Checking or savings account -- Closing an account -- Complaint #6198842
Complaint Overview
Complaint ID: 6198842
Company: Upgrade, INC.
Product: Checking or savings account
Sub-Product: Checking account
Issue: Closing an account
Sub-Issue: Funds not received from closed account
State: California
ZIP Code: 92131
Date Received: 2022-11-13T12:00:00-05:00
Date Sent to Company: 2022-11-13T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Company Name : Upgrade Inc. Company website : www.upgrade.com Company profile : Upgrade is a financial technology company, not a bank. Checking and savings accounts provided by XXXX XXXX XXXX XXXX type : XXXX, XXXX company I opened a reward checking account with Upgrade Inc. on XXXX and on XXXX, I received an email from them saying my rewards checking account has been suspended and debit card was closed. When reaching out to their customer support for account closure reason, they just told me it is the underlying bank decision. I was also told the account closure may take 60 days. At the time of the account closure, I have {$1400.00} balance on my account and I also earned {$68.00} in the month of XXXX. It has been XXXX weeks since my account closure and I have had ZERO communication from the company regarding my account balance. I know these XXXX company always say they are NOT a bank so they don't need to follow strict banking rules. When dealing with consumer asset, they have more leeway on whatever they want to do. I want to make other consumers and CFPB to be aware of the situation so they don't fall victim of such treatment. I would like to get an explanation on why it is taking so long to get a refund check when consumer account is closed by the XXXX XXXX and how much longer I should be waiting to get my balance back.
Frequently Asked Questions
What is Complaint #6198842 about?
Complaint #6198842 was filed against Upgrade, INC. regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2022-11-13T12:00:00-05:00.
How did Upgrade, INC. 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 Upgrade, INC.?
Yes, visit the Upgrade, INC. company profile at readthecomplaint.com/company/upgrade-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.