Consumer complaint received 2021-06-02 00:00:00
Product: Credit card or prepaid card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Privacy issues
Company: MUFG AMERICAS HOLDINGS CORPORATION
State: CA

Complaint narrative:
***Mailing full complete credit card statements including full account number, name and address and details of the account over a year after the account was closed. Security breach opens client and bank up to fraud. *** I have been in the finance industry for 30 years. Starting out with XXXX XXXXXXXX XXXX on the teller line and continue my career into the mortgage sector in the XXXX. I've been through the XXXX crash and I know how easily fraud can occur. I even wrote a book about the mortgage loan process. I also hold my broker 's license in XXXX and XXXX. My husband works for a merchant processor in security, for credit card companies. He runs their Technologies division. We are both horribly alarmed at the policies of Union Bank. 

They had closed our account a year ago which is fine. I understand they were probably concerned about covid-19 as it was just breaking out around this time. Knowing the account was closed was fine, XX/XX/20. Over a year later, XXXX, I get a bank statement with its complete account number, all of our information including address and name. I called Union bank just to be informed that they will mail out bank statements just like this anytime they have a policy change. Yes they will mail these out on closed accounts. Yes they will continue to mail it to the last address on record for up to seven years. This policy is flawed and needs to be corrected. I have never in my career ever seen this happen.

Again I am a professional of 30 years in the finance industry and very alarmed at the behavior and policy of Union Bank. If this policy has been implemented in recent years I would strongly discourage it and ask for reconsideration for Consumer Protection.

We have a situation now also because a lot of folks have passed away during the pandemic. Mailing out bank statements on accounts of the deceased, even if the account is officially closed, is opening up for liability, fraud, and exposure. I would think Union Bank would have a lot more sense in this. They are huge and they should be more aware of what kind of problems this could create and more than likely already has. 

In doing my homework, I looked at XXXX reviews to find one star and several complaints of accounts being closed and consumers subjected to fraud already. Numerous complaints of identity theft. This is how it can happen. Thank you for taking care of this matter and having Union Bank change its policy. Furthermore remedying any other policy like it that other banks are using. This is dangerous to the consumer and to the bank because people could fraudulently be opening accounts with this information. 
Thank you. XXXX XXXX XXXX, author of " XXXX XXXX XXXX XXXX '', XXXX # XXXX, WA # XXXX, Firm # XXXX, NMLS # XXXX XXXX XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation