Consumer complaint received 2018-10-25 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Closing an account — Company closed your account
Company: EVERBANK, NATIONAL ASSOCIATION
State: TX

Complaint narrative:
EVERBANK - now known as TIAA Bank, by a merger or acquisition, of EverBank by TIAA FSB is  the financial institution that cheated me out of most of the {$15000.00} principal of my Certificate Of Deposit. I understand the formal name is TIAA FSB. The acquisition took place in XX/XX/XXXX and the name change in XX/XX/XXXX.

I opened, in XX/XX/XXXX or XX/XX/XXXX, a {$15000.00} " WorldCurrency '' Certificate Of Deposit with EverBank when its headquarters building was located in New York State, and the currency EverBank recommended, and that I agreed to use, was XXXX XXXX. I sent EverBank a check for {$15000.00} or used a wire transfer of some kind, to make the deposit. 
The money deposited was to be used, I was told, to buy XXXX government " bonds '' of some kind, that were paying about 15 % annual interest rate, and that the amount of the CD would grow fast with re-investment of the proceeds. Monthly and/or quarterly statements were sent to me until XX/XX/XXXX showing the interest being paid on the CD and the re-investment ostensibly occurring. 

On or about XX/XX/XXXX -XX/XX/XXXX, EverBank abruptly closed my WorldCurrency CD, without my consent - a " forced closing '' of my CD by EverBank - not by me, and returned about {$4100.00} to me. The rest of the money was kept by EverBank - that is, all the rest of principal and all the ostensible " interest '' earned. EverBank just terminated the CD deposit and took most of my money. I lost almost {$11000.00} in principal and all of the supposedly earned interest. The total loss was about {$18000.00}. The FDIC would not reimburse me, ever. 

I contacted EverBank many times by telephone and asked for my money back and I was told by employees, who would not give their names to me, that there would be no more money refunded, and there was nothing that could be done. No real compensation was ever developed by litigation either, so I remain cheated out of about {$11000.00} principal and about {$18000.00} in interest plus principal. 

There was a " class action '' lawsuit, XXXX XXXX EverBank, filed by a WorldCurrency  CD customer, against EverBank in Federal Court in XXXX XXXX California Federal District Court, in XX/XX/XXXX, and this was eventually settled for a small amount of money, and a check for about {$400.00} to {$450.00} was sent to me by the funds distribution company appointed by the Federal Court Judge in the lawsuit. I did not endorse or negotiate the check, because I didn't want to accept such a small amount of money, tiny really, and compromise my rights. I still have the check. 

The top executive at EverBank admitted I had been cheated in his own Declaration that he signed, filed in the lawsuit record : On XX/XX/XXXX, EverBank 's Executive Vice President, XXXX XXXX filed a declaration to the court in response to the lawsuit. In the declaration, XXXX admitted that a total of XXXX investors lost {>= $1,000,000} as a result of Everbank 's forced closing of their XXXX XXXX denominated " CDs ''. That averages out to a loss of about {$18000.00} per account. I am one of those customers who lost his investment because of EverBank 's forced closing of my CD.

Company response to consumer: Closed with explanation