Consumer complaint received 2025-02-26 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: CITIZENS FINANCIAL GROUP, INC.
State: OH

Complaint narrative:
The initial check was an insurance claim deposited via mobile deposit on XX/XX/XXXX to Citizens Bank. The initial hold was to be released on XX/XX/XXXX. On XX/XX/XXXX I called asked why the funds were not available. I was told the funds had not been received from XXXX XXXX XXXX. I called my claims adjusted at XXXX XXXX and was told that they had received verification from XXXX XXXX XXXX  that Citizens Bank had sent a digital check and the claims check had been processed. I called Citizens Bank back I was told the hold was extended and was to be released on Friday XX/XX/XXXX because it was deposited into a savings account and not a checking account the would take longer to be released. On XX/XX/XXXX myself and mom called when funds were not available and told the would be available by end of business. Then told later that day that the funds were being held by a XXXX party verification company and were waiting verification from XXXX XXXX XXXX. At which time we were told the hold had been extended until XX/XX/XXXX pending verification. We then sent emails to the insurance company requesting information from XXXX XXXX XXXX  including but not limited to a copy of the check received from Citizens Bank and information on payment/processing of payments. Due to the holiday and closing of banks that upcoming Monday XX/XX/XXXX the initial email to the insurance company was sent on XX/XX/XXXX but not received until Tuesday XX/XX/XXXX and receipt of the email was received from the insurance with plans to loop in their administration and the team at XXXX XXXX XXXX  that directly handles their claims came later that same date. On XX/XX/XXXX at XXXX we received a follow up email including a copy of the check that had been received from Citizens Bank. This email confirmed that XXXX XXXX Bank processes all claims checks as a XXXX  Balance Accounts or XXXX. Funds for all claims checks are processed immediately and funds should have reached the receiving bank within 1 to 2 days thru the Federal Reserve. We spoke to XXXX XXXX XXXX for Citizens Bank customer service department at approx XXXX. At this time we were told that the hold is extended until XX/XX/XXXX unless verification of funds is made thru the originating back, even after explaining we had a copy of the check that Citizens Bank sent requesting payment and that funds were processed thru Federal Reserve. XXXX XXXX XXXX adamant they needed verification from the bank directly. We addressed the fact that those funds are needed as my home was a total loss due to a fire where I have lost everything. I am displaced and am dependent on my insurance to rebuild my life. We also asked if Bank had sent the funds close to a month ago and they were just sitting with the XXXX party for almost a month why would Citizens Bank release them after so long and how we could get this resolved ASAP. If there was someone else up the chain we could speak with or email the supporting email chain and document received. XXXX XXXX XXXX there was no one above him and no email address where consumers could ask questions, concerns or file a complaint or grievance. He did say again that the funds need to be verified. We did ask how long/how many extension holds could they place on these funds, as it appears it could possibly be indefinite even though the money is currently with the Federal Reserve . No definitive answer was given. Sadly, I did everything correctly. My insurance did everything correctly and it seems XXXX XXXX XXXX  did and has given the same consistent information. Citizens Bank however, has repeatedly given incorrect, inaccurate and misleading information and now stating that funds need verification. We did ask if the check could be returned. We were told it could not be returned since the deposit process had began. I am a working student who has to replace everything. I really need help PLEASE.

Company response to consumer: Closed with explanation