Consumer complaint received 2023-11-16 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Opening an account — Unable to open an account
Company: ALLY FINANCIAL INC.
State: FL

Complaint narrative:
Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX XXXX XXXX XXXX Subject : Complaint Regarding Ally Bank 's Failure to Release Trust Property To Whom it may concern, I am writing to bring to your attention a serious matter concerning Ally Bank, located at XXXX XXXX XXXX, XXXX, PA XXXX. They are currently in possession of UCC 3 intangible instruments that rightfully belong to my Trust. Despite repeated efforts, I have been unsuccessful in obtaining the release of my property from Ally Bank. 

Under the Uniform Commercial Code ( UCC ) 4-402, " a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable. '' In this case, Ally Bank had a promissory note accompanying the check, ensuring that there would be no overdraft. However, Ally Bank wrongfully dishonored the item, leading to the withholding of my property.

Furthermore, according to UCC 4-501, " A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment, and upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact. '' Despite this obligation, Ally Bank failed to make presentment to the Federal Reserve, where they could have made an application for their Master Account to be credited with the appropriate amount. This failure on the part of Ally Bank has caused significant financial hardship for my Trust. 

It is important to clarify that I did not apply for a loan, as falsely claimed by Ally Bank. Instead, I made a deposit, which falls under the definition of a deposit as outlined by the Federal Deposit Insurance Corporation ( FDIC ). Ally Bank, as a custodian of my instrument, had a fiduciary duty to safeguard and handle it appropriately upon receipt via USPS. Their discrimination and refusal to release my instruments have resulted in unjust consequences for my Trust.

I would like to emphasize that the instruments in question were properly endorsed with an unqualified special endorsement, and I possess the right of enforcement according to UCC 3-309. It is clear that Ally Bank is in the wrong, and their actions have caused significant detriment to my Trust. I respectfully request that the Consumer Financial Protection Bureau ( CFPB ) take immediate action to address this matter and ensure that Ally Bank fulfills their fiduciary duty by releasing my Trust property promptly. 

I have attached copies of relevant documents, as supporting evidence for your review. I kindly request that the CFPB investigates this complaint thoroughly and takes appropriate measures to rectify the situation. 

Thank you for your attention to this matter. I have faith in the Consumer Financial Protection Bureau 's dedication to consumer rights and trust that my complaint will be handled with the seriousness it deserves. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 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