BBVA CD/TD maturity issue

Anonymous · ‎04-27-2020

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...

DaveInAZ · ‎04-27-2020

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".

eastsea · ‎04-27-2020

@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.

Anonymous · ‎04-28-2020

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

Anonymous · ‎04-28-2020

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.

Anonymous · ‎05-13-2020

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.

Anonymous · ‎05-15-2020

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.

Anonymous · ‎06-01-2020

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.

DaveInAZ · ‎06-01-2020

@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.

Anonymous · ‎06-02-2020

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.htm...

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.