Consumer complaint received 2025-02-26 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: CITIZENS FINANCIAL GROUP, INC.
State: NY

Complaint narrative:
In early XX/XX/XXXX, I opened a new checking and savings account with Citizens Bank ( Citizens ). This bank offered an offer for new accounts to make periodic monthly deposits to obtain a maximum of {$600.00} credit. By XX/XX/XXXX, I noticed a transaction from my checking account in the amount of {$490.00} made to the following entity : XXXX XXXX XXXX XXXX Moreover, the transaction is listed as a Preauthorized Debit. As all transactions made with both Citiznes bank accounts was to transfer money with my other banking institutions : XXXX XXXX and XXXX XXXX I filed a complained with Citizens on XXXX XXXX, XXXX on the grounds that the transfer was fraudulent. While Citizens investigated the incident, they temporarily rebated me the {$490.00} on XXXX XXXX, XXXX. 

Citizens then made a decision produced in a letter XXXX XXXX, XXXX stating that my claim was denied and debited my account and returned {$490.00} to the XXXX XXXX XXXX company. Following this decision, on XX/XX/XXXX, I filed another complaint and spoke to representative XXXX from Citizens bank who filed a request for a second review or investigation regarding the transaction. Fearing that I would be targeted again by a third party to obtain additional funds from my accounts, XXXX put a hold on all accounts. The following are the case numbers for the " Hold On Funds '' for each account : Case Number for the Hold On Funds for Savings Account # XXXX Case Number for Hold On Funds for Checking Account # XXXX XXXX informed me that to remove the Hold on both accounts, I would have to go to a Citizens Bank location in person to either reopen the account or close them both. She also informed me that the investigation process would take ten business days. 

On XX/XX/XXXX I contacted Citizens and spoke to both XXXX and XXXX and was given a claim number to identify the investigation initiated by XXXX on XXXX XXXX : XXXX. 

On XX/XX/XXXX, I spoke to XXXX from Claims Department. XXXX. XXXX alerted me that the request put forward by XXXX was not " actualized '' and that it would simply result in producing " evidence '' of the information sent from the " vendor '' that would " prove '' that I indeed made the transaction. The same letter would contain a form to initiate a second investigation. Upon hearing this I asked XXXX to share the " evidence '' upon which he informed me that the vendor ( XXXX XXXX XXXX  ) sent a fax on XXXX XXXX stating that the transaction was " valid '' and to return the {$490.00}. Upon learning this, to expedite the process, I asked XXXX to put forward a request to re-open an investigation via telephone. After carefully analyzing the information sent in the original XXXX XXXX fax, XXXX too found it suspicious and stated that it " more than likely is a scam. '' I am seeking assistance from the CFPB as I have done everything in my power to handle this process with Citizens Bank. I do not believe, however, that Citizens is able to equitably adjudicate the validity of this transaction. It is very suspicious that the bank was so readily willing to credit a hoax company ( Thbaco Sv Webxfr ) without substantive evidence ( purchase of goods ) that I indeed processed the transaction. As I opened the account under the promise of obtaining a {$600.00} rebate for making regular monthly deposits to each account, it may very well be that Citizens has created a " ghost '' company a fleecing clients for unspecified amounts. Hence, I ask that the CFPB not only consider investigating my account, but also open upon a larger investigation on Citizens bank 's financial practices with its clients. 

I appreciate your attention to this matter. I have always been impressed with the thoroughness of the CFPB 's investigations in prior requests, and look forward to hearing from you. 

Kind regards, XXXX

Company response to consumer: Closed with explanation