Consumer complaint received 2023-10-29 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Delay in processing application
Company: U.S. BANCORP
State: CA

Complaint narrative:
On XX/XX/XXXX, I applied online for a for a US Bank Altitude Connect card ( application # XXXX ) and for a XXXX Bank XXXX XXXX XXXX card. 

Both applications were placed under review, so on XX/XX/XXXX, I called in to check if any additional information was needed. I was advised that my business credit card application looked good and was already with the underwriting department for processing. Regarding the consumer credit card application XXXX, I was advised that the Customer Authentication Department would need more information, so I asked to get transferred. 

The agent from the Customer Authentication Department claimed that the residential address provided in the application XXXX was a business address. I explained to her that I usually provide my business address as mailing address for convenience purposes so as not to receive mail at home, and then provided her with my residential address, XXXX XXXX XXXX XXXX XXXX, XXXX CA XXXX, as it shows on my credit report since XXXX. 

It is worth highlighting that the business address that I use as mailing address, XXXX XXXX XXXX XXXX # XXXX, XXXX CA XXXX, is already on file with US Bank, and has already been verified by US Bank 's Customer Authentication Department, upon approval of my business checking account, on XX/XX/XXXX, application # XXXX. On that occasion, I was asked to fax in the EIN Confirmation Letter for my business to the Customer Authentication Department, which I did on XX/XX/XXXX. The EIN Confirmation LetteXXXX from the IRS shows my business address on file. 

So there should be nothing odd about the addresses provided : residential address which matches my credit report, and business and mailing address that match my EIN Confirmation Letter and the information on file with US Bank.

Then she claimed that I had stated 3 different addresses on my application XXXX, when I only had provided one address, the one on file with US Bank for business and mailing purposes. At this point I wondered what was wrong with this agent, making inaccurate observations of the data. Why would she do that? In any case, this was not a good sign, she seemed to be biased against me, and I began to feel bothered. 

She then came back and asked me to fax in a very long list of documents : - valid government issued ID. 
- social security card. 
- lease of mortgage of my home. 
- federal tax return of the last 2 years. 
- bank statements of the last 2 months. 
- EIN Confirmation Letter for my business. 

I was shocked. I explained to her that I had already provided US Bank 's Customer Authentication Department with the EIN Confirmation Letter for my business 1 month earlier ( fax sent on XX/XX/XXXX ), which resulted in the approval of my business checking account, but she seemed not to care, disregarding the review performed by her peers 1 month ago, and insisting I would have to fax it again. 

I refrained myself from making any comments on the spot, but I was obviously bothered by the situation. The agent wanted to verify/have documented every single piece of single information provided, even the information already verified/documented by her peers. I found this excessive, and of course, made me reconsider whether it would make sense to move forward with the processing of the credit card application. 

But things got worse. A couple of days later, I realized that some transfers that I had ordered from my personal checking account had been rejected. I then called in Customer Service and was advised that the agent from the Customer Authentication Department had put a HOLD on my approved and funded personal and checking accounts on XX/XX/XXXX. At this point, I was flabbergasted, annoyed and frustrated. How could possibly funds that came from bank accounts under my name, verified and linked on US Banks mobile app, be left suddenly out of my reach? Since XX/XX/XXXX, I have been unable to access the XXXX usd that I hold on my business and checking accounts at US Bank, nor even make any bill payment. This is excessive and not fair. 

While I appreciate XXXX Bank 's concern for customer 's security, I feel the steps taken by the agent of the Customer Authentication Department have been excessive. To keep it short, I checked in regarding the consumer credit card application, I successfully provided clarification regarding my residential address as the one matching on my credit report, but left the call with a laundry list of documents that I was demanded to fax in, including documents ( EIN Confirmation Letter ) that I had faxed to the same department 1 month ago to have my business checking account approved. 

I don't understand what the concerns of US Bank are and why my checking accounts got a HOLD. I would like to analyze the situation in parts : 1. Regarding my business checking account, active, approved and funded, the business address provided was verified by US Bank when I faxed in my EIN confirmation Letter on XX/XX/XXXX, which ended in the approval of the account. So I feel I do not have to fax the EIN confirmation letter again as requested ; instead, US Bank should check its records, find the EIN confirmation letter was faxed by me on XX/XX/XXXX, and lift the HOLD on the account. I do not find anything left to be verified regarding my business checking account, so I think the HOLD on this account should be lifted. 

2. Regarding my consumer checking account, active, approved and funded, the residential address provided was my mailing and business address, which had already been verified by US Bank. If US Bank requires me to provide my residential address, I had already done so, XXXX XXXX XXXX XXXX XXXX, XXXX CA XXXX, as my credit report shows. So I feel there is nothing left to be verified regarding this account either, and US Bank should lift the HOLD on the account. 

3. If there is any concern about my identity, I do not have any issues in faxing in my government issued ID and social security card, and the banking statements of the last 2 months, as requested. 

XXXX. Regarding the request to fax in my mortgage and federal tax return of the last 2 years, while I understand this request in the context of the consumer credit card application XXXX, I find it excessively intrusive for a credit card application and I do not feel comfortable sharing these documents. These information can be obtained from my credit reports as all other financial institutions I do business with have done. Therefore, if these documents will be essential for processing of the credit card application XXXX, I would rather have it removed. 

At this point I feel under the obligation to bring this to your attention, as this situation requires an immediate resolution. There is no good reason to have a HOLD on my checking accounts with XXXX usd on them because of a credit card application. 

I would appreciate receiving a call from a seasoned specialist from your Executive Office ASAP to have the HOLD lifted swiftly and to provide a proper resolution to the credit card applications. 

If such an immediate action can not be taken, please have my accounts closed immediately and my funds refunded by check to my mailing address on file or to the bank accounts the funds came originally from. 

I personally feel under the moral obligation to make this dreadful experience visible to you. I bet this is not the way you would expect your employees to approach a recently acquired new customer, an XXXX from an XXXX XXXX top business school. Of course I would like my case to be resolved favorably and swiftly, but most importantly I do not want anybody else to experience a situation like this. It is just not fair, nobody deserves to be treated like this. 

I look forward to hearing from you ASAP. 

Sincerely, p.s. find attached the fax I sent on XX/XX/XXXX with my EIN confirmation letter, which led to the approval of my business checking account

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