Submitted by No-Discipline-5480 t3_10g5uxd in personalfinance
This is in the US.
In July, I opened a new bank account due to a juicy signup bonus. It’s a large name brand bank (not a smaller regional one). I transferred in the minimum for the signup bonus, which was multiple 6 figures USD. I made the transfer direct from my old bank account.
After that, I used the account for a few things here and there, but activity was very limited. I kept the balance between the minimum for the signup bonus and maybe 10% above the minimum.
Fast forward to September, and I get an email out of nowhere that the new account has been closed due to suspected fraud. As far as I can tell, the offending transaction was a relatively small Venmo transfer that I sent to someone (so Venmo withdrew a small amount from the account). Upon closure, there was at least the signup bonus minimum in the account, so well over $100k.
I immediately call the bank and they cannot provide any information, just that they will be conducting a review and that I should receive an explanation in the mail within 60 days as well as a check with my funds. I go into a physical branch and they say the same.
60+ days later, I’ve received absolutely nothing in the mail. So I go back into the physical branch - they call someone internally and apparently I should receive my check within 5-7 business days. Great!
Except it’s now 1 month from then and I’ve still received nothing in the mail. No check nor explanation. I still don’t know why the account was closed.
So I just called the bank again and received some massively concerning news: they say the funds that were in the account upon closure are “not due to me” and were returned to the bank’s subledger. They refuse to provide any additional information, and claim that there is absolutely no recourse I can take. Then they abruptly hang up.
What the heck happened and what can I do? I’m guessing I may need a lawyer who specializes in this sort of thing?
I will also go back into a physical branch ASAP, but I fear the answer will be the same.
I am trying to remain logical and calm, but this is a very significant amount of money. I can get by fine without it day to day, but just kissing it goodbye is not an option.
It goes without saying that I wasn’t engaged in anything remotely sketchy. I have no criminal record and I’ve always paid my taxes on time. I’ve never had any issues with other financial institutions.
Edit to include additional potentially relevant info: I don’t suspect anything identity theft related. My credit is frozen across all the major providers and I monitor it regularly. My full credit report shows no activity outside of my own.