Checking or savings account -- Managing an account -- Complaint #7485380
Complaint Overview
Complaint ID: 7485380
Company: Valley National Bancorp
Product: Checking or savings account
Sub-Product: Savings account
Issue: Managing an account
Sub-Issue: Funds not handled or disbursed as instructed
State: Indiana
ZIP Code: 46845
Date Received: 2023-08-31T12:00:00-05:00
Date Sent to Company: 2023-09-18T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I opened and funded a high interest savings account with Valley Direct. They have been advertising all over the place with 5.25 % interest rate. The disclosure states, " As of XX/XX/2023 interest rates are 5.25 % '' I opened my savings account on XX/XX/2023, check the account and it states that the interest rate is 5.115 % I called to inquire and all they had to say was that rates change and I know this, but they have currents ads stating 5.25 %. Several banks offer this rate, but now my money is tied up here.
Frequently Asked Questions
What is Complaint #7485380 about?
Complaint #7485380 was filed against Valley National Bancorp regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2023-08-31T12:00:00-05:00.
How did Valley National Bancorp 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 Valley National Bancorp?
Yes, visit the Valley National Bancorp company profile at readthecomplaint.com/company/valley-national-bancorp 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.