Consumer complaint received 2025-05-07 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: FinCo Services Inc DBA Current
State: FL

Complaint narrative:
My funds have been unlawfully frozen for over 762 days due to an alleged discrepancy arising from a deposit made under a nickname. Despite numerous attempts to resolve this matter it is still not resolved as the method of obtaining a HHL  from XXXX is not possible as I am not a XXXX client, and XXXX ( payee ) does not partner with XXXX, nor do they have a department which can assist, simply because they don't want to or need to. 

Current Online Banking i.e Finco Services , Inc. is not providing any help despite all the transparency I have provided throughout all the years of me being a client of theirs, along with the countless hundreds of days I have been effortlessly working with everyone to come to a solution. 


Account Closure and Deposit Issue : My Current account was closed on XX/XX/XXXX, following a deposit made under a name that did not exactly match the name on my account. The discrepancy arose solely from the use of a nickname for my first namethe surname remains identical. Over an 18month period, funds were consistently deposited from the same payee using this nickname without issue. 


Legal Ownership of Funds : The funds in question legally belong to me. I have never engaged in any fraudulent or sketchy behavior, possess a clean criminal record, have maintained prompt tax payments, and have an unblemished history with all other financial institutions. There is no basis for withholding funds that rightfully belong to me. 
Timeline of Resolution Attempts XX/XX/XXXX : I filed my initial complaint with the CFPB. On XX/XX/XXXX, Current responded by refusing to release my funds and demanding a Hold Harmless Letter ( HHL ) or a Letter of Indemnity from the deposit originator. 


XX/XX/XXXX : I submitted a second complaint with the CFPB, clarifying that the payees first name was a nickname and providing valid supporting documentation. Despite acknowledging my clarification on XX/XX/XXXX, Current maintained that a Hold Harmless Letter ( HHL ) was still required. 


XX/XX/XXXX : I filed a third CFPB complaint after being unable to secure the necessary HHL documentation from XXXX, the deposit originator. Currents response on XX/XX/XXXX, indicated that the payment processor should be able to provide the required document, but no concrete solution was offered. 


XX/XX/XXXX : I contacted Current XXXX for alternative resolutions since XXXX remained unresponsive. I was advised that XXXX payment processor bank must provide the HHL directly to Currents partner bank XXXX XXXX XXXX. I was informed that, upon approval, my funds would be returned to my linked XXXX XXXX account ( ending in XXXX ). 


XX/XX/XXXX : I sought clarification from Current regarding which payment processor was involved and was informed that the funds originated from XXXX XXXX XXXX  ( XXXX ). 


XX/XX/XXXX & XX/XX/XXXX : I reached out to XXXX  via email and phone for the XXXX, but XXXX declined assistance, stating that, as I am not their client, XXXX must initiate the request. 


XX/XX/XXXX ; XX/XX/XXXX ; XX/XX/XXXX : I contacted Etsys Legal, Integrity, and Support Departments requesting the HHL. 
Despite confirmations of receipt, no meaningful response has been provided. 


Relevant Provisions from the Current Deposit Account Agreement According to the Agreement ( last updated XX/XX/XXXX ), Current reserves the right to place a hold on funds when it deems necessary for verification purposes. For example, the Agreement states that if there is reason to believe that a deposit may have been made in error or is unauthorized, funds may be placed on hold or moved to a bank-managed administrative account until the proper party is determined. However, this discretion is expressly intended to be temporary.

Furthermore, the Closing Your Account and Restricting Account Access section provides that if an account is canceled, closed, or terminated, the customer may request that any unused balance be returned by check. The Agreement explicitly mentions that funds will be processed for return within a period of up to fourteen ( 14 ) days, plus additional mailing time. Given that my account was closed on XX/XX/XXXX, the continued withholding of my funds for over 762 days far exceeds the contractual timeframe and the purpose of any temporary hold. 


Fund Ownership : The funds in my account are legally mine. The only discrepancy is the use of a nickname for the first name, while the surname remains unchanged, as evidenced by consistent deposits over 18 months.

Good Standing : I maintain a spotless record with no involvement in any illegal activity. My financial history is exemplary, and I have always met my tax obligations. Moreover, all funds deposited into the account in question have been handled in strict compliance with applicable laws and regulations. 


Unreasonable Documentation Demands : The requirement for a Hold Harmless Letter ( HHL ) is unreasonable given XXXX  repeated non-responsiveness. It unjustly penalizes me for circumstances beyond my control and is inconsistent with the intended temporary nature of any funds held under the Agreement. 


Lack of Viable Resolution : Despite repeated appeals to both Current and the CFPB, no acceptable solution has been offered, placing undue financial and emotional stress on me.

Company response to consumer: Closed with explanation