Checking or savings account -- Managing an account -- Complaint #8181658
Complaint Overview
Complaint ID: 8181658
Company: Webster Bank, National Association
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: Tennessee
ZIP Code: 38017
Date Received: 2024-01-12T12:00:00-05:00
Date Sent to Company: 2024-01-18T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XXXX XXXX is restricting outbound ACH transactions to {$2500.00} per day ; however, they do not limit inbound ACH transactions. In order to receive the funds via ACH, I would have to login and submit SEVEN separate {$2500.00} daily distributions over the course of 7 business days! They told me they could not process a larger ACH by phone either. Security should not be the concern as I have already verified my bank account through their system, and they can further verify my identity over the phone. They get the benefit of holding my funds for longer than they otherwise would -- all the while they are generating additional revenue from investing my funds while only paying me 0.15 % to 0.05 %. For reference, XXXX XXXX XXXX XXXX XXXX fund ( XXXX ) is currently showing a 7-day yield of 5.06 %. This practice is clearly predatory and design to retain funds longer and boost XXXX XXXX XXXX assets and revenue at the consumer 's expense.
Frequently Asked Questions
What is Complaint #8181658 about?
Complaint #8181658 was filed against Webster Bank, National Association regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2024-01-12T12:00:00-05:00.
How did Webster Bank, National Association 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 Webster Bank, National Association?
Yes, visit the Webster Bank, National Association company profile at readthecomplaint.com/company/webster-bank-national-association 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.