Consumer complaint received 2024-01-10
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem accessing account
Company: KEYCORP (VA)

I opened a savings and checking account with Laurel Road bank in XX/XX/XXXX. The whole process was done online. I did not fund either of the savings or checking accounts until later. 
I received 2 small deposits into the checking account on XX/XX/XXXX, and XX/XX/XXXX. A few days later I was able to transfer those funds to other accounts outside of Laurel Road bank with no issues. 
On XX/XX/XXXX, I initiated an ACH withdraw from Laurel Road bank to withdraw money from another external bank to be deposited in Laurel Road checking account. The exact amount is {$6500.00}. My intention was to use those funds to pay my daughter 's tuition.

As soon as the money was withdrawn from the external account and was deposited into Laurel Road 's checking account, I was logged out and locked out of my account.

I reached out to their support, which later proved to be useless and are there only to buy time and keep repeating the same canned responses. The justification was that my identity needs to be verified! I was on the phone with them and was ready to provide whatever is needed to verify my identity, but was asked to wait for an email asking for docs to prove my identity.

Finally I received an email asking for a cell phone bill to prove my ownership of my phone!! and a recent external bank statement that is linked to Laurel Road. I provided those and was asked to wait.

Next morning I call for an update as I am getting close to the tuition due date, and then was told we need more information, and asked to wait for an email to know what is needed. This all could not be asked at once. It had to be done on multiple calls, and I had to ask for what is needed! Then, I send the required docs, and again get asked to wait.

Following morning, the same call with the same response, just wait. I explain that I am in a time crunch and that I provided all the docs needed and that the account worked fine before I transferred this amount before. They said they can't reverse the transaction to get the money back to where it was transferred from so I can pay tuition while they proceed with their ridiculous time wasting identity verification process from the XXXX. 

I kept getting pinged ponged between customer service dept, fraud dept, and resolution dept. I was promised to received a call from a senior person who can actually get things done rather than repeating canned responses. Ofcourse, the call never took place. 

Every time I call, I get presented with a lie just to wait. I am more eager to verify my identity than the bank is, it sounds like. 

This bank seems to employ the bait and switch way of getting people t transfer money to them, and then lock them out of their accounts. I've read online that a lot of people reported the same thing, so it is not a one-off type of scenario. 

This bank must be held responsible to their fraudulent behaviors. I will keep doing what I can until I get my money back, but wanted to report them so that they don't keep XXXX  people this way. I also submitted a XXXX complaint, and am looking into seeing them for damages because of inability to pay XXXX tuition.