Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:09/06/2022

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This CD# *******, value $473,064.74 renewed on July 13th at .25%. We were told by the Branch manager, if there was an increase in the rate, we would get the raise.
  On August 10th, the rate went to .75%. Since we had not been notified by the Bank of the increase, I called Branch Manager on phone Sept. 1st, and she said she probably told us that, but would have to check on it, and call us back.
  Today is Sept. 6th and she does not return our calls or answer our emails. We are senior Citizens on fixed income and this is our retirement savings.

  Business Response

  Date: 10/03/2022

  September 30, 2022
  
  
  
  
  The Better Business Bureau Serving Mississippi, Inc.
  ***** *******, Director of Dispute Resolution
  660 Katherine Dr. Ste. 400
  Flowood, MS 39232
  
  Re: ID #********
  
  Dear Ms. *******:
  
  This is in response to a
  complaint submitted to The Better Business Bureau on 9/6/2022 and assigned the
  above ID.
  On 01/13/2022, the customer
  purchased a fixed-rate, 6-month jumbo certificate of deposit (CD) from the bank
  at a rate of .25%. It is common that the rate will remain unchanged until
  maturity, as stated by the disclosures provided at account opening. It was also
  disclosed at account opening that the CD will automatically renew at the same
  term and interest rate as the original notified by the bank in writing
  otherwise or the bank’s CD rates change. A grace period of 10 calendar days after
  maturity (but prior to the renewal date) is allowed to withdraw funds without
  an early withdrawal penalty.
  A CD maturity notice was provided
  on 6/10/2022 (30 days before maturity as required by regulation) and reiterated
  account-opening disclosures. A subsequent notice of renewal was provided to the
  customer on 7/12/2022. The bank’s CD rates changed on 8/10/2022. The branch manager
  stated that the customer was made aware of the early withdrawal penalty and
  that terms commonly do not change prior to maturity without a penalty unless
  approved with executive authority. The branch manager also stated that she
  attempted to make contact with the executive who was unavailable at the time
  about a possible rate change, was unsuccessful, and simply did not revisit the situation,
  therefore, failing to contact the customer.
  It is the bank’s desire to resolve this issue due to a lack of
  communication and provide the customer with the requested .75% interest rate effective as
  of 8/10/22.
  
  Respectfully,
  
  ******** ******
  Compliance
  Officer

  Customer Answer

  Date: 10/04/2022

  Better Business Bureau:

  
  

  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 

  
  

  
  

  
  

  
  Regards,
  

  
  

  
  

  ***** ****