Consumer complaint received 2024-11-05
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: U.S. BANCORP (MO)

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, MO XXXX XXXX XXXX XX/XX/XXXX XXXX XXXXXXXX XXXX XXXX XXXX : Consumer Complaint XXXX XXXX XXXX XXXX XXXX, MO XXXX Dear Sir/Madam, Subject : Formal Complaint Regarding Account Closure by US Bank and Lack of Access to Funds I am writing to file a formal complaint against US Bank ( Bank Branch : [ Not known ) due to the unexpected closure of my account, which resulted in my inability to access the funds in my account. Despite numerous attempts to contact the bank, I have not received a clear explanation for the account closure nor have I been provided access to my funds. 

On XX/XX/XXXX, I discovered that my account ( Account Number : XXXX ) had been closed by US Bank without prior notice. I was not informed of the reason for the closure, nor did I receive any written notification from the bank. This has caused significant financial inconvenience, as I have been unable to access my remaining balance or transfer the funds to another account. 

As a consumer, I am entitled to protection under both Missouri law and federal regulations regarding the closure of my account and access to my funds. Specifically, I believe the following laws are relevant to my case : XXXX XXXX XXXX XXXX  Account Closure Laws Under Missouri Revised Statutes 362.410, a bank has the right to close an account, but must do so in accordance with the terms of the account agreement. Generally, a bank is required to provide reasonable notice of account closure, particularly if the closure results in the account holder being unable to access their funds. Failure to notify a customer, as is the case in this instance, may be in violation of this law.

2. Electronic Fund Transfer Act ( EFTA ) and Regulation E The Electronic Fund Transfer Act ( EFTA ), 15 U.S.C. 1693 et seq., and Regulation E, 12 C.F.R. Part 1005, govern electronic fund transfers, including withdrawals, deposits, and other transactions involving consumer accounts. Under these laws, a financial institution must provide clear information about the closure of an account, as well as ensure that the consumer has access to their remaining funds. If an account is closed and there are funds remaining, the bank is required to facilitate the withdrawal or transfer of those funds promptly.

3. The Right to Access Your Funds Under Missouri law, when a consumer 's account is closed, they are still entitled to access the funds in the account. If the bank closes an account without providing proper notice, it must ensure that the account holder is able to retrieve their funds. This is especially important if the closure was not initiated due to fraud or a legitimate breach of contract.

4. Consumer Protection Under the D
odd-Frank Act The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 established the Consumer Financial Protection Bureau ( CFPB ) to protect consumers from unfair or deceptive practices by financial institutions. The failure to notify a customer about the closure of an account and withholding access to their funds could be viewed as an unfair practice under this law, which is subject to investigation by the CFPB or relevant state authorities. 

Request for Immediate Action In light of the laws outlined above, I respectfully request that the Missouri Division of Finance investigate this matter and take appropriate action to ensure that US Bank complies with state and federal regulations regarding account closure and access to funds. Specifically, I request the following : A thorough investigation into the circumstances surrounding the closure of my account by US Bank.

A detailed explanation from US Bank regarding why my account was closed without prior notice, in violation of the terms of the account agreement and applicable laws.

Immediate access to my remaining balance, either by check or through a transfer to another account that I designate.

Written confirmation from US Bank outlining the steps being taken to resolve this issue. 
If this matter is not resolved in a timely and satisfactory manner, I will consider pursuing additional recourse through the Consumer Financial Protection Bureau ( CFPB ) and other legal channels. 

Please contact me at XXXX or [ your email address ] for further information or if you require any additional documentation. I look forward to your prompt attention to this matter and to receiving a resolution as soon as possible. 

Sincerely, XXXX XXXX XXXX