Checking or savings account -- Managing an account -- Complaint #9490070

Complaint Overview

Complaint ID: 9490070

Company: Upgrade, INC.

Product: Checking or savings account

Sub-Product: Other banking product or service

Issue: Managing an account

Sub-Issue: Deposits and withdrawals

State: Arkansas

ZIP Code: 723XX

Date Received: 2024-07-11T12:00:00-05:00

Date Sent to Company: 2024-07-11T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXXXXXX XXXX XXXX Consumer Financial Protection Bureau XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX Subject : Complaint against Upgrade Inc. for fraudulent account suspension and holding funds hostage Dear Consumer Financial Protection Bureau, I am writing to file a formal complaint against Upgrade Inc. regarding their fraudulent actions of suspending my accounts and holding my funds hostage. This situation has left me unable to access my money and pay my bills, causing significant financial distress. I am a recipient of protected funds from Social Security and the US Government OPM retirement program. My premier savings, checking account, secure account, and other accounts with Upgrade Inc. were suspended without any valid reason. The suspension occurred after I attempted to add an external account to deposit additional funds into my savings account. I immediately contacted Upgrade Inc. on the same day to provide a detailed explanation and verification of the account I was trying to add, which was in my name. I even had family and friends on the line to provide additional verification information. During my initial call, an agent informed me that a " back office '' would review the account suspension and resolve the issue within 2-3 business days. However, it has been a week since then, and there have been no updates on the status of my account. My account remains suspended, and the funds within it are frozen. Subsequent calls to Upgrade Inc. only provided vague information, stating that the " back office review '' could take " up to months. '' The agents were unable to provide any explanation or reason for the indefinite delay or the continued suspension of my account. I am deeply concerned about the lack of transparency and accountability displayed by Upgrade Inc. in handling this matter. Holding my funds hostage without a valid reason is not only causing financial hardship but also raises serious questions about the integrity and trustworthiness of the company. I kindly request the Consumer Financial Protection Bureau to investigate this matter thoroughly and take appropriate action against Upgrade Inc. for their fraudulent practices. I urge you to ensure that my funds are released immediately and that Upgrade Inc. is held accountable for their actions. In addition I am writing to file a formal complaint against Upgrade Inc. regarding their fraudulent actions of suspending my accounts and holding my funds hostage. This situation has left me unable to access my money and pay my bills, causing significant financial distress for myself and my family. I want to emphasize that the funds in my accounts with Upgrade Inc. are my only source of income on a monthly basis. As a recipient of protected funds from Social Security and the US Government OPM retirement program, I rely on these funds to cover essential expenses such as food, rent, and utility bills. Due to the suspension of my accounts, my family has been without proper meals, and we are facing the imminent disconnection of essential services. Once again I attempted to add an external account to deposit additional funds into my savings account with Upgrade Inc. in order to ensure the financial stability of my family. However, without any valid reason, Upgrade Inc. suspended my accounts, leaving me in a dire situation. Despite my immediate contact with Upgrade Inc. to provide a detailed explanation and verification of the account I was trying to add, the company has failed to resolve the issue or provide any updates on the status of my accounts. The lack of transparency and accountability displayed by Upgrade Inc. is not only causing severe financial hardship but also jeopardizing the well-being and basic needs of my family. It is deeply distressing to be in a position where we are unable to afford food and face the disconnection of essential services due to the actions of a financial institution. I implore the Consumer Financial Protection Bureau to investigate this matter urgently and take immediate action against Upgrade Inc. for their fraudulent practices. I request that you ensure the release of my funds without further delay and hold Upgrade Inc. accountable for the distress they have caused. Enclosed with this letter, please find copies of relevant documents, including account statements, communication records with Upgrade Inc., and any other supporting evidence. I sincerely appreciate your attention to this matter and the assistance you can provide in resolving this urgent issue. Please do not hesitate to contact me if you require any further information or clarification. Enclosed with this letter, please find copies of relevant documents, including account statements, communication records with Upgrade Inc., and any other supporting evidence. I appreciate your attention to this matter and look forward to a prompt resolution. Please do not hesitate to contact me if you require any further information or clarification. Thank you for your assistance. Sincerely, XXXX XXXX

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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