Consumer complaint received 2025-12-28 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Banking errors
Company: CITIZENS FINANCIAL GROUP, INC.
State: MA

Complaint narrative:
What Happened I am submitting this complaint regarding misleading representations, inadequate disclosure of material terms, unauthorized account changes, and resulting financial harm related to a money market account opened at Citizens Bank.

Account Opening and Representations ( XX/XX/XXXX ) In XX/XX/XXXX, I visited a Citizens Bank branch in XXXX, Massachusetts for routine banking matters. A bank associate proactively reviewed my accounts and advised that my existing balances could earn a higher interest rate if placed into a money market account. I was specifically told the account would earn approximately 5 % interest.

I agreed to proceed. The associate worked on the banks system and confirmed that the account was opened and earning the promised rate. I was not informed of any conditions, including any requirement to maintain a specific checking account type or minimum balance to retain the stated interest rate. No written or verbal disclosure explained that the interest rate depended on linked account status.

Unauthorized Account Changes and Fees ( XX/XX/XXXX ) In XX/XX/XXXX, I discovered that Citizens Bank had begun charging XXXX XXXX monthly service fees on two of my checking accounts. Upon calling Citizens Bank, I was informed that my XXXX XXXX  XXXX  accounts had been changed to XXXX XXXX accounts without my authorization. XXXX XXXX  requires a {$25000.00} balance to avoid monthly fees, which I did not maintain.

Citizens Bank representatives could not explain who made the change or why. The fees were refunded and my checking accounts were reverted back to XXXX XXXX XXXX. At that time, I believed the issue was resolved. 

Interest Rate Collapse and Lack of Disclosure ( XX/XX/XXXX ) In XX/XX/XXXX, I discovered that the money market account that had been represented as earning approximately 5 % interest was now earning approximately 0.01 % interest.

When I contacted Citizens Bank for an explanation, I received vague and inconsistent responses such as rates fluctuate, without a clear explanation. During this call, I independently reviewed Citizens Banks disclosures and learned for the first time that : The account opened for me was a XXXX XXXX XXXX account This account requires at least one linked XXXX XXXX  account When Citizens Bank reverted my checking accounts to XXXX XXXX  XXXX  in XX/XX/XXXX, my money market account was automatically converted to a Personal Money Market account The Personal Money Market account earns approximately 0.01 % interest At no point was I informed that : The advertised interest rate depended on maintaining a XXXX XXXX account Unauthorized or corrective changes to my checking accounts would materially affect my money market interest rate My account could effectively earn near-zero interest as a result of internal reclassification Documented Interest Rate Decline I have attached bank statements and a summary table showing the interest rate progression on the money market account from opening through XX/XX/XXXX. There were no withdrawals or other transactions, aside from the initial deposit and monthly interest postings.

The interest rate declined as follows : Approximately 4.89 % 4.65 % APY shortly after opening Gradual decline throughout XXXX to approximately 2.25 % Sudden reduction to 0.01 % APY once the account was converted to Personal Money Market This pattern was never explained or disclosed at account opening and was only discovered after significant financial harm had occurred.

Why This Is a Problem I believe Citizens Bank failed to : Clearly disclose material conditions tied to the promised interest rate Obtain authorization before changing account types Adequately explain how internal account changes would impact interest earnings Provide accurate and complete information when I contacted customer service These failures resulted in a substantial loss of interest income over time.

Attachments Monthly bank statements for : ( sample only ) XXXX money market account, XXXX checking accounts Summary table showing : Monthly interest rates ; APY earned ; Account type changes

Company response to consumer: Closed with monetary relief