Consumer complaint received 2025-02-19 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Can't close your account
Company: Self Financial Inc.
State: WA

Complaint narrative:
Description of Events : XX/XX/XXXX2023 : I received a payout from my Self Financial Credit Builder Account, which was deposited into my checking account ending in XXXX. 
XX/XX/XXXX 2025 : I submitted a formal request to Self Financial to remove the outdated checking account ending in XXXX from my profile, as I no longer have access to this account and am concerned about potential security risks associated with outdated financial information remaining linked to my account. 
XXXX XXXX, 2025 : Self Financial responded, stating that they are unable to manually remove payout accounts once they are added, citing compliance with the Gramm-Leach-Bliley Act ( GLBA ) and the Fair Credit Reporting Act ( FCRA ) as the reason for retaining this information. 
XXXX XXXX, 2025 : I replied, expressing my concerns about the inability to remove outdated and potentially insecure payout methods and requested a clear explanation or policy documentation supporting this practice. 
XX/XX/XXXX2025 : Self Financial reiterated their position, stating that they retain personal information to comply with legal obligations and to detect and prevent fraudulent activities. They did not provide specific policy documentation or a satisfactory explanation addressing my concerns about outdated payout methods. 

Violation of Consumer Financial Data Rights and Lack of Transparency : Self Financials refusal to remove an outdated and potentially insecure payout account from my profile directly undermines my right to control my personal financial information. This practice raises significant concerns regarding data security and transparency : XXXX. Violation of Personal Financial Data Rights : The Consumer Financial Protection Bureau ( CFPB ) finalized the Personal Financial Data Rights Rule on XX/XX/XXXX2024, under Section XXXX of the Dodd-Frank Act. This rule ensures that consumers can access and manage their financial data, including the ability to remove outdated or unwanted banking information. By denying my request to remove the obsolete account, Self Financial may be infringing upon my rights as outlined in this rule. 
XXXX. Misuse and Retention of Consumer Data : The Gramm-Leach-Bliley Act ( GLBA ) requires financial institutions to protect the confidentiality and security of consumers nonpublic personal information. Retaining obsolete banking information without providing an option for consumers to remove it may contravene the data protection principles established by the GLBA. 
XXXX. Lack of Transparency and Informed Consent : At no point during my interactions with Self Financial was I informed that adding a payout account would result in its permanent retention without the option for removal. This lack of disclosure and transparency violates consumer protection laws that mandate clear communication of terms and conditions, ensuring consumers can make informed decisions about their personal data. 

In summary, Self Financials policies and practices regarding the retention of outdated payout accounts not only compromise the security of my personal financial data but also violate my rights to control this information. The companys lack of transparency further exacerbates the issue, as I was not informed of these restrictive practices prior to adding my payout account.

Company response to consumer: Closed with explanation