Consumer complaint received 2024-01-25
Product: Checking or savings account — Savings account
Issue: Closing an account — Funds not received from closed account
Company: SLM CORPORATION (SC)

I XXXX XXXX opened 2 High-Yield Savings account ( XXXX & XXXX ) online sometime in XXXX of XXXX. Upon opening the account I transferred money into the account from XXXX account XXXX to fund the account.I also got a payday loan, in which they ACH deposited the loan into my account. XXXX after the deposits were made, the bank froze my account where I didn't have access to my account. I was told the account would be closed and funds would be sent back. I spoke with several customer service representatives and each time I received the run around and was told I could not get access to the account. I was then told the account was closed. I kept receiving emails about my account statement and would then call and speak with representatives in the fraud department. They assured me that the accounts were closed. After continuously receiving emails for these past 6 years about account statement, I continued to call Sallie Mae Bank and received the same response that the accounts were closed. The bank has recorded calls and notes from every phone call I have made since XXXX. I also have some phone recordings where I spoke with numerous representatives and was told my account was closed, which is was not. Lastly, on XX/XX/XXXX, I recorded a call made to Sallie Mae and spoke with XXXX and he informed me that there are 2 accounts still open. Account ending XXXX with balance of {$1000.00} and account ending XXXX with balance {$27.00}. He stated he could request the account be closed and a check would be mailed out to my address. He then called the fraud department to make sure that would be okay and he said they instructed me to send them proof of the transfer from the XXXX account. I then asked him to transfer me to the fraud department to get the information from them. He transferred me to the fraud department and I spoke with a representative on a recorded line. I asked her what the reason was for my account being frozen and she stated it was because it seemed like fraud. I only had 2 transactions on the account XXXX, so I didn't understand what they meant by fraud. I did not break any laws by transferring money from greendot and getting a payday loan. She stated she spoke with upper management and they said the account would remain open, but frozen. According to the law in South Carolina, a bank can only hold funds 5 years ( XXXX ). I filed a complaint back in XXXX and it stated that Sallie Mae would close these accounts and send the money to the state of Michigan and I have since waited 3 years and I spoke with a representative XX/XX/XXXX @ XXXXXXXX XXXX  who confirmed the accounts are still open. 

The company then responded on XX/XX/XXXX : This is in response to your concerns submitted to the CFPB regarding your High-Yield Savings Accounts. Unfortunately, our attempts to reach you to discuss your concerns werent successful. While our security measures may occasionally present an inconvenience, our highest priority is the protection of our customers privacy and personal information. Note : The mailing address reflected on the complaint differs from what we have on file. To assist you in closing out the accounts, we need to validate your current mailing address before issuing any checks. Please call our Customer Care Department at XXXX. 

On XX/XX/XXXX, I then reached out the the number provided and they instructed that I call XXXX. I spoke with representative XXXX and she stated the opposite from what the company 's response was. They continue to deny me access to the account and close the account. I informed them that I had recorded several calls including this one to which they were telling me something different from what they were responding with in here. The proceeded to disconnect the call once I let them know that the call is being recorded, which I had to do in order to prove they were telling many different stories.