Checking or savings account -- Closing an account -- Complaint #4969480
Complaint Overview
Complaint ID: 4969480
Company: SLM Corporation
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-Issue: Can't close your account
State: Texas
ZIP Code: XXXXX
Date Received: 2021-12-02T12:00:00-05:00
Date Sent to Company: 2021-12-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX I provided a written request via Sallie Mae 's online portal for the closure of my CD account and gave instructions to XXXX XXXX on where to transfer the proceeds. The account matured on XX/XX/XXXX, and this fell within their terms and conditions regarding the closure of my CD account which may be closed up to 30 days prior and no later than 10 days after. I had successfully closed a CD account on XX/XX/XXXX with this exact same method. On XX/XX/XXXX I received a response from XXXX XXXX, with a counter offer and a threatening remark that my CD account would renew if I did not respond within 10 days of maturity. I unfortunately did not receive this reply until after this time period expired. Based on my written request to close the CD I expected the CD to be closed. I'm now told that my CD has automatically renewed with no recourse other than penalty. I asked for additional clarification in their terms and conditions and I received a response from a compliance analyst XXXX XXXX citing the relevant agreements and their ties to XXXX XXXX XXXX. Unfortunately I can't find clear terms in their agreements regarding why my account should have not been closed when I made the request on XX/XX/XXXX as they had done with my prior account. I'm lucky to have 20+ years in the banking and regulatory environment and some of Sallie Mae 's responses were concerning to me, particularly if I had been a typical consumer. I'd be more than happy to provide these to you. Thank you for your time and help.
Frequently Asked Questions
What is Complaint #4969480 about?
Complaint #4969480 was filed against SLM Corporation regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2021-12-02T12:00:00-05:00.
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.