@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.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.
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".
