Consumer complaint received 2025-11-21 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Banking errors
Company: FIRST HORIZON BANK
State: FL

Complaint narrative:
I opened an IRA CD with First Horizon on XX/XX/XXXX with an initial deposit of {$100000.00}. I received a letter dated XX/XX/XXXX ( pg XXXX in attached file ) stating that the CD would be maturing soon and that if I wanted to renew the IRA CD " no action is necessary '' and that the CD would automatically renew with the interest rate and APY determined on the date of the renewal. I called the phone # on the letter to check what the interest rate would be and was told it would be XXXX % for a XXXX renewal. I was again told, as stated in the letter, no action was needed on my part and the CD would automatically renew at that rate. I received another letter dated XX/XX/XXXX ( pg XXXX in attached file ) stating that the CD would again be renewing soon. At that point I called the local branch located in XXXX XXXX XXXX XXXX XXXX XXXX XXXX and spoke with representative XXXX XXXX to inquire what the current account balance was and the number I was given was several XXXX dollars less than expected. When I asked him about this he stated that the account was only earning XXXX  % interest ... not the XXXX % I was quoted. I then personally visited the branch to further discuss with him to try to resolve the error. I was able to obtain from him a printed statement ( pg XXXX in attached file ) that shows that on XX/XX/XXXX the CD had renewed with a bal of {$110000.00}. I again explained to him that the current account bal should be several XXXX dollars higher as I was supposed to be earning XXXX % interest on the account. He stated he would look into the issue and try to resolve for me. Over the next XXXX weeks we had several phone calls about the issue, with XXXX telling me that because I did not personally visit the branch to renew the CD it was given an interest rate of only XXXX %. I showed him the letters that clearly stated " no action was necessary '' on my part and that the account was supposed to automatically renew at the quoted rate of XXXX %, at which time he stated there was nothing he could do for me. I attempted to resolve the issue by calling the bank 's main Customer Service line at XXXX but was told by the representative that she was unable to assist me as all matters involving CDs had to be dealt with in person at a local branch, which I was already attempting. On XX/XX/XXXX I received a call from the local Branch XXXX and was again told there was nothing they could do for me and that 0.1 % was the interest I was earning on the account for the previous year because I did not personally visit the branch to renew. I again pointed out that the letters stated I was not required to do that as " no action was necessary '' on my part and that that I would be coming in to discuss in person with him, at which point he stated that he would be unable to meet with me. As the account was now at it's maturity date and action needed to be taken, I went to the branch, met with XXXX XXXX, and closed out the account taking a full disbursement. XXXX XXXX - XXXX in the attached file show that the amount I received was {>= $1,000,000}. This shows that I had only earned {$120.00} in interest over the previous year, which is several XXXX dollars less then I should have if the account was earning the quoted XXXX %.

Company response to consumer: Closed with explanation