Consumer complaint received 2024-10-01
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: Mercury Technologies, Inc. ()

I am writing to file a formal complaint against XXXX XXXX XXXX, which partners with Mercury Technologies , Inc. to provide banking services. I hold a business account under XXXX XXXX XXXX, and I am currently facing a serious issue regarding the improper closure of my account and the withholding of a substantial portion of my funds without adequate explanation or justification. 

Account Details : Business Name : XXXX XXXX XXXX Account Number : XXXX Original Account Balance : {$30000.00} Amount Mercury/XXXX  XXXX Plans to Return via Wire Transfer : {$15000.00} Missing Funds : {$14000.00} Issue Summary : 1. Account Lock and Lack of Justification : My business account was locked by Mercury, citing a compliance issue. Despite multiple attempts to obtain further clarification, I was not provided with specific details on the nature of the issue or given a proper reason for the closure. As the banking partner responsible for regulatory compliance, XXXX XXXX XXXX is required to ensure that such actions are taken with transparency, yet no such transparency has been provided. 
XXXX. Partial XXXX of Funds : After considerable effort, Mercury has now agreed to wire transfer {$15000.00} of my account balance. However, {$14000.00} remains unaccounted for. Mercury informed me that the missing amount was due to a recall that they claim to have honored, yet they have not provided any documentation or evidence explaining the nature of this recall, who initiated it, or why the funds were recalled. 
XXXX. Lack of Transparency and Communication : Throughout this process, neither Mercury nor XXXX XXXX XXXX has provided adequate explanations regarding the missing funds. As the banking partner, XXXX XXXX XXXX is obligated to offer transparency and give me an opportunity to contest the recall. To date, no further information has been made available to me, leaving a significant sum of {$14000.00} withheld without cause. 

Violations of Banking Regulations : XXXX. Failure to Provide Transparent Information : XXXX XXXX XXXX, as the banking partner, has not fulfilled its obligation to provide clear information about the reasons for withholding my funds. This lack of transparency violates basic consumer protections that account holders are entitled to under U.S. banking law. 
XXXX. Withholding Funds Without Just Cause : While Mercury claims the missing amount is due to a recall, no supporting documentation or detailed information has been provided. Without this information, the withholding of {$14000.00} could be considered unlawful. XXXX XXXX XXXX must be held accountable for ensuring that such actions are legally justified and properly communicated. 
XXXX. Denial of Due Process : I have not been given the opportunity to challenge or dispute the recall or withholding of funds. This violates standard banking regulations that protect account holders from arbitrary actions by financial institutions. 
XXXX. Failure to Comply with FDIC Regulations : As an FDIC-insured institution, XXXX  XXXX  XXXX must adhere to regulations that require fair treatment of account holders. By withholding my funds without sufficient explanation and denying my right to dispute the recall, they may be in violation of FDIC regulations. 

Steps Taken : XXXX. I have reached out to Mercury and XXXX XXXX XXXX multiple times to request transparency and the return of my full account balance. 
XXXX. I filed complaints with the Consumer Financial Protection Bureau ( CFPB ) and the FDIC. Mercury responded to the CFPB with the same vague statements, failing to address the missing {$14000.00}. 
XXXX. Mercury has now agreed to send the remaining funds via wire transfer, but the {$14000.00} remains missing, and no further explanation has been provided. 

This situation has caused significant financial hardship for my business, and I believe that XXXX XXXX XXXX failure to provide transparency and adhere to banking regulations has contributed to the problem. I appreciate your attention to this matter and your assistance in ensuring that XXXX XXXX XXXX complies with all applicable regulations. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX