Consumer complaint received 2020-09-14
Product: Credit reporting, credit repair services, or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: UBS BANK USA (OR)

I need to make a report about unfair consumer credit practices from a well-known and large company with a lot of power : UBS. I hope your agency can assist.

Based on events ( outlined in the history below ) I don't believe UBS will respond to treat this matter properly. I believe the only way to get them to do the right thing is to use the power of an official agency to force them to do the right thing. That is why I am reaching out to you. 

Here are the details of this case ... 

I am a trustee for a XXXX  XXXX XXXX XXXX XXXX XXXX named XXXX. I had established investment accounts with UBS on behalf of the trust, with ( estimated ) assets over {$2.00} XXXX  ( USD ). As trustee, I asked UBS to provide a Visa Card for the Trust Account in order to execute internet transactions on behalf of the trust. They provided one, but set it up as a personal card, rather than a proper financial instrument for the trust. However, the trust has properly maintained dozens of accounts over time, none problematic, so I did not anticipate this becoming a problem. 

In XX/XX/XXXX, I received a warning letter from UBS about an outstanding balance of {$120.00}. When I called UBS to get more information ( and to pay off what I regarded as a trivial outstanding balance ) I was told by an account service representative that I was " 2 days away from a report to the credit bureaus ''. To this rather abusive gambit, my instinctive response was : " People should not be treated this way. You have just lost my business. Close this account immediately ''. 

I paid the credit card balance by check, with written instructions to close the account. I immediately transferred the {$2.00} XXXX  account balance over to XXXX XXXX. I thought this was the end of the matter. 

However, because this was such a strange and negative experience, I made detailed notes of the conversation, and copies of the written instructions to close the account and the check to pay the balance. I have attached a scan of these written instructions in PDF document : XXXX. 

Fair warning -- my written instructions were not very polite : -- Pay in full -- Close this account -- This service sucks As I said, I thought this was the end of the matter. However, I received yet another bill from UBS in XX/XX/XXXX, for {$50.00}. I called them again, and told them I had closed the account, and that this balance was their responsibility. What I expected was an apology, and for them to make things right. What I got was a lot of tail chasing and excuses, and promises to " look into it ''. Utterly annoyed, but not wanting to sink huge amounts of time into the matter, I again paid off another balance on an account I had previously explicitly closed. Because this was turning into such a show of incompetence, I again made copies of my check to pay off the balance, and my explicit written instructions to : -- close the account, and ... 
-- deliver a final reconciliation statement ( see my attached scan in the PDF document : XXXX ). 

To my utter astonishment, in XXXX, I again received more notifications of an outstanding balance due. I again contacted UBS, and this time refused to make any more payments to accommodate their incompetence. I went through two layers of agents trained to deflect responsibility and deny remedies to their problem. After holding their feet to the fire ( or so I thought XXXX I again received promises that they would resolve the issue. Again, I kept notes of the conversation, which I have attached as a PDF document : XXXX. 

I have come to find out months later, while applying for a home mortgage refinancing, that my personal credit score, which had been in the very high 800 range, was reduced into the 600 range. In short, UBS has seriously damaged my credit rating. This doesn't just affect my home refinancing -- this also affects my ability to gain business financing. So this also ends up affecting other people, because as a startup technology entrepreneur, I have founded many different companies, and have created many valuable jobs that have helped grow our economy. 

From my point of view, everything in this matter has been caused by their incompetence, and yet I, as a consumer and businessperson, am paying the price. This is blatantly unfair, and it seems like an issue that your agency might be able to help make right.

I can't speak to UBS 's point of view, but as a technology entrepreneur, I have personally built global financial transaction systems, and I can say that these issues have been a shocking revelation of basic account mismanagement. Their unwillingness to treat people with respect has already cost them stewardship of the millions of dollars I had placed into their hands. But I now think that my actions were not sufficient to make them pay attention and take responsibility for their own errors. 

Based on their already-established behavior ( disrespect and incompetence ), I don't believe UBS will respond to treat this matter properly. I believe the only way to get them to do the right thing is to use the power of an official agency and force them to do the right thing. That is why I am reaching out to you. If you can assist in this matter, I will be much obliged.