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Cannot get money back after closing account Finance, Investments

Discussion in 'Banking, Finance, Investments' started by Erich97, Aug 27, 2020.

  1. Erich97

    Erich97 Law Topic Starter New Member

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    Jurisdiction:
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    Hello,

    Back in June 2020, I opened up an high yield checking account with ideal credit union in MN. When I opened it it had a 4% interest rate but did not realize at the end of june it would switch back to 2%. I deposited a large sum into the account and have been trying to close it for 3 months but they are saying that they cannot close it due to a "error" and that IT is working on it. Here is the timeline of events that took place........

    -June -filled out paper to close account, ideal said they would send check in the mail in two weeks. (never got it)

    -July -tried to set up a direct transfer to transfer money out of my account, next day account was frozen. I call back and they said to try going to partner bank near me to withdraw funds (no luck).

    -July into august -repeated phone calls back and forth stating its an IT issue and nothing can be done.

    Am I looking at fraud here?? Absolute bs that it takes 3 months to clear an error to release funds.

    What can I do in this situation?
     
  2. Zigner

    Zigner Well-Known Member

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    When you showed up at the branch and asked for a cashier's check, what did they say?
     
  3. army judge

    army judge Super Moderator

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    I have no idea if fraud is involved, but I'm certain the MN State Agency referenced below can answer any question related to fraud you ask.


    The Minnesota Department of Commerce regulates state-chartered financial institutions and other financial services.

    The Minnesota Department of Commerce supervises and examines state-chartered credit unions to determine the safety and soundness of operations plus fair and equal treatment of members. We support the state's economy through safeguarding Minnesota's credit unions. Commerce enforces laws, rules, and regulations under Minnesota State Statute 52.

    Ch. 52 MN Statutes

    The Commerce Fraud Bureau is a law enforcement agency comprised of fifteen licensed peace officers, two senior analysts, two case analysts, and one administrative analyst.

    Do you have a criminal complaint?
    Insurance fraud occurs when people deceive an insurance company or agent to collect money to which they aren't entitled. Similarly, insurers and agents also can defraud consumers, or even each other.

    A good-faith disagreement between an insurance company and a consumer about a claim is not insurance fraud. Neither is an insurance company's decision to decline your insurance application or to not renew your coverage. If this is not a fraud complaint, please use this form.

    Hard Fraud: Someone deliberately fakes an accident, injury, theft, arson or other loss to collect money illegally from insurance companies. Crooks often act alone, but increasingly, organized crime rings stage large schemes to steal millions of dollars.

    Soft Fraud: Normally honest people often tell "little white lies" to their insurance company for the purposes of filing or maximizing a claim. Many people think it's just harmless fudging. But soft fraud is a crime, and raises everyone's insurance costs.

    We welcome you to remain anonymous. Please note that lack of contact information may prevent us from fully investigating your report.

    1-888-FRAUD MN
    1-888-372-8366

    Commerce Fraud Bureau / Minnesota.gov

    Minnesota Department of Commerce
    85 7th Place East, Suite 280
    Saint Paul, MN 55101
    (Local) 651-539-1500
    (Complaints) 651-539-1600
     
    Erich97 likes this.
  4. Erich97

    Erich97 Law Topic Starter New Member

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    -I live in another state, If all else fails, I will buy a plane ticket out there and find out.
     
  5. zddoodah

    zddoodah Well-Known Member

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    Nothing in your post suggests fraud.

    You could try lodging a complaint with the NCUA.
     
    Erich97 likes this.
  6. Zigner

    Zigner Well-Known Member

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    Honestly, that might be the path of least resistance.
     
    justblue likes this.
  7. mightymoose

    mightymoose Moderator

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    A stamp will cost you less.

    Put your complaint into writing and keep copies of all correspondence.

    Ideal Credit Union
    2401 N. McKnight Rd
    North St. Paul, MN 55109
     
  8. PayrollHRGuy

    PayrollHRGuy Well-Known Member

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    And as simple phone call to someone other than a CS drone will likely help you discover the real problem. And you can do it right this second.
     

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