Consumer complaint received 2025-06-07 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: Experian Information Solutions Inc.
State: NY

Complaint narrative:
Dear Consumer Financial Protection Bureau, I am writing to formally express my complaint against Experian regarding their Smart Money Digital Checking Account. I have encountered substantial issues with their account restrictions and customer service, which operates entirely offshore in the XXXX, resulting in financial detriment and inconvenience. 

On XX/XX/year>, I received a payout of approximately {$4400.00} from my new employment through their relocation assistance program. I intended to transfer a portion of this sum to compensate the moving service I utilized via XXXX XXXX, a peer-to-peer payment service. I successfully initiated XXXX transactions of {$500.00} each ; however, subsequent transactions of {$1000.00}, {$500.00}, {$1500.00}, and {$400.00} were all declined. 

Upon contacting the Experian XXXX XXXX customer service, I was informed that my account had been restricted for XXXX hours due to " unusual transactions. '' I spoke with XXXX different agents from Experian 's customer service for their Smart Money Digital Checking Accounts. All XXXX agents conveyed that the restrictions would last only XXXX hours. They advised me to reattempt any transactions using my virtual Cash App service after the specified XXXX waiting period. Furthermore, I was instructed to limit the transactions to no more than {$500.00}, with a maximum of XXXX transactions per day, and to wait XXXX minutes between each transaction to avoid triggering the system 's flag. 

Despite adhering to the advised XXXX waiting period and keeping the transaction to {$500.00}, I encountered further restrictions when attempting another transaction on XX/XX/year>. I once again called Experian XXXX XXXX. Upon making another inquiry, I was informed that the waiting period is, in fact, XXXX hours. Due to this misinformation, I find myself penalized as the reset of the clock continues further delaying my access to my funds. 

Moreover, I was informed that there is a cap of XXXX peer-to-peer transactions per day, a detail not disclosed in any cardholder agreement or policy documentation. Despite my requests for this policy information, I have not received any documentation from Experian. 

Currently, I am unable to access my funds, as I do not possess the physical debit card that I ordered over XXXX business days ago, which exceeds the shipping time outlined by Experian. Additionally, I am unable to transfer money to my other bank accounts, as they are not listed in Experian 's search options, and Experian does not have a way of manually adding external bank accounts via routing and account number. 

These restrictions have resulted in significant financial harm to me, including the accrual of late fees. I view these practices as unethical and lacking transparency for customers. All of the agents apologized. Said they " understood my frustration. '' No one could provide a solution, and it was " for the security of my account. '' Meanwhile, I confirmed my identity and verified all transactions.

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