Complaints

This profile includes complaints for Vast Bank, N. A.'s headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Vast Bank, N. A.

  110 N Elgin Ave Ste 500 Tulsa, OK 74120-1492

  
• 

  Vast Bank, N. A.

  10615 E 61st St Tulsa, OK 74133-1777

  
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  Vast Bank, N. A.

  650 S Cherokee St Catoosa, OK 74015-2429

  
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  Vast Bank, N. A.

  118 N 11th St Collinsville, OK 74021-2302

  
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  Vast Bank, N. A.

  1649 N 3rd St Langley, OK 74350

  

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:07/24/2023

  Type:Delivery Issues
  Status:

  AnsweredMore 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.

  Dear Sirs,
  
  In January of 2022 I invested a large sum of money through Vast Bank’s crypto platform,
  
  I invested this money with the full assurance that I would receive possession of the key to my crypto by the end of the 4th quarter of 2022.
  
  I was given this assurance by everyone I spoke with in the Crypto department at Vast Bank including its then director, Jason *****.
  
  I was informed by Jason that Vast Bank was
  still in the process of developing wallet to wallet transfers.
  
  Jason also stated that once wallet to wallet transfers had been developed I would have my keys, and be free to move my crytpo anywhere I please, free of Vast. ( May 19, 2022 in a 11:30 phone call to Jason *****)
  
  Since our conversation in May Jason has
  also told me:
  
  “ Wallet to Wallet transfers is ready to go.”
  
  “ The mechanism is in place to make wallet to wallet transfers.” ( October 2022 )
  
  “ We have the functionality to do wallet to wallet transfers.” (December 2022 )
  
  It has now been over a year and a half that Vast Bank has held the keys to my crypto. Despite the assurances I had received initially from Vast Bank they still will not released possession of my keys to me, nor after repeated requests have I even been given a projected Date to when this might occur.
  
  In my last conversation with Jason ***** on December 21, 2022 (the End of the 4th Quarter) Jason told me that he was in the process of gathering my paperwork and was going to hand it to Chad for processing, to be sent to the OCC in order to facilitate getting me my key.
  
  It is now six months later ( two quarters) and I have heard nothing from Jason ***** nor anyone in Vast Bank about this matter of paperwork nor a date as to when I can expect to recieve possession of my assets.
  
  I am now in dialogue with various state and federal agencies in futher attempts to resolve this matter.
  
  At this time I am simply asking that Vast Bank release my crypto key to me Immediately.
  
  
  Sincerely

  Business Response

  Date: 07/28/2023

  Dear Mr. *****,
  This letter
  is in response to the complaint you filed with the Better Business Bureau
  (“BBB”), against Vast Bank, N.A. (the “Bank”) on July 21, 2023. As you stated
  in your Complaint, an employee of the Bank has engaged in multiple
  conversations with you over the past year concerning your ability to conduct
  wallet-to-wallet transfers and your desire to control the private keys
  associated with the blockchain address holding your digital assets under
  custody at the Bank. During those conversations, we consistently tried to
  answer your questions openly and honestly, and to assist you in achieving a
  full understanding of the features and limitations of your Digital Asset
  Account, as well as our roadmap of future features and functionalities we
  planned to offer at that time.
  

  We understand
  you would like to transfer your digital assets directly to an external digital
  asset wallet (“wallet-to-wallet”) without converting the assets into
  U.S. currency. However, as set forth in your Digital Asset Account Agreement
  (the “Agreement”), digital assets cannot be withdrawn or transferred from your
  account to other wallets. Under the terms of the Agreement, you are able to
  liquidate or sell your digital assets into your linked DDA with the Bank. At
  which point, in accordance with the DDA Terms and Conditions, you can transfer
  your funds out of the Bank to an external account. In addition, our
  Agreement states we shall retain control over electronic private keys
  associated with blockchain addresses operated by us, including the blockchain
  addresses that hold your Supported Digital Assets. For your convenience, all
  disclosures related to your Vast Crypto Banking product are on our website for
  your review.
  

  Although we
  had plans to support wallet-to-wallet transfers in the future, our regulatory
  requirements have changed and impacted our roadmap. In 2021, the OCC (our
  primary regulator) issued new regulatory requirements for the Bank through
  Interpretative Letter #1179. Under these requirements, we must obtain the OCC’s
  non-objection to make changes to the features and functionalities of Digital
  Asset Accounts, including enabling wallet-to-wallet transfers and withdrawals. While
  we have requested written non-objection from the OCC to engage in
  wallet-to-wallet transfers, to date, we have not received their written
  non-objection to offer this functionality. Until we receive this statement of
  non-objection in accordance with these regulatory requirements, we are
  prohibited from offering this functionality.
  

  All supported
  digital assets held in your Digital Asset Account are held by us for your
  benefit. Your Digital Asset Account Agreement also confirms that Vast Bank does
  not sell, transfer, hypothecate, or otherwise alienate any of the Supported
  Digital Assets available on our platform and held in custody for our customers.
  You control the purchase and disposal of the supported digital assets.
  We value and
  appreciate your business and thank you for reaching out to us with your
  questions and concerns.
  

  Thank you,
  

  Joe ******
  VP/Compliance
  & CRA Officer
  Vast Bank, N.A.

  Customer Answer

  Date: 08/07/2023

  I am rejecting this response because:   

  Dear Sirs,
  What your crypto department originally told me, before I invested, and what is said in the agreement are not in contention and could have been fulfilled by the last quarter of 2022. I took that your bank was being truthful and transparent.
  I was told by everyone I spoke with about the matter at Vast Bank, including Jason *****, the crypto department director, that Vast Bank would release the keys to my crypto in or before the 4th quater of 2022. 
  What Jason ***** and your crypto staff told me has not occurred.  Had I not been misled I would have never agreed to invest my money through Vast Bank.

  Sincerely,
  Bruce *****

  Business Response

  Date: 08/07/2023

  Dear Mr. *****,
  

  We understand you may be
  frustrated. Although the Bank had plans to support wallet-to-wallet transfers
  in the future, our regulatory requirements have changed and impacted our
  roadmap. While we have requested written non-objection from the OCC to engage
  in wallet-to-wallet transfers, to date, we have not received their written
  non-objection to offer this functionality. Until we receive this statement
  of non-objection in accordance with these regulatory requirements, we are
  prohibited from offering this functionality.
  

  If you would like to proceed with
  liquidating your Digital Asset Account into your Vast DDA, we will waive
  the 1.00% sell transaction fee. This will allow you to use these
  proceeds to repurchase assets at an exchange of your choice and move them into
  a self-custody wallet if you choose.
  Sincerely,
  

  Joe ******
  VP/Compliance
  & CRA Officer
  Vast Bank, N.A.

  Customer Answer

  Date: 08/15/2023

  I am rejecting this response because:   

  Dear Sirs,

  Before I initially invested through Vast Bank I was assured that the keys to my crypto would be released to me in or before the 4th Quarter of 2022, and this still has not occurred.

  I was not informed by your Crypto department of any pending issue with government regulations before I originally invest. I was not made aware of that there might even be any pending regulatory issue in the timeline of the release of my keys to me until some time after I had invested with you and you already had my money.

  If Vast bank had not misled me and been transparent about this I would not have invested my money through Vast Bank’s crypto platform.

  I have asked multiple times as to when the projected date when Vast Bank will release my keys to my crypto to me, and still I have not received an answer. The reason Jason *****, gave me , multiple times, as to why Vast would not release the keys to my Crypto to me was that Vast Bank had not yet developed the technical ability to actually make a transfer into a private wallet.

  I was told by Jason *****, the crypto department director, that once this software had been developed to make wallet to wallet transfers that Vast bank would release my keys to me and I would be free to move my crypto anywhere I pleased free of Vast Bank. Again this has not occurred. 

  According to Jason and others in your crypto department you now have this ability to make wallet to wallet transfers and have for some time, and still you refuse to release my keys to me.

  Jason ***** and Vast Bank deceived and misled me, and again reneged what I was told.

  Sincerely,
  Bruce ***** 

  Business Response

  Date: 09/21/2023

  Until we receive this statement of non-objection in accordance with these regulatory requirements, we are prohibited from offering this functionality. While we have requested written non-objection from the OCC to engage in wallet-to-wallet transfers, to date, we have not received their written non-objection to offer this functionality.
  
  If Mr. ***** would like to proceed with liquidating your Digital Asset Account into your Vast DDA and closing your relationship with Vast Bank, the Bank will waive the 1.00% sell transaction fee. This will allow these proceeds to repurchase assets at an exchange of your choice and move them into a self-custody wallet choosing.

  Customer Answer

  Date: 09/24/2023

  As you stated earlier in this dialogue Vast Bank knew about this requirement (#1179) by the OCC, and yet did not disclose this to me. Consequently I knew nothing of the possibility that it might effect the release date of my keys to me by the 4th quarter of 2002. Everyone I spoke with at Vast Bank originally, before I invested, assured me that my keys would be released to me in or by the 4th quarter of 2022.
  Vast Bank : ( quote from earlier dialogue) 
  
  “In 2021, the OCC (our primary regulator) issued new regulatory requirements for the Bank through Interpretative Letter #1179.” 
  Jason *****, himself, the Vast Bank’s Cryptocurrency Director assured me I would recieve my keys in or by the 4th quarter of 2022, at one point Jason even said it could possibly be in the 3rd quarter. 
  
  If you observe the timeline of my investments this requirement (#1179) was in place “before” the date of my investments in 2022 . I was not informed of this requirement issue until after I had invested my money with Vast Bank and you had control of my crypto assets. It was only then that this new hurdle was disclosed to me.
  
  Iam now losing money as I could have been investing my cryptocurrency these last 9 months. Had this information been disclosed to me I would have never invested my money through through Vast Bank. This failure to inform me of these OCC requirements beforehand was either incredibly 
  irresponsible and incompetent, or deliberate. Either way Vast Bank is responsible, liable, and accountable for what their employees told me and other investors. 

  Your Investors make the assumption that you are an ethical establishment operating with full disclosure, and following the federal guidelines that govern such behaviors. 
  
  At another point Jason ***** assured me that once Vast Bank had developed the technological capability to perform wallet to wallet tranfers that I would be free to move my cryptocurrency anywhere I choose, free of Vast Bank .
  Jason himself and others in your crypto department have informed me that Vast Bank now has this capability to perform wallet to wallet transfers , yet you still refuse to release my keys to me. What am I to believe, as Vast Bank continues to change their policies and move the goal post ? 

  Having delt with Jason ***** I have concluded he was being deceitful about this and other things. Vast Bank is liable for what you and your employees tell investors. Vast Bank’s conduct is beyond unethical. 
  Before anyone invests I would encourage them to perform a thorough back ground check on any of Vast Bank’s Cryptocurrency Directors. 
  
  I have been in dialogue with various state and federal agencies and bureaus who are watch dogs over such unethical and fraudulent behavior. When I spoke with the (FTC) Federal Trade Commission and provided them with facts in this case they categorized Vast Bank’s practices in their system as , “deceptive and misleading”. 
  
  Reguarding you recent iquiry to the OCC, in a documentmented dialogue with the Vast Bank Cryptocurrency Director he told me he was submitting a “white paper” on my behalf to the OCC to facilitate the release of my cryptocurrency to me. In dialogue on 12-21-22 Jason told me he was in the process of gathering all my information in order to submit this document. He told me he already had my cryptocurrency purchased history but he needed to gather a few more things. He told me he would keep me informed of the process. 

  It is now the 3rd quarter and 9 months later and I have not heard anything from anyone at Vast Bank nor Jason ***** himself reguarding this “white paper”. 
  (This a real question, not rhetorical)  
  
  * My question:  
  Did Jason ***** or anyone at Vast Bank follow through with what your bank director had told he was doing and submit this document to the OCC on my behalf,  on or around December of last year, at the time Jason told me he was going to submit this paper ? 

  Business Response

  Date: 11/01/2023

  Mr. *****,

  As we stated in our previous response
  to your previous BBB and OCC complaints, we understand you have had multiple
  conversations with Bank employees during 2022. And we have always tried to
  consistently provide answers to your questions in an open and honest manner. As
  previously stated, our timeline for allowing wallet-to-wallet transactions was
  an indication of our plans to expand our features and functionalities for our
  Digital Asset Accounts. Which is completely dependent on the OCC’s review and
  approval consistent with the regulatory requirements of their Interpretative
  Letter #1179.
  
  If you would like to proceed with liquidating
  your Digital Asset Account into your Vast DDA, we will waive the 1.00%
  sell transaction fee. This will allow you to use these proceeds to
  repurchase assets at an exchange of your choice and move them into a
  self-custody wallet if you choose.

  Thank you

  Customer Answer

  Date: 11/16/2023

  In the conversation Iam referring to I spoke directly to Your Cryptocurrency Diector Jason ***** . I documented this conversation. 
  

  In this conversation Jason ***** told me he was gathering my information and was in the process of sending it to the OCC to facilitate getting me my keys .. 
  
  Again I ask the question . 
  
  * Did Jason ***** , Chad , or anyone else at Vast Bank ever send this documentation to the OCC ?