CFG Bank — Attraction in Baltimore

My CD had reached its maturity date and I wanted to close it and get my funds back. I was offered the option of having a check mailed to me or having it wired to me at a cost (which would have made going with the CFG’s higher APY pointless.. may as well have gone with a bank with better service and a slightly lower APY.)

I opted for the mailed check option. The rep I spoke to told me I would receive the tracking number. Days went by and I never heard anything, so I logged into my online account and saw that I no longer had any accounts open. But I never received any kind of notification of confirmation that my account had been closed or that a check had been sent, and certainly nothing about a tracking number. I’ve called 3 times about a tracking number; it takes about 20-30 minutes just to get your call answered every time. The first time, after being put on hold for a long time (in addition to the initial hold time just trying to get through) I was told the department with the tracking number was closed and that they would call me the next day at 9 am. Didn’t happen. The next time I called, I was put on hold for a long time again and then given the tracking #. I looked it up after the call and it didn’t pull anything up. So I called back and confirmed the tracking number with a different rep. They said it’s what they have on file and that maybe one of their employees entered it in wrong on their end. It was supposedly sent 6 business days ago so the tracking number should be in USPS’s system. I also expressed concern to this rep that I didn’t receive any kind of confirmation with tracking # and she I wouldn’t have unless I paid for FedEx. This wasn’t even offered as an option. She also told me it was sent certified with a signature confirmation required, which is great but I would have appreciated a heads up on this. How can I know to be there for the signature if I wasn’t told about it or given any kind of tracking information?

Between the lack of any kind of confirmation about my CD being closed, the lack of a tracking number I was told I would receive, and the tracking number being incorrect, I am now VERY concerned about the competency and legitimacy of this bank and the amount of my money they have in their possession has me incredibly stressed. I wish I read these reviews first. If I could do it all over again, I would have just put the funds in my HYSA and called it a day. The CD rates here are not worth the stress. I bank with a small credit union and their customer service is great, easy to contact, and they automate notifications/confirmations for everything. I should not have to work this hard (hours of my time so far) to figure out what happened to my money that I put in the responsibility of CFG. The lack of communication from this bank is completely unacceptable. Please learn from my mistake and avoid...

Criminal fraud or gross incompetence? When our CD came due, this bank delayed over a month in returning our money, accruing another month of interest that it kept for itself and never refunded. Is this part of their business model? Every other bank we've dealt with will release a matured CD directly back into your bank account through an electronic transfer, but not this one. CFG claimed they sent a check, but it never arrived, and they couldn't track it. Who sends a large check with no insurance or tracking number? We asked them to cancel the alleged check and send a replacement--is that so hard? They are a bank, after all. But they delayed and delayed, for over a month. Before they would release our money, they insisted that we go to a notary and pay to have their forms notarized, but the forms they sent, including affidavits of fraud, did not even apply to our situation. Eventually they agreed on different forms, but their forms released CFG from all responsibility for the missing money--and put the risk of any loss on us--even though they had supposedly sent a check that never arrived. As others have commented, the reps in CFG's "customer service" department are hopeless. For example, we called and asked them to provide a number for a bank officer who could contact us. Instead, they transferred our call to a number "no longer in service." We requested to speak to a supervisor but she never called. It took six weeks of wrangling and countless phone calls to get our money back. If you think you'd enjoy spending literally hours on the phone in fruitless calls with inept bank clerks, CFG could be the bank for you. Otherwise, it's simply not worth the aggravation for the small difference in interest rates you might get. Save yourself time, energy and the need to contact government bank regulators in order to get your money back. Online reviews show that other customers have had the same problems with CFG. Regulators should step in to ensure that this doesn't...

UPDATED REVIEW…. (Original post) Yikes, I was going to open an account at this bank but after reading all these consistent bad reviews, I will not now. As usual, nothing good comes out of Baltimore. :( ———————————————————————————— (Updated post) Today, 9/2/22, I’m officially a member of CFG bank. When they read my google review, someone personally reached out and asked me to give them a shot. I applied, and there were a few small delays but it was only because the bank is doing their due diligence to prevent fraud and scammers. So if you’re a scammer…. I wouldn’t bother trying to open an account.

I don’t know Nicole but she has been on the ball with replying back to me and ensuring the process of setting up the account was rolling forward.

I would give a 5 star, but I haven’t been with them long enough to justify that. I will update at a later point.

No one in the country is giving these kind rates. So, I would recommend taking a stab at opening an account. It might take a little bit longer than if you were opening up an account with a big bank but they are not giving you the returns that this bank is. You have nothing to lose.

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(Update post) 10/12/22 I have had nothing but great service and experience with this bank thus far. I had an issue today, I emailed them and was on the phone in a matter of minutes with a pleasant young lady who helped me out. As. Of today, they are giving 3.05 APY. that’s amazing!! The reason it takes so long to open an account is because they are busy but more importantly, they are weeding out the scammers and fraudsters. Eliminating those fools allows them to pay out higher...