Consumer complaint received 2025-02-22 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: PENTAGON FEDERAL CREDIT UNION
State: IL

Complaint narrative:
I've been a member with PenFed Credit Union since XX/XX/XXXX. I received a XXXX payment for {$3500.00} from XXXX XXXX on XX/XX/XXXX. XXXX received a wire transfer for {$15000.00} from XXXX XXXX on XXXX I received a XXXX payment for {$3500.00} from XXXX XXXX XXXX XX/XX/XXXX. I received a XXXX payment for {$3000.00} from XXXX XXXX on XX/XX/XXXX. Theres over {$35000.00} in my account when i attempted to login my account on XX/XX/XXXX and it was frozen. I immediately called penfed and they informed me they needed to confirm a transfer for {$10000.00} that i received in my account. They requested me to upload a bank statement from the institution where the transfer came from which is XXXX XXXX. Also they requested a photo id, and my ssn card. I immediately submitted everything they requested. I called them back after i summited all the documents and they said give it 24-48 hours for them to review. I called back on XX/XX/XXXX and they stated They where able to verify my Drivers License, and the bank statement, but my ssn picture was to blurry. So i took a more updated picture of my new ssn card and uploaded it. I spoke with them PenFed they they said the ssn was accepted but now they are requesting for proof of address on my account. So provided a gas bill on XX/XX/XXXX. I called them the next day and they said i needed to Resubmit the picture of the Gas bill because all 4 corners was not showing. So i resubmitted the picture on XX/XX/XXXX. I called PenFed the next day and they stated that my account was closed due to them not being able to verify my identity and them not being able to verify the {$10000.00} transfer. They stated a refund for the balance in my account would be issued to me via check to my address on file. I waited a month and half and proceeded to reach back out to PenFed for a update. They stated the refund can take up to 90 days. I reached back out to PenFed on XX/XX/XXXX They let me know that the refund had not been sent to me due to them not being able to verify the {$10000.00} transfer. Penfed stated that i should reach out to XXXX XXXX  and have them contact them to verify this transaction. XXXX said they attempted to call XXXX XXXX  about the matter but no one picked the phone up. I got a chance to be in contact with the assistant vice president of XXXX XXXX  XXXX XXXX XXXX. She was willing to speak with whoever at PenFed to resolve this issue. She sent all her contact information for them to contact her. They never contacted her. I asked multiple times can they just issue my refund because this process had become very overwhelming and gruesome. They stated that my funds was pulled from the account and placed in liquidation account. They stated my funds would not be released to me and they dont have to disclose any reasoning and rushed me off the phone and hung up. I spent weeks and months calling PenFed to resolve this issue, i asked if i could resubmit documents, come to branch. Just something that will help me retrieve my funds. I also stated to them that if my account was frozen for the {$10000.00} transfer from XXXX XXXX  then why is my other funds frozen of {$25000.00} being held with it. They never gave me a straight answer. Some representatives would say a refund will Be issued. Some said because my identity was not verified. It was always a different answer. I spoke with PenFed on XX/XX/XXXX and One representative stated that i should reach out to the institution that I received the funds from and have them do a reversal of the funds. I reached out to each party i received a payment from. They reached out to there banks which were XXXX  XXXX XXXX, XXXX XXXX, and XXXX XXXX. XXXX  XXXX XXXX stated that it may have been too late to do a reveal but they will attempt to start a claim. XXXX  XXXX stated they will start a claim. XXXX XXXX  stated it was too late for a reversal but they are willing to talk to anyone from pended to resolve. On XX/XX/XXXX XXXX XXXX and XXXX  XXXX XXXX attempted to pull the funds from pen fed and got denied because no funds where available to be pulled. So after learning this i reached out to penfed and they stated that they needed a hold harmless letter and validation of the funds from each institution. Each institution stated they can fax over the letters. Penfed said they dont accept there documents via fax. The instructions would have to go to penfed website and go to there secure upload page and submit the documents that way. They have still not released the funds to me or the institutions.

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