Consumer complaint received 2025-02-20 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: AXOS FINANCIAL, INC.
State: TX

Complaint narrative:
On XX/XX/year> I applied for an online business savings account with axosXXXX It took more than a week to set everything up, which was annoying enough ( and another red flag ), but I was lured by the high interest rate for the account. During my account application process, I authorized a transaction for a large amount of money to be transferred to the account. On XX/XX/year> the transaction finally went through and axosbank now has a significant amount my money. When the account was finally established and I gained access to it online, I decided the first thing I wanted to do was try to transfer some of the money back to my checking account at XXXX XXXX I linked my accounts per the online instructions, but then when I tried to initiate a transfer, the system told me I could not, that my account did not allow external transfers. I then opened a ticket with axosbank and asked them " How the XXXX do I transfer money back to an external checking account? Why would I give you any more of my money to hold if I have no convenient means to get it back? ". Below is the response from XXXX at Axos : -- -- Hello ******, Thank you so much for contacting Business Banking. I hope you're doing well. I understand that you are currently requesting information on how to transfer out of your account, and I will certainly help you with this question. 

Upon review, you currently have a savings account, as savings accounts do not offer XXXX transfer services you will need to Wire out of the account when withdrawing. We apologize for this inconvenience. To complete a wire transfer, refer to the instructions below. 

Once logged in, select the following buttons to create a wire request : Dashboard > Move Money > Wire Transfers Be sure to input all information accurately to avoid delays or rejections. 
Cutoff times for wires submitted on our new platform are : Outgoing International : XXXX XXXX XXXX Outgoing Domestic : XXXX XXXX PST Fees for wires submitted on our new platform remain the same : Outgoing International : {$50.00} Outgoing Domestic : {$15.00} If you have any questions, you can use your virtual financial assistant, XXXX. Log in to online banking and select the XXXX icon to start a chat. You are also welcome to chat virtually during business hours between XXXX XXXX - XXXXXXXX XXXX  PST. 

You can also reach out to us by phone at ( XXXX ) XXXX or send us a secure message. We are now available to assist customers XXXX! A representative will be happy to speak with you. 

We appreciate your business and commit to providing superior banking products, support, and services. 

Best Regards, XXXX Business Banking -- -- This is contrary to their own information and instructions on their website, which state : -- -- Accounts eligible to transfer money are shown in the drop down menus From Account and To Account. Once you select an eligible From Account, only eligible accounts will show in the To Account drop down menu. If one of your accounts doesn't appear, it may be because it is not eligible to send or receive money, or that the account is unavailable based on its account status Examples of ineligible accounts : From Account can not be an IRA, Certificates of Deposit, Loans, or an account in a status of closed, dormant, or restricted. 
To Account can not be a Certificate of Deposit, the same account as the From Account, an external account if the From Account is external, and an account in a status of closed, dormant, or restricted. 
Accounts must be with domestic banks located in the United States with funds transferred in XXXX dollars. Transfers to foreign banks are not permitted through Online Banking. If you need to transfer internationally, please contact us about a Wire Transfer. 
-- -- Here is my response to the message from XXXX : -- -- So I can ACH into the account but not out? And now I have to pay {$15.00} to get my money back? I feel scammed. Every other online savings bank I've used allows free transfer to an external bank, though that transaction may take XXXX days. I feel especially deceived because your system allows for setting up an account for transfers, and your help information says transfers are allowed. 

I am going to take this up with the Consumer Financial Protection Bureau ( CFPB ) and the Federal Deposit Insurance Corporation ( FDIC ).

-- -- I would very much like access to my money without having to pay fees to transfer it. As I stated above, I feel scammed.

Company response to consumer: Closed with explanation