Checking or savings account -- Managing an account -- Complaint #4749311
Complaint Overview
Complaint ID: 4749311
Company: Investors Bank
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Fee problem
State: New York
ZIP Code: 11101
Date Received: 2021-09-23T12:00:00-05:00
Date Sent to Company: 2021-09-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Investors Bank officially acquired XXXX XXXX XXXX in XXXX of XXXX. As part of the terms of the merger, Investors Bank agreed to maintain a Service Appreciation Program ( A Program that allowed for Program members to maintain any checking account chosen by them to be hold permanently free of charge ) created by XXXX XXXX XXXX for checking account holders who had the feature on the account at the time of the merger. Since then Investors BanXXXX has removed the fee waiver from my account, modified the account type, and has continued to charge monthly fees without providing any sort of written notice of the discontinuance of the discount/promotion that was agreed in writing to be transferred to Investors Bank as part of the merger agreement. As no written notice was given, the bank is in violation of CFR subsection 1005.8 and 1005.7 ( b ), part i, which states : 12 CFR 1005.8 - Change in terms notice ; error resolution notice. ( 1 ) Prior notice required. A financial institution shall mail or deliver a written notice to the consumer, at least 21 days before the effective date, of any change in a term or condition required to be disclosed under 1005.7 ( b ) of this part if the change would result in : ( i ) Increased fees for the consumer ; Bank Terms from XXXX XXXX XXXX and Investors Bank : XXXX XXXX XXXX -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- " Service Appreciation Program* At XXXX XXXX XXXX XXXX we appreciate the valuable contribution made to our community by our Veterans, Active Military Personnel , Police Officers, Firefighters and First Responders. We salute their efforts with our special " Service Appreciation Program. '' We're proud to offer these heroes with a point premium above our annual percentage yields. This is a lifetime benefit which also includes free personal checking**. *Our Service Appreciation Program is only available to U.S. Veterans, U.S . Active Duty Personnel, Police Officers, Firefighters and First Responders with proper identification of service. 1/4 point premium applies only to Personal Deposit Accounts and will be added to the standard current annual percentage yields offered at account opening and will apply for the life of the account. For Variable Interest Rate Accounts- the 1/4 point premium will be above the standard current annual percentage yields offered as annual percentage yields change. For Certificate of Deposit ( CD ) opened as part of this promotion, if Certificate of Deposit is renewed at maturity, the 1/4 point premium will be added to the annual percentage yield available on the Maturity Date. Minimum opening balance and balance to avoid service charges : Savings Accounts- {$1000.00} ; Money Market Accounts - {$2500.00}. Certificate of Deposits : {$1000.00}. Certificate of Deposits- early withdrawal penalty will be imposed for withdrawals prior to maturity. Fees may reduce earnings on an account. **FREE Checking Account applies only to XXXX XXXX XXXX Personal Checking Accounts for Veterans, Active Duty Military, police officers, firefighters and first responders only. No minimum balance requirement, no monthly service charge and no activity fee. Other fees may apply. To obtain the Service Appreciation Program offers, accounts must be opened by XX/XX/XXXX. Call a Customer Service Representative for all details. Investors Bank -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Q. IF I CURRENTLY PARTICIPATE IN THE XXXX XXXX XX/XX/XXXXSERVICE APPRECIATION PROGRAM AS A U.S. VETERAN, U.S. ACTIVE DUTY PERSONNEL, POLICE OFFICER, FIREFIGHTER OR FIRST RESPONDER, WILL MY BENEFITS CONTINUE AFTER THE CHANGE TO INVESTORS BANK? A. The benefits of your existing account will remain the same at this time.
Frequently Asked Questions
What is Complaint #4749311 about?
Complaint #4749311 was filed against Investors Bank regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2021-09-23T12:00:00-05:00.
How did Investors Bank 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 Investors Bank?
Yes, visit the Investors Bank company profile at readthecomplaint.com/company/investors-bank 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.