Consumer complaint received 2020-07-02
Product: Checking or savings account — Savings account
Issue: Managing an account — Banking errors
Company: AXOS FINANCIAL, INC. (UT)

On XX/XX/XXXX I opened a money market account with XXXX XXXX of Axos Bank. The bank touted the best money market rate in the country. Before making a deposit, I called a banker about the history of maintaining rates. She stated rate changes were infrequent so I decided to move ahead and wired my money. During XXXX the money market rate dropped twice to nearly half the original rate, no longer competitive. On XX/XX/XXXX I decided to move my money. I spent time researching online before the transfer and learned the policy regarding the bank and lowering the amount in the account. According to XXXX XXXX 's Premium Money Market page, there is a $ XXXX monthly maintenance fee if the daily average balance drops below $ XXXX. So this means that if my balance fell below $ XXXX, they would charge me {$10.00}, thats it. I called the bank to see if the rate could be improved considering my large deposit, XXXX a customer service rep said she could do nothing about it. That made my decision for me so I planned to transfer my money to another bank with a higher interest rate. I asked for options to transfer my money. XXXX transferred me to XXXX from the wiring dept who said wiring was the best way. Neither XXXX nor XXXX mentioned moving my money before month end would affect my interest. It was the XXXX, 2 days before the end of the month. I had a sizeable account and the interest accrued for the first 29 days was over {$500.00}. Using the online policy reference I had researched ( i.e. the worst that could happen is they would deduct {$10.00} from my account for going below the $ XXXX minimum ). I submitted the wire request. I got a call later in the morning of XX/XX/XXXX from a male rep asking why I was moving my money, I explained the rate issue. He then approved the wire again with no mention about timing and how it might affect the interest accrued. On XX/XX/XXXX I woke up to see if the interest was deposited but the accrued interest was zeroed out. I called the bank spoke with XXXX who talked with his supervisor, who then told me it was a computer error that the interest would be added in 1 to 2 hours. After two hours, nothing got deposited so I got online with the bank and started a chat session with XXXX XXXX who after speaking with his supervisor now said since I transferred out my money, the interest was defaulted, the exact opposite from XXXX just two hours earlier. Also I had researched prior that there was only a fee for going below $ XXXX. I did not close my account which is still open today. Obviously I would have left the money in my account for 2 days longer had anyone told me it needed to stay until month end ( which was not mentioned in the policy I already mentioned ). Before stopping my chat session, I asked XXXX XXXX to have someone in management contact me. It has been two days and still no one has followed up. Bottom line, the bank representatives were unethical, misrepresenting bank policy. Not one of the many people I consulted with before the wire transfer provided any information about a need to keep the money in for the full month. I have business with many banks and I don't know of another bank that won't pay you interest due proportionately when you transfer the money to another bank. It is obvious they were manipulating the situation to avoid paying my interest. A deceptive and completely unethical practice. I will pursue this until they return the earned interest. 

In summary, I have attempted to resolve this with no success. I was told that the interest would be deposited after my call on XX/XX/XXXX with a representative names XXXX ( XXXX ) who gave me this information after consulting with his supervisor. I have asked for someone from management to contact me. It has been two days and still no follow-up. I have submitted a similar complaint to the XXXX   XXXX XXXX XXXX. I have also sent communication to the CEO XXXX XXXX via XXXX with no response. I expect to have this resolved with payment of my earned interest.