topic Re: BBVA CD/TD maturity issue in Personal Finance

BBVA CD/TD maturity issue

Anonymous — Mon, 27 Apr 2020 11:29:59 GMT

So I parked $5000 in a CD at BBVA last year. It matured in April of this year. I had been digging around on the website trying to figure out how to cash-out. No dice. I got a letter from BBVA with all sorts of options, none of which included cashing out. After trying for 3 days I finally got a live human on the phone who told me the ONLY way to cash out a CD with them is to fax or mail a piece of correspondence to an address in Pharr TX, with a picture of the front and back of my ID. They will then mail a check. It's not time-sensitive, I need it to pay taxes, but who ever heard of such a bass-ackwards way of doing business? I have CDs with Cap1 and Barclays and they are SO easy to either roll over or cash out. I don't get it...

Re: BBVA CD/TD maturity issue

DaveInAZ — Mon, 27 Apr 2020 16:33:59 GMT

Try calling your nearest branch and ask to speak with the manager and see if they can help. I have banking & credit card accounts with BBVA and find it hard to believe they are this bass ackwards. Mail something to Texas??? Why do you bother having branches?

But some banks are clueless with customer service. I ended a 10 year relationship with Wells Fargo when they automatically rolled over a 18 month CD earning 2% into their shortest term CD of 3 months earning 1/10th of a percent. I called and the rep told me the only way to change it was to go to a branch. I complained as that was ridiculous and I had moved and the nearest branch was now almost an hour & a half away. The rep just kept repeating that I had to go to a branch, like I was hard of hearing or just plain stupid. So I went to a branch, and told them "Close all my accounts and give me all my money".

Re: BBVA CD/TD maturity issue

eastsea — Mon, 27 Apr 2020 22:17:24 GMT

@Anonymous wrote:
So I parked $5000 in a CD at BBVA last year. It matured in April of this year. I had been digging around on the website trying to figure out how to cash-out. No dice. I got a letter from BBVA with all sorts of options, none of which included cashing out. After trying for 3 days I finally got a live human on the phone who told me the ONLY way to cash out a CD with them is to fax or mail a piece of correspondence to an address in Pharr TX, with a picture of the front and back of my ID. They will then mail a check. It's not time-sensitive, I need it to pay taxes, but who ever heard of such a bass-ackwards way of doing business? I have CDs with Cap1 and Barclays and they are SO easy to either roll over or cash out. I don't get it...

Make sure they do not automatically roll your money into another CD. Some banks love to do that. I had some bad experience with Keybank and it took some convincing for them to return me my money.

Re: BBVA CD/TD maturity issue

Anonymous — Tue, 28 Apr 2020 09:06:20 GMT

go to a branch and tell them u want your money thats what i did

Re: BBVA CD/TD maturity issue

Anonymous — Tue, 28 Apr 2020 09:51:59 GMT

I'm in Ohio and the closest branch is probably 500 miles away. I have a credit card with them that I've generally been happy with, but this CD fiasco has turned me off of them altogether. I wasn't even trying to get rich with the CD, I was trying to hide the $5k from myself so I'd have it at tax time this year because I knew I'd need it. The whole thing irritates me.

Re: BBVA CD/TD maturity issue

Anonymous — Wed, 13 May 2020 18:27:22 GMT

The saga continues...spoke to a rep today, they claim they never received my mailed request to cash-out the CD. Further, the only person in the whole company who can research what happened to the letter is a "Miss Mathes" who must work a really early shift, because she is gone for the day at 2:15PM Eastern time. They also can't leave a message or respond, I have to call them in the morning. Completely asinine.

Re: BBVA CD/TD maturity issue

Anonymous — Fri, 15 May 2020 12:16:50 GMT

On the phone with them again, the poor front line rep can't get anyone "in that department" to pick up the phone so he's reaching out via email to them. Meanwhile I cashed out some Barclays CDs 2 days ago with one phone call and the funds landed in my account last evening. With CD rates as low as they are there's no burning need to open new ones, but it was great while it lasted. I had several at 3%, which was nice.

Re: BBVA CD/TD maturity issue

Anonymous — Mon, 01 Jun 2020 10:18:39 GMT

The saga continues. Finally got a rep to admit that they had no record of having received my mailed correspondence, so they suggested faxing it. The number they gave me rang busy 24-7. Got another number, which rang and rang and rang, but never picked up, except during business hours, when it rang busy. Got a thrid fax # which actually worked. A rep called me, and advised that the letter should have been notarized?!? but they would accept it this time and send me a check. He went on to say that they simplified their process, and starting in June, it's a simple process on their website.

Never again.

Re: BBVA CD/TD maturity issue

DaveInAZ — Mon, 01 Jun 2020 15:44:10 GMT

@Anonymous wrote:
Never again.

I don't blame you. But glad it finally got resolved for you.

I bank with them and have CCs from them, but the nearest branch is 20 minutes away for me. But I think I'll still take a pass on their CDs.

Re: BBVA CD/TD maturity issue

Anonymous — Tue, 02 Jun 2020 23:46:01 GMT

Honestly, reading this back when you first posted infuriated me. I mean: infuriated. Here are the two routes I think you should go. You need to complain about the process to force them to improve it.

1st: call your state bank regulator. In fact, BBVA is required to tell you how to contact them. Link here: https://www.bbvausa.com/commercial/financing/sector-specializations/financial-institutions/links.html

2nd: You can go the Consumer Financial Protection Bureau at www.consumerfinance.gov and file a complaint. They will forward on to the federal regulator who can either be the Federal Reserve, FDIC, OCC, etc. BBVA is regulated by the Federal Reserve.

Cashing in a time deposit/CD should not be this hard. You are also owed interest from the time it matured until the time they pay you.

Re: BBVA CD/TD maturity issue

DaveInAZ — Wed, 03 Jun 2020 21:38:07 GMT

@Anonymous wrote:
Honestly, reading this back when you first posted infuriated me. I mean: infuriated. Here are the two routes I think you should go. You need to complain about the process to force them to improve it.

1st: call your state bank regulator. In fact, BBVA is required to tell you how to contact them. Link here: https://www.bbvausa.com/commercial/financing/sector-specializations/financial-institutions/links.html

2nd: You can go the Consumer Financial Protection Bureau at www.consumerfinance.gov and file a complaint. They will forward on to the federal regulator who can either be the Federal Reserve, FDIC, OCC, etc. BBVA is regulated by the Federal Reserve.

Cashing in a time deposit/CD should not be this hard. You are also owed interest from the time it matured until the time they pay you.

1st: OP is in Ohio and BBVA has no branches in Ohio, so the OH state banking regulator has no authority over BBVA.

2nd: A complaint to the CFPB might have been helpful at the beginning to get results more quickly, but now they've agreed to end the CD and send payment I don't think there isn't anything the CFPB can do.

And some/many banks seem to have procedures in place to make changing or cashing out a CD a real hassle. I ended a 10 year relationship with Wells Fargo over this. I had a 13 month CD and at maturity they notified me they had "automatically" rolled it over to their shortest maturity of 3 months at 1/10th of 1%. I looked online at their CDs and decided on a 18 month CD paying over 1%. So I call, finally get through to a banker who curtly tells me if I want to change maturity I have to go to a branch, and by the end of the week for the grace period. I explain that I have moved and the nearest branch is now an hour & a half away. Banker just repeats that I have to go to a branch. I protest, if the system automatically rolled my CD over why can't he undo that? Banker just repeats that I have to go to a branch.

So I went to a branch, and told them: "Close all my accounts and give me all my money".

Re: BBVA CD/TD maturity issue

Anonymous — Sat, 06 Jun 2020 12:48:03 GMT

Update...got a letter yesterday from BBVA advising that the check was on the way?!? Great, why not just send the check at the same time. Not a real stellar process.