San Antonio, Texas
1 comment
100% full Not resolved
1.0
Details
Additional Fees
Discounts and Special Offers
Diversity of Products or Services
Product or Service Quality

It appears Frost Bank closed our account because we are an immigrant family.

On Thursday, we received a letter stating the following: Dear ,

The mission of Frost is to establish long-term, mutually beneficial relationships with customers. Unfortunately, there are times when we are unable to achieve this goal.

Accordingly, as provided in our Deposit Account Agreement in the Account Termination clause that states “You and we agree that either of us may close your Account and terminate this Agreement any time with or without cause”, please accept this letter as notice that effective thirty days from the above date, we shall be closing your accounts. (A copy of the Deposit Account Agreement is enclosed.)

This decision was made after careful consideration of recent wire activity in your account. After (October 1, 2015) any checks, drafts or any other charges to the accounts will be returned “Accounts Closed”. If you desire, you may come in immediately and close the account. If you take no action by the 30th day October 1, 2015, we will close the account and send you a check for any remaining funds on deposit.

If you have any questions or need additional information, please contact me at 210-220-6630. Sincerely, Loretta Bernhard, Assistant Vice President.

We mistakenly assumed the bank had misinterpreted the two overseas origin wire transfers as possible indication of criminal or nefarious activity. So we called to clear up what we thought was a misunderstanding. We were unable to talk with Loretta Bernhard at the above listed phone number. After being repeatedly transferred, we spoke with Tricia Richardson who assured us they are not accusing us of any crime and told us that the volume of wire transfers was a concern. There were two.

This explanation, of course, seemed disingenuous. So we continued to push for an explanation and the rep continued to repeat that this is a "relationship bank" which does not mean anything coherent. What specific detail of the relationship have we violated? And how do the two wire transfers from overseas play into that?

There was no contact prior to this letter. No warning that we had done something inappropriate with our account. And there remains no clear explanation for what we've done except the above legalese which amounts to "because we can."

The rep said because our bank activity is not "normal." What does that mean? What is normal? How are we supposed to comply with this "normal?"

The rep asked why the second wire transfer was moved to another bank in two installments. I explained that my husband said Frost bank's website had some limitation on transfer amounts. So the money had to moved in two installments.

I further explained that we did not intend to have more than 1 wire transfer per year for my husband's parents pension, but that a death in the family required additional funds from overseas family to cover funeral costs. There is nothing criminal happening. I have documents, receipts, a death certificate that I can provide.

The rep wanted to know why the money was transferred to another US bank. I explained that we are new to Frost and we still don't know how to use their website. We simply needed a method to pay the funeral home and the most obvious method to us was to pay it with a credit card. We don't have a credit card with Frost bank. So we transferred the money to the other bank where we do have a credit card.

We certainly were not thinking in the middle of funeral arrangements how not to offend our "relationship bank" Frost Bank.

I asked if there is any kind of review process. She assured me there is and that the staff had discussed our account at length. No, by review process, I mean, any method to explain to decision makers WHY our "bank activity" is not "normal" aka we had a death in the family and needed to pay for a funeral.

At this point, the rep seemed to be making it up. Well, you could send me an email with the explanation, but there’s no guarantee it would have any effect on the outcome.

That’s not a review process. It doesn’t allow us to engage with decision makers about our banking account and its status.

The letter is replete with grammatical errors and logic failures. The overall professionalism of this bank is seriously in doubt at this point.

Review about: Frost Bank Account.

Reason of review: Poor customer service.

Monetary Loss: $1000.

Preferred solution: A coherent explanation for unprofessional condition, an apology and a cease action on account closure..

I liked: Clerks.

I didn't like: Management.

Had an Experience with Frost Bank?

Write a review

Comments

Comment as anonymous or
Terms of Service
Post Comment
Cancel
Anonymous
San Antonio, Texas, United States #1279594

I don't understand why anyone utilizes banks for any account, other than possibly credit cards or auto loans, when there are so many credit union choices available.Banks have only one real mission: to generate profits.

Credit unions are "owned" by the members, and in my experience, always have little to no "user fees", far better customer service, and treat members better than banks treat their customers. Since you live in San Antonio, Texas, you have access to a fantastic credit union: Security Service Federal Credit Union.

If sounds like Frost Bank is being over zealous in applying the regulations enacted after 9/11 to combat terrorist funding and money laundering. I'm no fan of Frost, but they are within their legal rights to close your account, however arbitrary it may seem, especially since you agreed to those terms upon opening the account.

Part of their reasoning I'm sure also had to do with the fact that the account was relatively new, one of the factors that contributes to an account getting flagged for review for any "unusual activity", such as wire transfers over certain amounts, from certain countries.Good luck.

You May Also Like

HSBC Bank Credit Card Customer Service Really Sucks Big Time! Hsbc "Back on Monday, January 9, 2017, I called up my HSBC Mastercard Credit Card Company at (888) 662-4722 because I needed to get a hold of the Disputes Department regarding..." Read more Capital One 360 - Just opened an account, already regretting it. Capital One 360 "I recently opened a Capital One 360 checking account, since it seemed like a good fit for me. Debit card, no fees for letting a bank invest my money to..." Read more Scotiabank - Where is MY money?!? Scotiabank "...Nothing was being done to correct this situation except for Scotiabank representatives asking me to be "patient"..." Read more Ge Capital Retail Bank - DEFRUADING THE UNITED STATES POSTAL SERVICE Ge Capital Retail Bank "GE Capital Retail Money Bank/PayPal Smart Connect/PayPal have been using the United States Postal Service to "Defraud" the consumer. I have been dealing with this since 2011 & these "Crooked"..." Read more SquareTrade Warranty is running a scam in ebay Squaretrade Warranty "I purchased warranty for 2 years through ebay on a cell phone purchase that was never completed. I tried several time to reach them and they say they cannot locate..." Read more Pick N Save - Third Time is not a CHARM!!! Pick N Save "This comment is to inform everyone out there that the Green Bay, WI (on Lombardi) continuously sells spoiled food. This is the third time this year that I have shopped..." Read more Kohls - Khol's Cash Kohls "This program is a scam............if you forget or one day past the expiration date you are screwed. Even the store manage will not help you. No one is perfect and..." Read more Shasta Pools - Not s good start Shasta Pools "My husband and I purchased a home to be built at Sun City Festival buckets Arizona. Our sales person recommended Shasta Pools. Shasta Pool helped us design and planning of..." Read more