: FIRST INTERSTATE BANCSYSTEM, INC. (AZ)

I am writing to express my serious concerns regarding the handling of my accounts at First Interstate Bank in XXXX, AZ. Over a year ago, I opened two CDs based on information provided by the personal banker. I was incorrectly informed that having a Payable on Death ( POD ) beneficiary on the accounts would increase my FDIC insurance coverage to {$250000.00} per beneficiary, which led me to open two accounts with different PODs totaling {$400000.00}. However, I later discovered that this information was incorrect.

Due to this misinformation, a significant amount of money was left uninsured for over a year. When I recently went to renew my CDs, I was informed that in order to receive a higher interest rate, I needed to have an account with First Interstate Bank. As a result, my fianc and I opened a checking account. After meeting this requirement, I was then told I couldn't withdraw the amount exceeding {$250000.00} from the CD, adding another layer of frustration to an already complicated situation. I was repeatedly told that I was misunderstanding the FDIC insurance, even though I had verified the coverage using the FDICs online calculator. Despite my attempts to clarify the situation, the personal banker was insistent that the amount over and above {$250000.00} WAS insured with one POD.

My fianc called someone at First Interstate Bank Corporate and was advised that changing the POD doesnt change the fact that the two combined accounts would only be covered for {$250000.00}. The discussion at the local branch became contentious, and my fianc advised the personal banker to cut me a check. On XX/XX/XXXX, my fianc went to the bank to pick up the check, but the personal banker wasnt there. The branch XXXX stated that she couldnt access the drawer. I was on the phone with my fianc and asked if they could cut me another check. He tried to hand the branch XXXX his phone, but she chose to scream across the bank that she couldn't give the check to him due to bank policy. The story suddenly changed from not having the key to bank policy? I had him inform her I was on my way and would be there in XXXX minutes. 

When I arrived at the bank, I was met by the XXXX, who exhibited a hostile and unprofessional attitude. The XXXX informed me they couldnt find the check and that the employee with the key wasnt available. I never said a word until she said again that she was unable to find the check as she was rifling through a drawer. I requested that another check be issued, but she refused, stating that she couldnt do so without the original check. After some time, the XXXX was able to reach the personal banker and found the check. She rudely handed it to me, saying, " Here you go, XXXX! '' I thanked her and began to leave but turned around and walked back to the window to explain what precipitated my decision to take my funds elsewhere. However, the XXXX ignored me entirely, still on the phone and turned sideways. Frustrated and pressed for time, I left the bank. 

On XX/XX/XXXX, my fianc returned to the bank to make his daily deposit, and the XXXX announced in front of everyone in the bank, " She's crazy. You need to leave her. '' This is a small town, and he didnt want to call attention to himself, so he did not respond at that time. He continued visiting the bank making his daily deposits, but when he returned to the bank on XX/XX/XXXX, he asked to speak to the XXXX privately and expressed his dissatisfaction with her comments. Her response was, " Well, thats your choice. '' Thinking the volatility of the situation had subsided, he expected an apology from the XXXX, but she continued with her display of anger, hate, and disapproval of me. I do not know this woman, and she has no right to judge me or defame me in public in the bank. She can think what she wants of me, but to voice her negativity regarding me in the bank in front of customers was reprehensible. I am seriously considering a defamation lawsuit against FIB and the bank XXXX. 

My fianc and I are both well-known in the community. He owns a restaurant, and I manage a primary care clinic, teach at the local college, and work part-time for XXXX XXXX XXXX XXXX XXXX XXXX We are both active Rotarians, and my fianc serves on several local committees and boards, including as treasurer for multiple organizations. Due to the bank managers behavior, he is in the process of closing all his accounts with First Interstate Bank, as well as taking the accounts he manages as treasurer to another institution. 

If you have any questions regarding my letter, confirmation of the facts, or anything else, my fianc, XXXX XXXX, can be reached at XXXX or via cell phone at XXXX. 

I will never step foot in First Interstate Bank as long as XXXX XXXX is the XXXX. As soon as I retired after the first of the year, my plan was to move all my accounts to FIB. I truly hope XXXX XXXX behavior is not the message FIB wants to convey to their customers. I have been in management positions for the past 53 years. I guarantee if any of my employees ever behaved like XXXX XXXX, they would be terminated immediately. Personal opinions need to be kept out of the workplace and the public eye. This incident is going to be very costly to FIB. 

I expect a thorough investigation into this matter and an appropriate resolution to ensure that this type of behavior and misinformation does not happen again. A response would be very much appreciated. 

Sincerely, XXXX XXXX