Consumer complaint received 2025-06-20 00:00:00
Product: Checking or savings account — Savings account
Issue: Closing an account — Company closed your account
Company: FIRST CITIZENS BANCSHARES, INC.
State: VA

Complaint narrative:
CIT Bank closed my high yield online savings account with a balance of {$450000.00} on XX/XX/XXXX without my permission or any notification, stating that I did not validate the identity of my joint owner ( my wife ). I opened this account in XXXX of XXXX and DID in fact upload the required documentation ( social security card, driver 's license ). In XXXX of XXXX ( 21 months after account opening ), the bank sent me a letter saying they'd close the account within a month if I didn't upload identity verification information for my joint owner, which I had done at account opening. I called and spoke with them and they said " this happens sometimes - just re-upload the same docs. '' I did so ( while on the phone with the customer service agent ) and they verified they got the info and that nothing further was needed, but if it was, they'd call me back. 

Three months later, they closed my account without any notification, when I have every account alert turned on ( balance changes, deposits, withdrawals, etc. ). The only information I got was an email that said " your transaction confirmation document is available online. '' When I looked at it, it just said this is a confirmation that all funds ( {$450000.00} ) have been withdrawn. No explanation as to why or where the money went. I immediately submitted a secure communication note to them thinking it was fraud ( as they were not open yet ) and changed my password. I called when they opened and the agent said they closed the account because I didn't verify my joint owner 's info. I asked where the funds were and the agent said they mailed ( via US Mail, with no tracking or insurance ) the check. I confirmed with her what address they sent it to. The next day, I got a call from the owner of the house I used to live in ( 2+ years ago ) that he had received a FedEx package with a " very large check. '' CIT bank sent the check to THE WRONG ADDRESS, even after I called and asked what address they would send it to. I changed my address in their system in XX/XX/XXXX and the agent confirmed they had my current address, but mailed it to the former address from 2 years ago. They also put both my name and my wife 's name on the check and on the package. So if they felt my joint owner 's identity was not verified, why didn't they just remove her from the account? And why did they leave her name on the check? 

Luckily the owners of the house where you sent it were able to get my phone number and contact me then I was able to have someone who lived nearby pickup the check. 

Given the balance of the account and the high interest rate, I lost out on {$1000.00} in interest for the time it will take to get the check, deposit it in a new account and start earning interest. 

In my opinion, they have violated XXXX policies ( taking 2+ years to verify a customer 's identity! ) and also my privacy by sending the check to someone else. I will be sending a letter to their XXXX regulator as well as a letter to the XXXX, XXXX XXXX, and XXXX XXXX XXXX as well as telling everyone I know to NEVER bank with this company.

Company response to consumer: Closed with explanation