Consumer complaint received 2025-06-28 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: CapitalJ Inc. dba Juno
State: TN

Complaint narrative:
I have email and other documents supporting every reference to a dated document in this complaint. Because they have some personal info, I didn't include them here per CFPB request. If requested, I can send any/all of them. 

I was a banking customer of Juno Finance, a XXXX company that used the now bankrupt XXXX XXXX XXXX as a 'middleman ' between Juno and banking partners. I understand that the CFPB has filed a statement of interest in the XXXX bankruptcy case, indicating their belief that XXXX  XXXX have violated the Consumer Financial Protection Act. I am writing to provide a personal statement regarding the financial harm I have experienced, and the inordinate amount of time consumed writing letters and finding/gathering information, as a result of the account disruptions tied to XXXX XXXX XXXX and XXXX associated partner banks and fintech platforms. 

Some of the wording here has been aided by a template provided by a non-profit group that has been providing advice to those of us who have had funds frozen and/or funds lost throughout this event, but I have modified much of it to better provide details of my own experience. 

Key dates : XX/XX/XXXX : Opened interest-bearing checking account with Juno XX/XX/XXXX : Activated Debit Card, ( " issued by XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XX/XX/XXXX ( 5 days later ) : email from Juno, " Important Update to your Account '' This XX/XX/XXXX email, which reiterated the FDIC protection XXXX to $ XXXX balances, says that " We '' ( as in Juno ) will be transitioning from checking accounts to cash management accounts, and a brokerage account at XXXX XXXX XXXXXXXX XXXX XXXX established on my behalf. Funds in my checking account would transitioned to the brokerage and then to XXXX of XXXX " XXXX '' banks ( none of which listed was XXXX ). This transition would take several months, and account numbers, original debit card, and all functionality would be unchanged for end users ( " seamless '' ), and we will be notified when the transition is complete. 

At the end of the email, there was a sentence reading, " Please click here to review the Notice ''. In addition to this XX/XX/XXXX email, I can provide a copy of the Notice behind that " click here '' link, which apparently was opportunity for the customer opt-out. This document is currently at the link XXXX XXXX XXXXXXXX  and has a paragraph at the end of page XXXX stating : " Your participation in the Program will commence only upon the Program Effective Date and any funds you deposit in your checking account prior to the Program Effective Date will not be potentially eligible for enhanced FDIC insurance above {$250000.00} coverage under the Program. '' I can not be certain that that paragraph was in that document at the time of the email. As of receiving this email, I had been a customer for 2.5 weeks and had a debit card for 5 days. I feel that by burying the access link of this 4-page document at the bottom of the XX/XX/XXXX email, telling me that my new FDIC-insured checking account was about to be managed differently to provide up to $ XXXX FDIC XXXX, but XXXX must be transferred to any number of XXXX program banks via a new XXXX XXXXXXXX account, was deceptive and irresponsible. 

XX/XX/XXXX : Important Update ( from Juno ) - Temporary Disruption of Services Juno says that they were contacted by XXXX  about a disruption in XXXX transfers, wire transfers, and card transactions. 

XX/XX/XXXX : Update on Banking and Card Services ( from Juno ) " Currently, XXXXXXXX XXXX XXXX XXXXXXXX has frozen all card payments. '' Next paragraph has a reiteration of the FDIC protection ( with no mention of customers who deposited funds prior to the new program date not being eligible ) : " As stated in all brokerage account agreements, customer funds in the XXXX XXXX XXXX are deposited in a network of member FDIC banks. Funds held in these banks are eligible for FDIC insurance up to {$250000.00} for each individual account. Additionally, funds held with XXXX XXXX also have XXXX insurance up to {$500000.00}, including {$250000.00} for cash, for each individual account. '' Then Juno refers us to the XXXX XXXX XXXX XXXX XXXX XXXXXXXX, regulator of XXXX, and recommended filing a complaint to XXXX XXXX XXXXXXXX, which I did, where I received a confirmation with no other Federal Reserve communication since . 

XX/XX/XXXX : Latest Updates on Banking and Card Services ( from Juno ) This email is the first of many emails where Juno has become XXXX 'd up ' This email contains summary info that Juno XXXX learned from XX/XX/XXXX, which includes information that was not previously communicated to us. For example : " On XX/XX/XXXX, we were notified that XXXX XXXX, Member FDIC, halted XXXX processing for all XXXX XXXX  accounts, and that XXXX XXXX XXXX XXXXXXXX, Member FDIC, would now process XXXX transactions on behalf of XXXX XXXX. Juno 's end users hold accounts with XXXX XXXX. '' ... this left me wondering, why was XXXX Bank processing ACH transfers anyway? ... Wasn't XXXX  doing that from the beginning? And I thought the XXXX XXXX accounts were a means of transferring user funds to some combination of the XXXX " Program Banks '', and the original intention was not to " hold accounts with XXXX XXXX ''. So then, my funds were in XXXX  transfer brokerage limbo for 7 months, and never made it to any of the XXXX program banks? 

This is the first of many Juno emails that stress that Juno does not and has not ever held customer funds, and in fact, do not even know where customer funds are/were held. But in this email, they said XXXX XXXX holds the accounts. Regarding the next emails from XXXX about its reconciliation, Juno directed them to me because " The only information made available to us concerning end-user balances at this point has been provided by XXXX  via the trial balance report dated XX/XX/XXXX. According to this report your funds seems to be held at XXXX XXXXXXXX XXXX XXXXXXXX. '' So at times, Juno does not know where our funds are held, yet at other times, Juno says they are held by XXXX XXXX, but at other times, Juno says they are held by XXXX.. 


XX/XX/XXXX from XXXX  : Process to return XXXX  XXXX  End User Funds : An email with procedure for getting your funds back from XXXXXXXX XXXX XXXX XXXXXX/XX/XXXX from XXXX  : Return of XXXX XXXX 's End User Funds An email with my unique claimant number and explanation of the procedure to claim my funds XX/XX/XXXX My XXXX  Reconciliation : XXXX  payment = {$0.00} XXXX XXXX XXXX = {$1700.00} My actual frozen checking account balance is {$1700.00}, but this process informs me that XXXX  does not have it. XXXX had an appeal process, which I applied for and was denied. 

From XX/XX/XXXX thru XX/XX/XXXX : Juno provided updates on everything related to the issue, including XXXX bankruptcy trustee hearing dates and status reports, but have stopped all communications as of XX/XX/XXXX, even prior to the bankruptcy case conclusion. I do still have access to my Juno account online. It shows my balance. I paid taxes on the interest in my XXXX income tax return, even though account was frozen for the final 7 months of XXXX. 

XX/XX/XXXX, I sent an email to XXXX XXXX, XXXX for XXXX XXXX XXXX XXXX XXXX bankruptcy, to which I received no response, of course. My most critical complaint from information derived from the status reports, was that partner banks do not appear to have been compelled to cooperate with XXXX another in this bankruptcy process, and it appears that many of them did not even contribute to the proceedings at all. Also, XXXX  information divulged to the court appears to have been simply accepted in good faith. So the final conclusion was that XXXX of millions of dollars are missing, and there is not enough money to go around to pay for the investigative accountants, much less to pay the victims back.

Company response to consumer: Closed with explanation