Complaint #1579532 submitted on 09/24/2015 relating to E*Trade Bank. Complaint relates to Bank account or service Checking account - Using a debit or ATM card .
Complaint was submitted via Web and sent to the company on Monday 28th September 2015.
Dear Sir or Madam : In a late response to my earlier CFPB claim ( XXXX ), E*TRADE 's corrected their false statement of the existence of proprietary evidence to : " E*TRADE reviewed this matter further and confirmed that there were, in fact, no documents available to provide in response to your request. '' Over the phone, an E*TRADE associate admitted that while they had no direct evidence showing that these transactions were legitimate and could in fact be fraudulent, but they would still deny the claim. This is in direct violation of a Regulation E of the Electronics Funds Act.
On top of that, the disclosure and decisioning period of my case was over 30 days from initial claim to decision. Requests for documentation relied upon E*TRADE to review my dispute were subsequently denied.
E*Trades only defense in this whole manner is that I have " recently submitted a similar dispute ''. This is to imply that it is impossible for fraud to happen to me twice.
In retaliation for filing the CFPB complaint and my persistence in following up with the CFPB case, E*TRADE closed my account on XXXX XXXX denying me access to a majority of my liquid assets during the long holiday weekend. This was a major inconvenience and resulted in several fees and missed payments.
In summary, E*trade failed to provide documentation in a timely manner, has admitted in writing that there was no evidence used to deny my unauthorized transaction claim and thus violated Regulation E and in retaliation closed all my bank accounts.
I request that that the CFPB subpoena all records related to this case including phone conversations, evidence used in decisioning, case management system notes, and emails. I would also like the CFPB to audit the E*TRADE 's Reg E processes and procedures and customers. There appears to be evidence of discrepancies between their implementation and the law.
Sincerely, XXXX XXXX
| Company | E*Trade Bank |
| Complaint ID | 1579532 |
| Date Received | 09/24/2015 |
| Product | Bank account or service Checking account |
| Issue | Using a debit or ATM card |
| State/ZIP Code | IL 606XX |
| Consumer Consent | Consent provided |
| Company Public Response | |
| Company Response To Customer | Closed with explanation |
| Submitted | Web 09/28/2015 |
| Result | Timely Response: Yes, Consumer Disputed: Yes |
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