Bank froze then closed accounts

[sfenescey]

Monifi/Mid first bank closed my account,while I realize they reserve that right, they told me in 3 different written communications that I would have access to my accounts until the 17th of November when in fact they revoked that access o. The 10th of November. Customer service has been less than helpful and has given me conflicting information. What are my options for an expedited solution? There’s 10140$ in there that they transferred right before they froze it and they continued to pull money from another account after the blocked my access. Thank you 

[mckbulldog02]

They can take their good ole time getting your funds back to you. Some make you wait up to 60 days before giving it back. Is the account new. Are you on Chex or EWS. Something promoted a risk closure. I always started off small then build bigger with the bank after more tenure 

[centex]

Yet another reason to deal with banks that have an actual local brick and mortar presence.

 

Your only option at this juncture that would likely produce a result is to reach out to the FDIC ombudsman and hope that the bank actually pays attention to them.  As with any other letter on an account issue, it needs to be tailored and well-written. 

[MBgratitude]

On 11/16/2021 at 10:22 AM, sfenescey said:

Monifi/Mid first bank closed my account,while I realize they reserve that right, they told me in 3 different written communications that I would have access to my accounts until the 17th of November when in fact they revoked that access o. The 10th of November. Customer service has been less than helpful and has given me conflicting information. What are my options for an expedited solution? There’s 10140$ in there that they transferred right before they froze it and they continued to pull money from another account after the blocked my access. Thank you 

When they transferred YOUR money, was this a "set-off"? As this is within their right to do (taking money from one account to settle a negative balance in another). I would go into a branch and talk to an officer ASAP! Be nice, and treat the ___________ person with respect and courtesy. The objective here is that you need to get this person to give you a contact and/ or direct dial number to the bank's back office.

Of course, being nice, kind, and considerate; these are always good qualities to have. This said, sometimes you have to manipulate (socially engineer) your way to information that will help you. Take it from me, I have gotten bankers to help me out throughout the years, e.g. revering fees, etc.

[PotO]

When they transferred YOUR money, was this a "set-off"? As this is within their right to do (taking money from one account to settle a negative balance in another). I would go into a branch and talk to an officer ASAP! Be nice, and treat the ___________ person with respect and courtesy. The objective here is that you need to get this person to give you a contact and/ or direct dial number to the bank's back office.
Of course, being nice, kind, and considerate; these are always good qualities to have. This said, sometimes you have to manipulate (socially engineer) your way to information that will help you. Take it from me, I have gotten bankers to help me out throughout the years, e.g. revering fees, etc.

It's true that the OP was less than clear about why money is being pulled from their account(s). But it isn't necessarily because of set-off.

Not every bank can exercise the right of set-off. In fact, because of the legal requirements imposed on banks in gaining initial customer permission, mostly only credit unions and smaller, regional or state chartered banks can utilize set-off. Chase, Bank of America and Citibank, for example, cannot.


Sent from my iPad using Tapatalk