Consumer complaint received 2025-10-22 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Funds not received from closed account
Company: OPTUM BANK, INC.
State: NH

Complaint narrative:
Financial Institution : Optum Bank , Inc . 
Product/Service XXXX XXXX XXXX XXXX XXXX XXXX  ) Transferring Institution : XXXXXXXX XXXX Type of Complaint : Unreasonable delay in account transfer ; Excessive and unfair transfer fee. 

1. Complaint Summary I am submitting this complaint regarding Optum Banks deliberate and unreasonably slow processing of a full asset transfer ( direct rollover ) from my XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX. 

The core of the grievance is the significant, unjustified delay between the funds being withdrawn from my XXXX account and the transfer check being mailed. This five-day delay, combined with the subsequent XXXX business day waiting period quoted by Optum Bank , strongly suggests the institution is maximizing its interest earnings on the large float amount, causing me direct financial harm in lost potential investment earnings. Furthermore, I was charged a {$20.00} fee for this delayed and inefficient service. 

Detailed Timeline of Events XX/XX/XXXX I submitted the transfer request to XXXX XXXX. 

XX/XX/XXXX XXXX contacted Optum Bank to request the full transfer of assets. 

XX/XX/XXXX Optum Bank withdrew the entire balance from my XXXX account. The funds were no longer available to me or earning interest. 

XX/XX/XXXX Optum Bank charged a {$20.00} fee for the transfer. 

XX/XX/XXXX Optum Bank mailed the transfer check to XXXX ( 5 business days after withdrawal ). 

XX/XX/XXXX Called XXXX Bank to get the check information, so XXXX could investigate the delay XX/XX/XXXX ( estimate ) Optum Bank stated that the entire process could take XXXX business days after mailing, meaning completion may not occur until XX/XX/XXXX, over three weeks after the request was initiated. 

3. Nature of the Grievance Unjustified Delay and Float Exploitation : There was a five-day delay between the date my funds were withdrawn ( XX/XX/XXXX ) and the date the check was mailed ( XX/XX/XXXX ). During this period, the substantial account balance was held by Optum Bank, earning interest for the bank while being unavailable to me for investment, resulting in significant loss of potential earnings. The overall timeline ( potentially XX/XX/XXXX to XX/XX/XXXX ) for a simple transfer by check is unconscionable. 

Unreasonable Process : The XXXX business day waiting period quoted after the check was mailed is excessively long for standard financial transfers in the digital age, particularly when preceded by a lengthy internal delay. 

Unfair Fee : I was charged a {$20.00} transfer fee for a process that was intentionally delayed and inefficiently managed by the institution. 

4. Requested Resolution I respectfully request the following actions to resolve this complaint : Immediate Completion : I request that Optum Bank immediately take all necessary steps to ensure the transfer is completed without any further delay. 

Fee Reimbursement : I request a full refund of the {$20.00} transfer fee charged, as the service provided was unacceptable and harmful to my interests. 

Compensation for Lost Earnings : I request compensation for the interest lost due to the unjustified holding of my funds between XX/XX/XXXX and the date the funds are finally credited to my XXXX account. 

I look forward to the CFPB addressing this matter and ensuring that consumers are protected from financial institutions that exploit transfer float to the detriment of their clients.

Company response to consumer: Closed with explanation