Citizens Bank: we're dropping them

[oldgraygeek]

Mrs. OGG and I were happy customers at Citizens Bank for 15 years, and then we got screwed.

Some scammer got ahold of our bank account number and put through a fraudulent ACH transfer (like a fake check) back in June for just over $300. We spotted it online right away, and reported it to the bank within a day or two after it happened.
And then... they didn't give us the money back for almost 4 months. They kept telling us that they had to recover the money from the other bank first.
Only problem is that the law says they have to refund us the money regardless of whether they recover it or not.

After the first 30 days, I told them we were reporting them to the FDIC... and then I did... and the FDIC referred the complaint to the CFPB, and the CFPB contacted the bank... and the bank called me earlier this month to say, "So, we see you filed a complaint with the CFPB."
I replied, "Yes I did. I hope it costs you a lot of time and money. What time tomorrow will I have my money?"
"We don't know when the credit might be processed."
"Then why are you wasting my f***ing time on the phone? Stop d***ing around and get me my f***ing money!" (As you can see, after 3+ months, I stopped being polite).

We finally got the credit in our account, so we're closing all our Citizens accounts this weekend.

If they would rather lose a 15-year customer with a 12-year-old business account than obey the law and part with $300, they might be in financial trouble. Run for the hills.

[Grettski]

After 3 plus months polite goes out the window. I'm glad you're finally whole. My wife and I have been with Dover Federal since I got stationed at DAFB in the early 90's. Couldn't be happier.

[CorBon]

There used to be the mentality that it was cheaper to retain a current X than it was to get a new X.  That model is supported by numerous studies, graphs, and so forth.  That model works whether it's customers or employees.  However, in my opinion, the mobile telephone industry through all of that out -- and now it's just the standard operating procedure to seek out the new X at the cost of ignoring the current X.  Whether you've been there for fifteen months or fifteen years, they'd rather spend time and money chasing me and trying to convert me -- than spend a minute or a nickel trying to keep you.  And most employers seem to operate the same way.

Of course, a tin-foil hatter like me even believes that the government is trying to replace us with newer models from other countries ...

[oldgraygeek]

By now, we weren't ever expecting to get this money back. Fortunately, we really didn't need the money. We're doing OK.
Imagine if they did this to someone living paycheck-to-paycheck, and made it hard or impossible to feed their kids, pay their rent, or keep their car insured.

Regardless, it's the law. They pretended not to understand their obligations under FDIC regulations, broke the law, and lost a good customer over three hundred lousy bucks.

[Sinker]

Good for you; glad it got resolved.  Hope they take a hit for this type of behavior, but I'm not holding my breath.