Money transfer, virtual currency, or money service -- Confusing or missing disclosures -- Complaint #8735787
Complaint Overview
Complaint ID: 8735787
Company: Webster Bank, National Association
Product: Money transfer, virtual currency, or money service
Sub-Product: Money order, traveler's check or cashier's check
Issue: Confusing or missing disclosures
State: Connecticut
ZIP Code: 06066
Date Received: 2024-04-09T12:00:00-05:00
Date Sent to Company: 2024-04-09T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I have been banking with Webster Bank for years and using their Paper Check Bill Payment service. It used to be that when I order a Paper Check to be sent to a payee by a certain date, the debit of such payment funds from my account would not occur until the payee deposits or cashes my check. But now Webster Bank has implemented a new policy, without prior disclosure, of debiting my account upon the specified delivery date rather than when the check is actually cashed, as previously. Is this new approach legal? A paper check should not be debited until cashed by payee -- that's the way paper checks work. Is Webster Bank attempting to surreptitiously earn money on the Float?
Frequently Asked Questions
What is Complaint #8735787 about?
Complaint #8735787 was filed against Webster Bank, National Association regarding Money transfer, virtual currency, or money service specifically about Confusing or missing disclosures. It was received by the CFPB on 2024-04-09T12:00:00-05:00.
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 (Money transfer, virtual currency, or money service) 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.