Checking or savings account -- Managing an account -- Complaint #5631057
Complaint Overview
Complaint ID: 5631057
Company: Bank Ozk
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: Arkansas
ZIP Code: 72205
Date Received: 2022-06-03T12:00:00-05:00
Date Sent to Company: 2022-06-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I opened a new checking account with Bank OZK using their website to open and establish the account. In doing so I transferred money from a different banking institution to establish the new account with Bank OZK. Bank OZK initiated the transfer from my outside account and the funds left my outside bank account. However Bank OZK then rejected the deposit into my new account because they said my account was " not verified ''. Since then Bank OZK has told me that I needed to go to an in-person Bank OZK location to verify my account so the 'restriction ' placed on my account opened online could be removed. This restriction was the reasoning given for why the deposit was rejected. I was never provided any communication that going to verify my new bank OZK account was a requirement of opening an account online. The transfer was initiated 2 days after i opened the account online and was 'rejected ' by Bank OZK that same day. This means i would have had to go to an in-person location the very next day to verify my account in order to have possibly prevented the transfer from being rejected. I was never notified by Bank OZK that the transfer was rejected. I have not yet gotten the initial transfer returned to my outside bank account. I have made multiple phone calls to both banks, and have requested multiple ACH trace numbers to determine the status of the missing funds. Bank OZK 's current system for establishing new accounts online does not work. They should not initiate transfers for new accounts if their system then will not accept them.
Frequently Asked Questions
What is Complaint #5631057 about?
Complaint #5631057 was filed against Bank Ozk regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2022-06-03T12:00:00-05:00.
How did Bank Ozk 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 Bank Ozk?
Yes, visit the Bank Ozk company profile at readthecomplaint.com/company/bank-ozk 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.