Consumer complaint received 2025-01-31 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: WSFS FINANCIAL CORPORATION
State: PA

Complaint narrative:
I am writing to formally request your assistance in resolving an issue with WSFS Bank that has caused significant financial and emotional distress. Below, I outline the details of the matter for your review : On XX/XX/XXXX, I opened a bank account with WSFS Bank at their XXXX, Pennsylvania branch. During this visit, I deposited {$5100.00} in the form of money orders at the branch. The following week, when I attempted to withdraw funds from my account, I was informed that the account had been frozen and was under investigation by the banks Fraud and Risk Department. Since then, this investigation has persisted without resolution, and I have been unable to access my funds for over a month. I have made numerous attempts to cooperate with the bank, including informing them that I personally purchased the money orders from a grocery store. However, they requested evidence that I am unable to provide or obtain, as I no longer have access to receipts or other proof of purchase. The bank later raised concerns about a stamp reading XXXXXXXX XXXX  on the back of the money orders. I explained that I initially attempted to deposit these money orders at my XXXX XXXX account, but the teller informed me that my account had been closed. As part of their process, the teller stamped the money orders before returning them to me, initially they attempted to deposit the money orders but were unable to because my account had issues. I attempted to obtain written confirmation from XXXX XXXX to verify this sequence of events ; however, they were unable to provide such documentation due to internal policies, but only provide a letter from XXXX proving my account has been verified that it is closed. Most recently, on XX/XX/XXXX, I visited WSFS Bank to inquire about the status of the investigation and to provide additional information. Unfortunately, the branch XXXX was uncooperative and dismissive, refusing to provide clear answers about the investigation or the criteria needed to prove the legitimacy of the money orders. This experience left me feeling frustrated and mistreated as a customer. To date, I have been unable to obtain a timeline for the completion of WSFS Banks investigation or access the funds in my account. This prolonged issue has caused significant hardship, and I am seeking a fair and timely resolution. I am respectfully requesting the CFPB to intervene and assist in the following ways : Provide oversight to ensure WSFS Bank conducts their investigation in a timely and transparent manner. Require WSFS Bank to communicate a clear and reasonable timeline for resolving this matter. Ensure that my rights as a consumer are respected, including proper customer service and fair treatment throughout this process. I have made every effort to comply with the banks requests and to provide all available information regarding the money orders. I believe it is unreasonable for the bank to withhold my funds indefinitely without providing clear communication or a resolution timeline. As a follow up there are three points I would like to address previously that XXXX XXXX has responded but did not provide me with the answers to what I wanted from the first complaint I made with CFPB. The bank has not provided any burden of proof that there was any evidence of fraud in the money order. The second point I want to address is that the bank has not yet provided any timeline of how long this investigation will last. The third point I would like to address is the bank is still demanding me to provide more supporting evidence that I am once again and repeatedly told them I am unable to obtain. The response I received was not what I wanted from WSFS bank and I would like to reopen this case again and properly address them. 

As of XX/XX/XXXX WSFS bank did not give me the response that I wanted. I am requesting for alternative solutions to this outcome after my previous submissions to CFPB twice.

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 explanation