Checking or savings account -- Managing an account -- Complaint #11917856
Savings Account Closure Dispute with First Citizens Bancshares
Complaint Overview
Complaint ID: 11917856
Company: First Citizens Bancshares, INC.
Product: Checking or savings account
Sub-Product: Savings account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: New York
ZIP Code: 11201
Date Received: 2025-01-31T12:00:00-05:00
Date Sent to Company: 2025-02-05T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Risk Assessment
Risk Level: low
The risk is low as the complaint was closed with an explanation, suggesting a resolution or clarification was provided.
Consumer Sentiment: neutral
Topics: Savings account, Account management, Account closure
AI Analysis
CFPB complaint 11917856 was filed against FIRST CITIZENS BANCSHARES, INC. regarding Checking or savings account (Savings account), specifically about "Managing an account". A consumer filed a complaint regarding a savings account with First Citizens Bancshares, Inc. in New York, which was closed with an explanation. The complaint was received on January 31, 2025 from New York. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should carefully review the explanation provided by the bank regarding the account closure to understand the reasons and any potential recourse.
Legal Context & Consumer Protection Laws
Account closures are generally permissible if conducted according to the terms of service and relevant banking regulations.
Regulatory Insight
Banks must provide clear explanations for account closures to consumers, especially when requested or as part of regulatory compliance.
Resolution Likelihood
unlikely
State-Specific Consumer Protections
In New York, banking regulations may provide specific guidelines on account closure notifications and dispute resolution processes.
Industry Comparison
Practices around account closures can vary among financial institutions, but transparency in explanations is generally expected.
Related Issues
Frequently Asked Questions
What is CFPB complaint 11917856 about?
CFPB complaint 11917856 involves Checking or savings account (Savings account). The consumer reported an issue with "Managing an account", specifically "Deposits and withdrawals". This complaint was filed against FIRST CITIZENS BANCSHARES, INC. on January 31, 2025.
Which company is complaint 11917856 filed against?
Complaint 11917856 was filed against FIRST CITIZENS BANCSHARES, INC.. You can view all complaints against this company on their profile page at /company/first-citizens-bancshares-inc.
What was the company's response to complaint 11917856?
FIRST CITIZENS BANCSHARES, INC. responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 11917856 filed?
Complaint 11917856 was received by the CFPB on January 31, 2025. It was sent to FIRST CITIZENS BANCSHARES, INC. on February 5, 2025.
What state was complaint 11917856 filed from?
Complaint 11917856 was filed from New York. You can view all complaints from this state at /state/NY.
Was the consumer satisfied with the resolution of complaint 11917856?
Dispute information is not available for complaint 11917856.
What product category is complaint 11917856 about?
Complaint 11917856 is categorized under "Checking or savings account", specifically "Savings account". This is one of the product categories tracked by the CFPB.
How was complaint 11917856 submitted?
Complaint 11917856 was submitted via Referral. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 11917856?
Account closures are generally permissible if conducted according to the terms of service and relevant banking regulations. This relates to a Checking or savings account complaint against FIRST CITIZENS BANCSHARES, INC. involving "Managing an account".
How likely is complaint 11917856 to be resolved?
Resolution likelihood: unlikely. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 11917856?
This complaint is rated as low risk. The risk is low as the complaint was closed with an explanation, suggesting a resolution or clarification was provided.
What regulatory actions apply to complaint 11917856?
Banks must provide clear explanations for account closures to consumers, especially when requested or as part of regulatory compliance. The CFPB tracks complaints like this one to identify patterns of misconduct across the Checking or savings account industry.
What should the consumer do about complaint 11917856?
Consumers should carefully review the explanation provided by the bank regarding the account closure to understand the reasons and any potential recourse.
Are there state-specific protections for complaint 11917856?
In New York, banking regulations may provide specific guidelines on account closure notifications and dispute resolution processes. This complaint was filed from New York.
How does complaint 11917856 compare to industry norms?
Practices around account closures can vary among financial institutions, but transparency in explanations is generally expected.
What specific reasons might lead to a savings account closure by a bank?
Reasons can include prolonged inactivity, suspected fraudulent activity, violation of account terms, or the bank's strategic decision to discontinue certain account types.
What should a consumer do if they disagree with the explanation for their account closure?
Consumers can escalate the issue within the bank, file a formal complaint with regulatory bodies like the CFPB, or seek legal advice if they believe the closure was unlawful or discriminatory.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.