A US Bank Customer Now Loses Money After Unexpected Closure

A US Bank customer now loses all of their money after an unexpected account closure, according to a Reddit user report.

The US Bank customer says $59,000 of their own money has gone missing after their account was abruptly closed.

The customer says they have been trying to get their money back for four months now.

Posting to the communityย r/personalfinance, the consumer wrote: “US Bank closed my account at the end of August and still hasn’t returned the funds back to me.”

In their post, they recalled that their account was closed following an audit, and that US Bank sent a check for the balance of $59,000 to the address on file.

“The address that was on file at the time is a non-functional address, so any mail sent to that address would have been returned to the sender,” wrote the Redditor.

They say they called “multiple times” to update it to a new address, but were told by US Bank that the new address is not on file.

“Every time I call it’s a different story,” wrote the customer.

“First they said they had to mail me paperwork in order to put a stop payment on the check. I never got that paperwork.

“Then they said there was fraud on my account and I had to step into a physical branch to resolve this.

“There are no physical branches in the state I live in,” they added.

The Redditor added that they also contacted his old bank from which he wired the money to US Bank to recall the transaction, but US Bank told them the account was closed and there were no funds in the account.

“I had just spoke to somebody else over the phone just now and she said that she put a request in to have a cashier’s check mailed to my correct address; I had given her my correct address,” said the customer.

‘This is the third time I have given them my address to update my account. She said I would get a check in 15 business days.

‘I told her that I was told before I had to step into a branch to resolve this, I asked if I still needed to do that she said, “no.”

“I have heard the same nonsense from them for 4 months now so I do not believe they are going to send this to me,” concluded the user.

Also Read: A US Bank is Now Denying Customers Access to Money

Other Banking News Today

Market News Today - A US Bank Customer Now Loses Money After Unexpected Closure.
Market News Today – A US Bank Customer Now Loses Money After Unexpected Closure.

A Fidelity customer now reports missing a whopping $75K after the bank had shut down their account without warning or explanation.

The anonymous consumer claims they have complied with all the bank’s requests but still to no avail, reports The-Sun.

The Reddit community /fidelityinvestments is an unofficial support hub used by customers of Fidelity – the multinational financial services and asset management firm.

Over 82 million Americans have some kind of account with Fidelity – whether that be a brokerage account, a 401K, or a regular savings account.

But one customer recently claims they ran into a huge issue after they transferred $75,000 to a Certificate of Deposit (CD) with Fidelity.

A CD is an investment product that can deliver interest on a lump-sum amount over a long period of time.

As Reddit user Local_Ad_3951 explained in a post to r/fidelityinvestments, they had transferred $75,000 to Fidelity to invest into a CD after selling their house.

“I opened an account with Fidelity after my sister recommended them because she’s had her account with them for 20+ years,” wrote the user.

“Two weeks after transferring $75k into my new Fidelity account, they inform me that the account is suspended and they won’t give me a reason.”

The Redditor claimed that Fidelity was refusing to return their money.

“Now they refuse to return my money!” they wrote, claiming: “I have called them multiple times trying to get my money back.

“They tell me I need to send them proof of this, that, and the other all of which I have complied with, only to be told later that they still can’t return my money.”

The Redditor claimed that they had sent the bank two forms of their government-issued photo ID, a copy of their bank statement showing where the funds had come from, and a utility bill as a proof of address.

Sometimes, accounts and transactions are accidentally flagged by banks for fraud, money-laundering, or other serious issues, reports The-Sun.

“In further comments, the Redditor revealed that they were no longer in the US and that they owed back taxes.

Although these are not necessarily against the rules of every bank, they can be reasons why a transaction could be flagged for suspicious activity.”

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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Market News Today - A US Bank Customer Now Loses Money After Unexpected Closure.
Market News Today – A US Bank Customer Now Loses Money After Unexpected Closure.

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