Checking or savings account -- Managing an account -- Complaint #9380771
Complaint Overview
Complaint ID: 9380771
Company: Valley National Bancorp
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: New Jersey
ZIP Code: 078XX
Date Received: 2024-06-23T12:00:00-05:00
Date Sent to Company: 2024-06-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XX/XX/year>, Valley Bank froze both my business account ( under XXXX XXXX ) and my personal account without any prior notification or explanation. The freeze occurred shortly after I opened an account with XXXX XXXXXXXX XXXX, which is also located in XXXXXXXX XXXX XXXXy. Despite multiple attempts to contact Valley Bank and resolve the issue, they have continued to withhold access to my funds. The account freeze has caused significant financial XXXX, as I have been unable to access my money for essential expenses for both my business and personal needs. On several occasions, I requested detailed information from Valley Bank regarding the reason for the account hold, but their responses have been insufficient and unhelpful. Key dates and actions : - On XX/XX/XXXX, I first noticed the account freeze when I attempted to make a withdrawal. - On XX/XX/XXXX, I contacted Valley Bank customer service to inquire about the issue, but received no clear explanation. - On XX/XX/XXXX, Valley Bank informed me that the account hold was due to my recent account opening with XXXX XXXXXXXX XXXX. They never informed me that my account was frozen and would be closed. - From XXXX to XX/XX/year>, I have made several follow-up calls and visits to Valley Bank to resolve the issue, all without success. The amounts involved include all the funds in both my business account ( XXXX XXXX ) and personal account, which have been inaccessible since the account freeze. Additionally, I am seeking compensation for various fees incurred due to this issue : - Initiation fees and under-the-limit fees for both my personal and business checking and savings accounts. - Fees for three auto-drafts that were automatically set up to go from XXXXXXXX XXXX but failed due to my account being frozen without notice, resulting in additional charges. Letters from XXXX XXXX regarding these fees are attached to support my claim. I am seeking compensation for the funds that have been unjustly frozen and for the financial XXXX caused by Valley Bank 's actions, including all associated fees and charges. Valley Bank 's intention was for me to make business deposits in an attempt to hold my business funds indefinitely. Their intention was for me to make business deposits and use my business funds to pay off a business line of credit and business credit card.
Frequently Asked Questions
What is Complaint #9380771 about?
Complaint #9380771 was filed against Valley National Bancorp regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2024-06-23T12:00:00-05:00.
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.