recklessmax80
New Member
My question involves a banking matter in the State of: NJ
I opened a checking and few term deposits with a small bank in NJ Regulated by the FDIC. The APY for the term deposit was relatively high around 5.5% or 10 year deposit which is a little rare this year. However everybank comes up with incentives and promotions from time to time and so did this one . Ofcourse i checked the promotion with the bankk by calling them and also emailing them
After they confirmed the promotion I went into the branch which is an hour and half
Away from my place and opened the checking and savings term deposits. I signed signature cards as well as was giving truth in savings disclosure which were printouts/copies , fee schedule, internet privacy agreement, privacy policy, overdraft
Instruction and FDIC insurance booklet which i all read and understood
Now I did put a sufficient amount of funds by breaking them into smaller deposits since
There was a penalty if I broke the term deposit earlier than 1 year. After that the penalty was reduced to a lesser amount so i wanted to make sure if ever there was an emergency i could break the smaller term deposit
Everythign well and good. Now 3 weeks passed and I contacted the bank again for another round of term deposits to be established by the bank for my parents and when i can come with them. The customer rep and branch manager who helped me establish the accounts failed to help me further saying my account is being managed by the corporate since I have a large balance so this person is dedicated to me And transfered to his voicemail. Well as it turns out never hear back from him so desperately try to reach him the next few days but doesn't respond.
The 3rd weekend my funds are pulled out of my checking and savings accounts, total balance 0 and no contact from bank in writing, email or phone. Scared I wait till Monday for branch to open, call the branch manager, I get a reply she doesn't know anything about my account and I need to speak to this corporate person
Finally after persisting I am able to get on phone with him. Turns out he's the CFO of the bank and he only says you will be getting a letter from the bank with a cashier's check of your deposit along with interest for the days we kept your funds. Of course lot of questions on my side as to what happened, whets the problem, and is anything wrong with my background., chex systems Turns out nothing, at this point they cannot pay interest on large amount. Well why did you accept my depsoit and sign the agreement and why didnt you call me to discuss the situation, he doesn't have answers saying the lawyers suggested him to close my account and I will get something in the mail, he cannot talk further, he cuts off the phone
Finally waiting frantically for 3 days I get my cashier check with a letter, not from a bank but an attorney who the bank hired quoting the same thing. We are returning your deposit with interest for these days as we can no longer maintain this amount in the term deposit account with high interest rate
Follow up calls to compliance ,. CEO of bank and CFO - no response, no answer. Tried to speak to the rep lot of times, she says they have asked her not to talk to me.
Nowhere in the truth-in savings disclosure it said the bank can willing close out the account at any time and return the funds. FDIC is not willing to help since they say they cannot fight and resolve cases of bank account closures as that's not under federal regulation
My questions are
1) What are my options legally since i had to break Cds of other bank to gather and put funds in this account. ALso i spent an entire day going there and establishing thiese accounts?
2) How can I get in touch with a contingency lawyer who can take my case?
It seems cases like this are not taken on contingency. So is that the reason
the bank tried to pull a fast one on me realizing they did not want to pay interest anymore ?
PN : If I went and closed the term deposit the very next day they would have charged me 1 years on interest from my principal amount
I opened a checking and few term deposits with a small bank in NJ Regulated by the FDIC. The APY for the term deposit was relatively high around 5.5% or 10 year deposit which is a little rare this year. However everybank comes up with incentives and promotions from time to time and so did this one . Ofcourse i checked the promotion with the bankk by calling them and also emailing them
After they confirmed the promotion I went into the branch which is an hour and half
Away from my place and opened the checking and savings term deposits. I signed signature cards as well as was giving truth in savings disclosure which were printouts/copies , fee schedule, internet privacy agreement, privacy policy, overdraft
Instruction and FDIC insurance booklet which i all read and understood
Now I did put a sufficient amount of funds by breaking them into smaller deposits since
There was a penalty if I broke the term deposit earlier than 1 year. After that the penalty was reduced to a lesser amount so i wanted to make sure if ever there was an emergency i could break the smaller term deposit
Everythign well and good. Now 3 weeks passed and I contacted the bank again for another round of term deposits to be established by the bank for my parents and when i can come with them. The customer rep and branch manager who helped me establish the accounts failed to help me further saying my account is being managed by the corporate since I have a large balance so this person is dedicated to me And transfered to his voicemail. Well as it turns out never hear back from him so desperately try to reach him the next few days but doesn't respond.
The 3rd weekend my funds are pulled out of my checking and savings accounts, total balance 0 and no contact from bank in writing, email or phone. Scared I wait till Monday for branch to open, call the branch manager, I get a reply she doesn't know anything about my account and I need to speak to this corporate person
Finally after persisting I am able to get on phone with him. Turns out he's the CFO of the bank and he only says you will be getting a letter from the bank with a cashier's check of your deposit along with interest for the days we kept your funds. Of course lot of questions on my side as to what happened, whets the problem, and is anything wrong with my background., chex systems Turns out nothing, at this point they cannot pay interest on large amount. Well why did you accept my depsoit and sign the agreement and why didnt you call me to discuss the situation, he doesn't have answers saying the lawyers suggested him to close my account and I will get something in the mail, he cannot talk further, he cuts off the phone
Finally waiting frantically for 3 days I get my cashier check with a letter, not from a bank but an attorney who the bank hired quoting the same thing. We are returning your deposit with interest for these days as we can no longer maintain this amount in the term deposit account with high interest rate
Follow up calls to compliance ,. CEO of bank and CFO - no response, no answer. Tried to speak to the rep lot of times, she says they have asked her not to talk to me.
Nowhere in the truth-in savings disclosure it said the bank can willing close out the account at any time and return the funds. FDIC is not willing to help since they say they cannot fight and resolve cases of bank account closures as that's not under federal regulation
My questions are
1) What are my options legally since i had to break Cds of other bank to gather and put funds in this account. ALso i spent an entire day going there and establishing thiese accounts?
2) How can I get in touch with a contingency lawyer who can take my case?
It seems cases like this are not taken on contingency. So is that the reason
the bank tried to pull a fast one on me realizing they did not want to pay interest anymore ?
PN : If I went and closed the term deposit the very next day they would have charged me 1 years on interest from my principal amount
