Consumer complaint received 2024-12-10 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Banking errors
Company: ALLIANT CREDIT UNION
State: UT

Complaint narrative:
My wife and I are senior citizens residing in XXXX, UT. My complaint is regarding an 18-month Certificate of Deposit ( CD ) opened with Alliant CU , XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX. Below is the timeline of all my communications with Alliant CU regarding this CD. 
I-Communications with Alliant CU When Setting up My CD. 
XXXX ( About XXXX to XXXXXXXX XXXX  ) After researching CD rates online, I decided to open an XXXX CD with {$100000.00} at Alliant CUs advertised rate of 5.15 %. I went online and joined Alliant CU then completed the online CD application. 
XXXX ( XXXX ) by email : I received an email from Alliant CU saying they needed some additional info to complete my CD application. This email from Alliant CU included a link I should click on to resume my CD application ( This email is labeled XXXX # XXXX ) XXXX ( about XXXX XXXX ) I clicked on the link provided in the email and completed the CD application online. At the conclusion of the online application, I printed out a statement stating XXXX  month Certificate Your new account is open and ready to use This printout confirmed the details of my new CD including my Alliant CU account # ( XXXX ) My Alliant Membership ID ( XXXX ). It also confirmed my Initial XXXX ( {$100000.00} ) Account XXXX ( XXXX XXXX ) and my APY ( 5.15 % ). ( This printout is Alliant # 2 ) XXXX ( XXXXXXXX XXXX ) by email. I received and email stating that I had successfully updated the login information for your Alliant online banking account ending in XXXX ( This email is Alliant # 3 ) At this point I thought the CD was set up and everything was done. I then left town for a family reunion over the XXXX XXXX weekend. 
XXXX As I had arranged with them, my local CU ( XXXX XXXX XXXX ) transferred {$100000.00} to Alliant CU to fund the new CD.

XXXX When I returned from our family reunion I received a letter in the mail confirming the same details of my new CD with Alliant CU that were on the printout I got when I completed the CD application online. It also confirmed my Initial Deposit ( {$100000.00} ) Account Type ( 18-month Certificate ) and my APY ( 5.15 % ). ( This mailed letter is Alliant # 4 ) XX/XX/XXXX That same day, I also found two additional emails from Alliant CU that had come when I was out of town ( XXXX XXXX p.m and XXXX - XXXX p.m. ) They both stated that Alliant CU need additional info to complete my application. 
XXXX I clicked on the link in the email and went online to my Alliant CD application again. I tried again to complete any needed info. I then called Alliant CU and spoke to XXXX who assured me that I had XXXX CD for {$100000.00} for XXXX  months at XXXX APY. 
XX/XX/XXXX XXXX XXXX ) Earlier this morning I had received an email from my XXXX ( XXXX XXXX XXXX ) telling me that Alliant CU had requested a transfer of a second {$100000.00}. There were insufficient funds to fill this request. 
XX/XX/XXXX ( XXXX XXXX XXXX I called XXXX XXXX asking why they had requested a second payment of {$100000.00}? They said their records show that I had tried to open two {$100000.00} CDs. I explained that I always intended to open just one CD for {$100000.00}. I assume the additional emails requesting more information resulted in a second account application.

After being put on hold several times, I was assured that I had just one CD for {$100000.00} for 18 months at 5.15 % APY, as had been confirmed twice in writing. 
This was the last communication that I received by phone call, text, email or mail until XX/XX/XXXX II- My Attempts to Resolve the Issue with Alliant CU XXXX After the CD had matured, I called Alliant to transfer the CD and its return. Since rates had dropped I didnt want to reinvest the $ XXXX again. I spoke to XXXX  who confirmed the CD had matured. I asked what my {$100000.00} had earned. XXXX told me that I had earned {$4700.00} in interest on the {$100000.00} CD. 
That didnt sound right to me, so while she had me on hold, I went online to Bankrate.com and used their CD calculator to figure how much a {$100000.00} CD for 18 months at 5.15 % CD should earn. The Bankrate CD calculator showed an 18 month return of {$7700.00}. 
When XXXX came back on the line, I told her what the return should have been and ask why it was so much lower? She checked and told me that my {$100000.00} had just been left in my share saving account, which on a {$100000.00} balance only earned 3.1 $ APY. 
I told XXXX that I had a printout in writing from the Alliant CU website that confirmed that I had a {$100000.00} CD for 18 months at 5.15 %, not 3.1 %. She put me on hold and told me she would speak with her supervisor, XXXX. After she spoke to XXXX, XXXX told me her and XXXX would get with their back office to try and resolve this then call me back. 
XX/XX/XXXX ( XXXX :?? XXXX  ) XXXX called me back and told me there was nothing else the CU would do to help me. I told her that I planned to pursue redress in a few different ways. 
XX/XX/XXXX ( XXXXXXXX XXXX  ) I decided to try one more time to call Alliant CU and resolve this issue one last time. I called and asked for another supervisor in the CD dept. I spoke to XXXX XXXX, who got another supervisor involved also. 
I reviewed my correspondence with Alliant CU and told them that I had the printout and that I had found the letter I received in the mail so I had two documents in writing from Alliant CU that confirmed that I had a {$100000.00} CD for 18 months at 5.15 % APY ( not 3.1 % ). The two women I spoke with were sympathetic and said they would try and get this resolve for me. I gave them until Friday, XX/XX/XXXX to respond before I pursued a complaint with the CFPB. That deadline has past and I have had no response from Alliant CU.

III- The Resolution that I Seek I seek to have Alliant CU pay me the interest due on an 18 month CD, for my {$100000.00} which they have had for the past 18 months, at the rate of 5.15 % APY. The rate they twice have promised in writing that I would receive.

Company response to consumer: Closed with monetary relief