Checking or savings account -- Managing an account -- Complaint #15324429
Complaint Overview
Complaint ID: 15324429
Company: Citizens Financial Group, INC.
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-Issue: Problem with renewal
State: Rhode Island
ZIP Code: 02816
Date Received: 2025-08-15T12:00:00-05:00
Date Sent to Company: 2025-08-15T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX of XXXX I opened a CD with an interest rate of approximately 4.5 % with Citizens Bank. I was concerned about what would happen at maturity so I looked up the FAQs. Here are the FAQs directly from the current https : //www.citizensbank.com/ website : What happens when my CD automatically renews? If you take no action during your XXXX grace period, your CD will automatically renew for another term. Each renewal term will be the same as the original term, beginning on the maturity date. For example, if you had an existing XXXX CD and took no action during the grace period, the CD account would roll into another XXXX term. The interest rate applied will be based on what is presently offered and may differ from the prior term. The new maturity date would be set based on the renewal date. I think any sane person would read that and assume that the CD would roll into a new CD at the current rate for a CD with a comparable term. Instead of doing that, Citizens put me into an 8 month CD at .1 %. It took me a few months to notice because I had it isn't something I check frequently. I never received any notifications or phone calls from Citizens that it was going to renew. And certainly no indication that it would renew at such a low rate. I called customer service twice to ask for something to be done. They said that there was nothing that could be done. My only options were to close the CD and pay a penalty of loss of interest and a {$67.00} " transaction fee '' or to wait for the CD to mature. I repeatedly asked to escalate and speak to a manager for additional options and none were provided. The only concession offered was that they would make me an appointment at the bank to meet with a sales person about possible rate options at the end of the maturity. At a very minimum I think they should be forced to change the FAQ to represent that the new rate they would roll into would be an extremely unfavorable rate.
Frequently Asked Questions
What is Complaint #15324429 about?
Complaint #15324429 was filed against Citizens Financial Group, INC. regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2025-08-15T12:00:00-05:00.
How did Citizens Financial Group, INC. respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Citizens Financial Group, INC.?
Yes, visit the Citizens Financial Group, INC. company profile at readthecomplaint.com/company/citizens-financial-group-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.