Consumer complaint received 2025-11-19 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: SANTANDER HOLDINGS USA, INC.
State: WA

Complaint narrative:
I have {$560000.00} on deposit with Openbank a division of Santander Bank N.A.. I attempted to withdraw the funds today XXXX and was told that they have updated their withdrawal policy for all account holders without notice. Withdrawals are now limited to $ XXXXday and $ XXXX30-days. This was not disclosed when I opened the account and upon questioning them as to the reason, I was told that it's a new policy that is supported by the Openbank by Santander Personal Deposit Account Agreement that is available on their website. More specifically, the following section ( 3 ) ACCOUNTS WITH WITHDRAWAL OR TRANSFER LIMITS Except as otherwise stated in this Agreement, the Openbank Digital Banking Agreement or other terms and conditions applicable to your Openbank Account ( s ), we will not limit the number of withdrawals or transfers out of your Openbank Accounts. You agree not to withdraw funds from any Digital CD until the maturity date set forth within the applicable CD Disclosure. Withdrawals from Digital CDs prior to their maturity dates may be permitted subject to our sole discretion and any applicable terms or conditions in this Agreement or the applicable CD Disclosure, including but not limited to any early withdrawal penalty. ( g ) When We Might Restrict Your Account, Block, or Delay Transactions To protect you or us, or to comply with legal requirements, we may decline or prevent any or all transactions to, or from, your Openbank Account. We may refuse, freeze, reverse, or delay any specific withdrawal, payment, transfer of funds or other transaction to or from your Openbank Account, or we may remove funds from your Openbank Account to hold them pending investigation, including in one ( 1 ) or more of the following circumstances : Your Openbank Account is involved in any legal or administrative proceeding ; we may also remove any funds in dispute and deposit them with a court of competent jurisdiction for a determination as to whom the funds should be paid. If we do this, we may be reimbursed for our attorneys fees from the funds on deposit with the court We have received a court order or other legal document that restrains either us or one ( 1 ) or more of the owners of the Openbank Account from removing funds from it We receive conflicting information or instructions, or we require additional information, regarding Openbank Account ownership, control, or activity We suspect that you may be the victim of a fraud, scam, or financial exploitation, even though you may have authorized the transaction ( s ) We suspect that any transaction may involve illegal activity or may be fraudulent Any owner of an Openbank Account owes us money that is due and payable Our equipment or systems are malfunctioning, or an error has occurred with respect to a credit, debit or other transaction and an adjustment, reversal or correction is necessary to correct such error Any owner has pledged the Openbank Account to us as security for a loan or has asked us not to permit any withdrawals to be made We are complying in our sole judgment, with any federal, state, or local law, rule, or regulation, including federal asset control and sanction rules and anti-money-laundering rules, or with our policies adopted to assure that we comply with any laws, rules, or regulations ; or We reasonably believe that doing so is necessary to avoid or mitigate a loss or reduce risk to us We may also limit deposits to, or withdrawals from your Account ( or all your Accounts or accounts, collectively ) in a single transaction or total withdrawals or deposits during any period of time, or place restrictions on who may make withdrawals or deposits, to reduce risk, prevent fraud and/or to enhance our efforts to comply with applicable law. We will have no liability for any action we take under this section.

When I questioned the reason for the restriction on my account, which has only verified funds that were received months ago via wire transfer, I was told it is not specific to my account or any activity in my account, but is a policy change. These funds are to purchase a new home for my family. We have found a home, paid the down-payment, and will now be unable to close due to this policy of withholding funds. It will require 33 days to withdraw my account balance.

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