Checking or savings account -- Closing an account -- Complaint #4399614
Complaint Overview
Complaint ID: 4399614
Company: SLM Corporation
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-Issue: Funds not received from closed account
State: Maryland
ZIP Code: 20815
Date Received: 2021-05-23T12:00:00-05:00
Date Sent to Company: 2021-05-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I was the holder of an 18 month CD maturing on XX/XX/2021. Sallie Mae Bank failed to provide, in any manner, notice of CD maturity as required by section 1030.5 ( b ) ( 1 ) of the CFPB regulation ( for time accounts that renew automatically at maturity ). Because of Sallie Mae 's breach of this requirement, I missed the stated maturity date by a few days, and notified Sallie Mae of my election not to renew. Sallie Mae has wrongfully imposed the interest penalty for a certificate-holder 's failure to give timely notice of non-renewal. The CFPB requirement for a bank to give at least 30 days notice of impending maturity is obviously intended to give a certificate holder time and practical opportunity to timely elect renewal or non-renewal of a CD. Since Sallie Mae did not give the required notice, it is not entitled to collect an interest penalty, and thereby benefit from the bank 's own fault. Salle Mae 's representative claims that the bank gave notice by email. I did not receive any such email from Sallie Mae ( and indeed have never received any email or written communication at any time from Sallie Mae concerning the CD ). ( I do not use any email blocker that would have blocked any email communication from Sallie Mae. ) In any case, it is the bank 's regulatory obligation to use a practically effective means to " mail or deliver '' notice of maturity.
Frequently Asked Questions
What is Complaint #4399614 about?
Complaint #4399614 was filed against SLM Corporation regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2021-05-23T12:00:00-05:00.
How did SLM Corporation respond to this complaint?
The company responded with: "Closed with explanation". 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 SLM Corporation?
Yes, visit the SLM Corporation company profile at readthecomplaint.com/company/slm-corporation 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.