Q: If a bank refuses to close your account and send you your money, what are your options?
Ideally I'd like to convert the deposit into an at-will direct loan with an inflated fixed-rate until they decide to end it by sending me the balance.
The goal is to get my money that is currently stuck earning an abysmal 0.05% APR into a vehicle generating significantly greater returns. But I need to get it first, or find a way to tell the bank they're paying the big interest on it now.
In case it is relevant, the account was set up for me as a Minor due to an injury settlement. My father is the custodian of the account. We will be sending a joint letter in a few days, and would also like to put the bank on notice in case they decide to do something shady again like telling me I'm the one who needs to send a letter while having notes it must be my father due to the court order.
The bank is in California.
I currently live in Maryland.
Thank you for your swift response(s).
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- California
- (916) 704-3009
- View Profile
- Answered
A:
If a bank refuses to close your account and release your funds, you have several options to consider. First, make sure you have fulfilled all requirements needed to close the account, including any necessary signatures from both you and your father as the custodian. You can escalate the issue by sending a formal demand letter to the bank, outlining your request to close the account and withdraw the funds, emphasizing that any delays are unacceptable.
If the bank still refuses, you may consider filing a complaint with the Consumer Financial Protection Bureau (CFPB) or your state’s financial regulator. These agencies can investigate your complaint and put pressure on the bank to comply with your request. Additionally, you could consult with an attorney who can assist in sending a legal demand or exploring further action against the bank for withholding your funds.
Converting your deposit into a high-interest vehicle by force would be challenging, as this is not something you can impose unilaterally on the bank. However, your immediate priority is to ensure they release your funds; once you have control of the money, you can explore better investment opportunities. Make sure your communication with the bank is clear, documented, and keeps them accountable for any further delays or complications.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
