Consumer complaint received 2023-01-12 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Unexpected or other fees — 
Company: MUFG AMERICAS HOLDINGS CORPORATION
State: IL

Complaint narrative:
Gentlemen - I am reaching out to your organization to complain that I am currently waiting for a check from Purepoint Finnancial, MUFG Union Bank, N.A. XXXX XXXX for over {$100000.00} from closing out a CD on XX/XX/XXXX. I closed this CD two days before my 10 day grace period expired. Today, almost a month later, I have yet to receive my check and I have been notified that I am going to pay a penalty for early withdrawal. Here is the basic timeline of events. My Cd was due for renewal on XX/XX/XXXX. I closed my CD account online on XX/XX/XXXX. I printed out a confirmation that the account was closed on that date and that I would receive the full amount of {$100000.00} by mail within 4 to 14 days. At the latest I would be getting my check by XX/XX/XXXX. Over the holidays I went on vacation and, on my return, I found several messages from Purepoint asking me to call them which I did on XX/XX/XXXX. At that time I was told that I was to pay a penalty of {$110.00} because they wanted me to verify my intention to close the CD by phone even though I had successfully closed the CD on XXXX, XXXX, XXXX. I protested that there was no indication on their website nor on my printed confirmation that I needed to call them to close my CD. As a matter of fact none of their vague phone messages indicated that anything was amiss an I assumed the were just calling with a better rate for a new CD. I asked to talk to a supervisor and was put on hold for 45 minutes. I was then informed that in order for me to close my CD I needed to verify my wishes by phone. I pointed out that there was nothing in the online confirmation that indicated that any further action was necessary. I would have promptly called them if instructed by the XX/XX/XXXX online confirmation. Purepoint grudgingly admitted that they could not produce any documentation calling for a phone verification and I was told that they would phone me XX/XX/XXXX to let me know if they would remove the unwarranted {$110.00} early withdrawal penalty. On XX/XX/XXXX I did not receive any phone call from Purepoint but the y did send me an email that told me that they closed my CD on XX/XX/XXXX and my penalty was now increased to {$130.00}. On XX/XX/XXXX I still had not received my reduced check so I called to ask whether they had cut my check for {$100000.00} and if they had indeed mailed it. Purepoint said that they " thought the check was probably sent out XXXX XXXX XXXX but that it might be lost in the mail. '' when I pressed them for a firm date Purepoint told me that if it wasn't lost I would be receiving a check by XX/XX/XXXX, 14 days from our conversation on XXXX, XXXX. This upset me because if they had closed the CD on XX/XX/XXXX I should be receiving my check no later than XX/XX/XXXX. Essentially they are holding my check in limbo and every time I've called to complain the date has been reset to another 14 days from my phone call. In order to rectify the situation I reached out to my personal banker at XXXX in XXXX Il who directed me to your site. I would like to recover the bogus {$130.00} early withdrawal but at the very least I needed to let you know of Purepoint sleazy tactics to postpone my payout to force an early withdrawal penalty. As of today, XX/XX/XXXX I have not received a XXXX which was due XX/XX/XXXX. Thank you for your time and attention, XXXX XXXX ( XXXX ) XXXX. XXXX XXXX XXXX XXXX XXXX Il. XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief