Checking or savings account -- Managing an account -- Complaint #7256991
Complaint Overview
Complaint ID: 7256991
Company: Wealthfront Corporation
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: New York
ZIP Code: 11746
Date Received: 2023-07-15T12:00:00-05:00
Date Sent to Company: 2023-07-15T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Problem : Wealthfront Cash Account locked after reporting fraud transaction due to verification issue, followed up immediately with verification documents but no updates from the bank whatsoever, contacted multiple times and resent documents. More than 5 business days now without access to checking account funds. Unacceptable service. Background : - Never ordered a physical debit card - Have a digital debit card in my XXXX wallet thats locked - On XX/XX/XXXX, noticed a unknown transaction of {$100.00} from XXXX made in XXXX XXXX, XXXX - I have never been there in my entire life - Immediately reported the transaction for fraud, customer service initially accused me of having a physical debit card, but after minutes of explaining I dont have one, he proceeded to put in an investigation for me- Forced to me to replace my card ( rightfully so ) and will be giving me a physical one, but required me to go through some verification questions- Ended up receiving an email saying that my account will be deactivated/locked until documents are provided for verification - Followed up XXXX minutes later with my drivers license on XX/XX/XXXX - Called Wealthfront customer service multiple times since then on XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, only to be reassured that this will be looked into and asked to wait two more business days each time - Wealthfront also does not provide contact to XXXX XXXX who services their banking, which is completely unacceptable because verification is through them - I found out a contact to XXXX XXXX corporate resolutions and was able to reach the department on XX/XX/XXXX - Informed me to wait another XXXX hours Im honestly so frustrated at this entire experience. I dont think its acceptable to first accuse me of having a physical debit card when I didnt have one in the first place, then proceed to lock my account and ask me to verification, and not provide an update for many business days after Ive already provided documentation via email multiple times. Furthermore, Wealthfront makes it impossible to reach their verification department and refuse to provide any contact information for resolution. For anyone who uses their bank to deposit their money and make payments, being in this situation sucks especially when Im not the one at fault. Instead, I get penalized for reporting a fraud transaction and left with no access to my account that I use to make payments to my bills. Additionally, false promises of having this case looked into every time I call customer support has prompted me to proceed with filing this complaint. I hope you can help me with this case.
Frequently Asked Questions
What is Complaint #7256991 about?
Complaint #7256991 was filed against Wealthfront Corporation regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2023-07-15T12:00:00-05:00.
How did Wealthfront 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 Wealthfront Corporation?
Yes, visit the Wealthfront Corporation company profile at readthecomplaint.com/company/wealthfront-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.