Webster Bank, National Association Corporate

Complaint ID: 6353206

Product: Checking or savings account

Sub-Product: Savings account

Issue: Managing an account

Subissue: Funds not handled or disbursed as instructed

Company: WEBSTER BANK, NATIONAL ASSOCIATION

Complaint: I opened a high-yield savings account to take advantage of the 3.75 interest rate. Shortly after transferring funds into the account another bank account that I owned by a different bank XXXX direct offered a higher interest rate. And I initiated a transfer from brio direct to my XXXX account. 2 days later I received an email from brio direct stating that my account transfer was under review and my access to my account was locked. I contacted Webster Bank operator of XXXX XXXX and they said my account was under review but I should hear something by the next day or two. I contacted brio direct multiple times in the following days and was always told my account was under review and nobody could speak with me about it. I submitted a copy of my driver 's license and bank statement on XX/XX/XXXX as requested and XXXX XXXX said they had received the documents and my account was still under review. And they said it would be a week or so and there was nothing I could do and they did not need any more information. I offered for them to transfer the funds back to the accounts they had come from but they said the account is locked and nothing can be done and the compliance department works at their own speed. it's been almost 2 weeks since the initial account locking and what I spoke with XXXXXXXX XXXX today XX/XX/2022 they said the XXXX department XXXX XXXX bank was still reviewing the account and they had no estimate on when I would be able to view my account or access my funds. I feel like brio direct has locked my account is holding my funds XXXX. And they can not give me a reason why it is being held or when they will be released. after having this issue I found they a lot of XXXX XXXX customers are having this same issues with this bank locking their account and holding funds when the customer tried to withdraw any funds from their account.

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

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Complaint ID: 7222017

Product: Checking or savings account

Sub-Product: Checking account

Issue: Managing an account

Subissue: Deposits and withdrawals

Company: WEBSTER BANK, NATIONAL ASSOCIATION

Complaint: On XXXX I had two transactions come through my account that required my overdraft protection to be used. The money was transferred and items were paid. The next day I got an email that I would be getting two overdraft fees for these items despite the fact that they were paid. Their overdraft protection policy is that no fee is assessed when it is used to cover transactions as you will be charged interest for the amount used. I was assessed 2 fees and reached out for an explanation which did not make sense. I asked for further explanation and continue to wait. I do believe that this bank is charging consumers unnecessary fees to inflate their revenue.

Company Response: Closed with monetary relief

Timely Response: Yes

Consumer Disputed: N/A

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Complaint ID: 6890358

Product: Checking or savings account

Sub-Product: CD (Certificate of Deposit)

Issue: Opening an account

Subissue: Didn't receive terms that were advertised

Company: WEBSTER BANK, NATIONAL ASSOCIATION

Complaint: Earlier today XX/XX/23 I tried opening a CD account with XXXX XXXX powered by Webster Bank XXXX NA '. I followed all their instructions and completed the application, later I got an email saying my application was rejected. I was concerned if not disappointed, and immediately called the bank and spoke to a couple of the staff members, including the lady who pickup the phone, XXXX, and the manager himself, XXXX XXXX XXXX. I told them I had provided all the personal information and whatever details they required, and that there's absolutely nothing wrong with my identity and or my credit record, and if there was anything wrong to please let me know, so I may correct it and complete the process. Because, as far I know, I do have an excellent credit record, not to mention my financial background, leave alone my identity. I believe they pretty much are consistent and also speak for themselves, should they or anyone goes checking to verify. The aforementioned financial institution should not be advertising something they can not provide, and they should not be gathering valuable information without taking care of their responsibilities. It is only fair that after I take the time to complete their online forms and provide them with my personal details that If I get rejected then I should know exactly why. I asked XXXX XXXX XXXX, the manager, to please write an email about the bank 's final decision and he refused, he refused to cooperate and or offer a viable solution. The bank 's games the bank 's own rules. He told me that if I was concerned I should not bother doing business online. It seems improper, if not unethical, for these banks to be gathering sensitive information about potential clients and being rejected for no apparent cause. If there is then let people know. There should be no mystery, everything should be clear and transparent to anyone who takes the time to apply and follow all their instructions, especially someone who, through very hard work diligence, has managed to build an outstanding credit record and has no identity issues. I am also very concerned about how this information can used or misused.

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

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