Consumer complaint received 2023-06-28 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: FISERV FINXACT CORE
State: IL

Complaint narrative:
Dear Consumer Financial Protection Bureau, I am writing to report a deeply troubling and distressing experience I have had with Money Network Financial, specifically regarding the closure of my account, the delayed refund process, and the subsequent bounced check. This incident has had a severe impact on my financial well-being, as the deposited amount in the Money Network account was my paycheck, which I rely on to cover my rent and living expenses as a new graduate residing in the costly city of XXXX. 

On XX/XX/2023, I contacted Money Network Financial to request the closure of my account which has an amount of {$30000.00}, as I had made the decision to switch to a different financial institution. The representative acknowledged my request and indicated that the account would be closed and the deposit refund processed by XX/XX/2023. However, despite the account balance reflecting XXXX, I did not receive the refund check until XX/XX/2023, after a distressing wait of 53 days. 

During this prolonged period, I reached out to Money Network Financial 's customer service numerous times, expressing my frustration and the urgent need for the refund to cover my rent and living expenses. Regrettably, instead of addressing my concerns and providing transparent information, their representatives consistently offered false explanations and made up excuses for the delay in issuing the refund check. These dishonest practices only heightened my distress, knowing that I would not have sufficient funds to meet my financial obligations. 

Finally, on XX/XX/XXXX, I received the long-awaited refund check, which I immediately deposited into my XXXX XXXX account XXXX XX/XX/XXXX. However, to my utmost astonishment, on XX/XX/XXXX, I discovered that Money Network Financial had bounced the check, amounting to over {$30000.00}, without any explanation or justification. This deliberate action of bouncing the check by Money Network Financial, a supposedly FDIC-insured financial institution, can only be described as an act of fraud and deception. 

I am aware that there are regulations in place to ensure prompt resolution and protect consumers in such situations. Under the Uniform Commercial Code ( UCC ) and the Electronic Fund Transfer Act ( EFTA ), banks are obligated to exercise good faith, use reasonable care, and honor their contractual obligations to customers. Dishonoring a check without a valid reason can result in legal and regulatory consequences, including liability for damages incurred by the customer.

Given the severity of the situation, I kindly request the Consumer Financial Protection Bureau to initiate a thorough investigation into Money Network Financial 's practices. I believe that their actions, including the intentional bouncing of a substantial check, not only violated banking regulations but also demonstrate unfair, deceptive, and potentially fraudulent behavior.

I implore the Bureau to take appropriate enforcement actions, including imposing penalties, fines, and other disciplinary measures to hold Money Network Financial accountable for their actions. Additionally, I request that you ensure restitution is made to affected customers who have experienced financial hardship and stress as a result of this egregious misconduct.

Thank you for your attention to this urgent matter. I eagerly await your response and trust that the Consumer Financial Protection Bureau will take swift and decisive action to address the concerns raised and protect consumers ' rights. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation