Consumer complaint received 2023-06-30 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Deposits and withdrawals
Company: FIRST CITIZENS BANCSHARES, INC.
State: SC

Complaint narrative:
I opened a new account with CIT Bank due to the posted good interest rates for savings accounts and XXXX mos CDs. I went to the website ( after speaking with a representative on the phone to get some questions answered and add'l details ), to open an account with starting balance of {$25000.00} which was to be withdrawn, XXXX TIME, from my XXXX XXXX account XXXX I completed the online form at which point received info that it could take up to 3 days to validate my XXXX accounts and to look for XXXX small deposits. Once those XXXX small deposits were validated, they'd open the account. 

I checked my XXXX account AND CIT Bank account daily. After a few days, I saw the small deposits and w/drawls to the XXXX account, followed the link to CIT Bank and validated the amounts. At that time, the CIT Bank account showed NO PENDING transactions and my new account balance was {$0.00}. The CIT website AND phone app, showed no $ $ at all scheduled to be coming in or going out. So wanting to fund the new account with {$25000.00} I entered that amount since my XXXX account was now validated. 

On XX/XX/XXXX I saw the $ XXXX leave my XXXX account and post to the CIT Bank account. No problem. Today, XX/XX/XXXX, I logged into XXXX and noticed that I'm overdrawn a little more than {$23000.00} whereas the prior day AFTER the $ XXXX was transferred, I had a couple XXXX remaining in the account. After speaking with XXXX, learned that CIT Bank withdrew ANOTHER {$25000.00} on XX/XX/XXXX which caused the overdraft. [ Fortunately I have sufficient funds in other XXXX accounts to cover the shortfall but that's not the point of this matter ]. 

I called CIT Bank who informs me that it's my fault b/c after I validated my XXXX account, I entered another $ XXXX to be transferred. After several minutes of arguing with them on the matter I gave up. Their online system is GREATLY flawed as there was NO EVIDENCE on either my app or their website that they had even processed the initial $ XXXX or that it was pending or in-process. To the contrary, their sites showed NO ACTIVITY on my account and clicked every single link associated with my account available at that point. Further CIT informs me that once a transfer has started, they can not stop it ( which is garbage especially since I saw this the same day they did this ). CIT goes on to say that I can't do anything ( recoup ) with the XXXX $ XXXX until at least XX/XX/XXXX. I've called XXXX who has initiated a stop payment and while it's not guaranteed to be successful, at least, if they are successful in stopping that XXXX transfer, the funds will be back in my WF account where they belong. 

This is a cautionary story to all to be careful of being lured in by a high interest rate. I'm in the XXXX XXXX and not stupid when it comes to tech and finance. CIT Bank 's website/app and practices are questionable in this regard and I ask the CFPB to further investigate. Thank you

Company response to consumer: Closed with explanation