ComplaintsforBank OZK

• Initial Complaint

  04/19/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  ON JAN 10,2023 I OPENED A 13 MTH CD PAYING 4.6 % FOR $10,000 WITH THE OZK BANK IN MANDARIN, FL. THIS CD MATURED ON FEB 09, 2024 WITH A VALUE OF $10,461.56 . VIA TELEPHONE, I TRADED THIS MATURED CD FOR A NEW 8 MONTH CD PAYING 5.3%.AT THE SAME BANK. DUE TO CAR PROBLEMS, I NEEDED TO CASH THE 8 MONTH CD ON APRIL,12 2024. I EXPECTED TO LOSE THE 2 MONTHS ACCRUED INTEREST. HOWEVER, I DID NOT THINK IT PROPER FOR THE BANK TO TAKE A THIRD MONTH INTEREST FROM THE MATURED 13 MONTH CD, WHICH THEY DID. THE BANK TREATED THIS AS ONE CD, AND I CONSIDER IT AS TWO SEPERATE CD2 CDS. I COULD NOT GET THE BANK TO AGREE WITH ME. SINCE THE BANK CREATED A UNILATERAL CONTRACT, I THINK THIS GREY AREA SHOULD BE RESOLVED IN FAVOR OF THE PARTY THAT DID NOT CREATE THE CONTRACT. YOUR ASSISTANCE IN GETTING ME A REFUND OF $42.18 THAT SHOUD NOT HAVE BEEN DEDUCTED FROM THE MATURED 13 MONTH CD WOULD BE GREATLY APPRECIATED. THANK YOU.

  Business response

  04/30/2024

  The terms and conditions, received at account opening, disclose that an early withdrawal penalty equal to 90 days of interest will be assessed when withdrawing from the account prior to maturity for Certificate of Deposits ("CD") with a term of less than 12 months.  Therefore, the Bank respectfully declines to refund the early withdrawal penalty. 

  Business response

  05/09/2024

  ********The Terms and Conditions, provided at account opening, disclose that an early withdrawal penalty equal to 90 days of interest will be assessed when withdrawing from the account prior to maturity for Certificates of Deposits ("CD") with a term of less than 12 months.  This applies to both newly opened and existing CDs that have been renewed. The interest penalty is not affected by the interest earned but is calculated as the amount of interest that would have accrued if the CD had been left open for the 90-day period. Therefore, the Bank respectfully declines refunding the early withdrawal penalty. 

  Customer response

  05/13/2024

   
  Complaint: ********
  
  I am rejecting this response because: THE NEW  8 MONTH CD HAD ONLY BEEN ACTIVE FOR 2 MONTHS. THEREFOR THE INTERST PENALTY SHOULD ONLY BE 2 MONTHS. THANK YOU.
  
  Sincerely,
  
  ****** ********

• Initial Complaint

  03/25/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  For almost a year now I've been receiving emails about transactions occurring on an account ending in **** with the account name ******* ****** even though I've never had an account with OZK and don't know anyone named ******* ******* As far as I can tell someone has simply entered my email on this persons account. I've contacted Bank OZK repeatedly over the phone at ************** (the number listed in the email) the last time being assured that they would correct the problem but they never have.

  Business response

  04/01/2024

  The Bank verified that the complainant's email address had been removed from the core processing system on September 22, 2023.  However, the Bank's client had entered the email address into the online banking profile and alerts continued to be sent to the complainant, and the Bank has deleted this as of Monday, April 1, 2024. 

   

  Customer response

  04/03/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ******* ********

• Initial Complaint

  02/26/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  A payment to 'The ********' was declined on 12/29/23 at 10:58am for $181.86...declined according to The ********. Because this payment was declined there is additional money owed to them & they are threatening sending the balance to collections if I do not pay it. I have been told over the phone & in person by multiple Bank OZK employees that no attempt was made to collect this payment & the error must have been on their end. Verbally telling this to The ******* isn't enough proof for them. I need written confirmation of this so I can submit it to The ******** as proof of their error. I called the main toll free number ************ on Jan 23 (5:32pm for 7m15s) & was told no attempt was made on Dec 29; when I asked to be sent something in writing I was told to call the local branch. I called the Harrisburg, NC branch on Jan 24 (************, 4m3s) & got a rah-rah speech from whomever answered the phone telling me to work the The ******** as Bank OZK cannot produce documentation. I visited the Concord NC branch & spoke with Jamie *******...she went above & beyond that day, including reaching out to digital services, but told me that she couldn't provide written documentation. I cannot remember the date of this visit. (Jan 25 or 26?) I visited the Harrisburg, NC branch on Wed 2/15 & spoke with Doug *******....again digital services were contacted, but again no written documentation. Digital services was on speaker phone & I heard them say there was no attempt by The ******** between the two successful payment dates. I called the main toll free number again 2/16 (1:11pm, 10m56s) & again after confirming no attempt was made & no documentation can be sent. I feel I have no choice but to file this claim to get the documentation needed. I need in writing from Bank OZK that no attempt was made on 12/29/23 so I can resolve this issue. A reply to this claim confirming this will suffice; I do need something more than a verbal confirmation.

  Business response

  03/07/2024

  The Bank provided a letter with the requested information, and the complainant picked it up at a local branch on February 29, 2024. 

  Customer response

  03/11/2024

  
  Better Business Bureau:

  I've received the documentation requested from Bank OZK

  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  Michael *********

• Initial Complaint

  02/15/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I transferred two IRAs from SECU to BankOZK and during account opening the rep had to call someone and ask questions (very obvious he didn’t know what he was doing). During this visit my wife asked if the RMD would be sent to us by check for the beneficiary IRA and he said “yes”. There were several issues with this transaction and I had to go back to the bank 4 or 5 times for corrections, the manager got involved and assured me everything was correct, weeks later. The first of January my wife realized I had not received the RMD check, so I went back to the bank to see why! Now to be told no RMD was ever set up. I contacted my accountant who told me to ask the bank to write a letter stating what happened that the check didn’t get cut and the bank is not willing to assume this responsibility for hiring inadequately trained bank representatives. This guy didn’t even know to ask about a RMD and should have never said yes to the check. Now I’m in a mess with the IRS doe to his incompetence. Then my wife tried to file this complaint for me and you refused to respond due to privacy. But another of your representatives gave me information about her IRA to take to her. It had her name social, balance and account number on it. Is this not a true privacy breach? I believe an attorney will think so! All I’m asking for is a letter!

  Business response

  02/22/2024

  The Bank has documentation on file evidencing that the complainant intended to return to the Bank to set up the 2023 distribution.  However, this was not done, and no distribution occurred.  If the client can provide documentation showing a request was made the Bank will review and act accordingly. The Bank has interviewed branch staff and discovered that an employee offered to allow a non-account holder to deliver account documents to the complainant, but the complainant declined the offer and retrieved the documents in person at the branch. 

  Customer response

  02/29/2024

  
  Complaint: ********
  
  I am rejecting this response because: both employees that I dealt with are no longer employed with this bank so how have you discussed anything with them.  Also you are saying you customers word of discussing this with the banker means nothing against now two nob employees of the bank.  Also I did go back to the bank 5 times to complete a transaction that should have taken one trip if the representatives would have known what they were doing!  The representative should have been guiding me not me requiring him to do his job correctly.  Terrible customer service and you know it!  Accept it!
  
  Sincerely,
  
  ***** *******

• Initial Complaint

  12/06/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  On Nov 27th I received a letter saying My CD has expired and renewed (Acct #**********) at an interest rate of 0.12% yes 0.12% so I went to the location on 4th street (I have been a customer in that location over 20 Years ) they said that was the contract , I asked for a copy of the contract does not show the length of renewal nor the interest rate , but they chose 13 months and interest rate of 0.12% . while they have an add paying over 5% for CD I got offended and I asked to close the account and give me my money they said per contract that I did not agree to as they expanded the the CD to 13 months , ( they could chose 3 months for example as nothing in the contract ) they need to charge me 18 months worth of interest , I see that not clean business , far for being a good customer service . customer abuse

  Business response

  12/08/2023

  It was disclosed at account opening, on 9/19/22, that the CD would renew at the original term of 13 months and the interest rate that would be determined on or just before the renewal date. The disclosures also contained instructions to call the Bank on or shortly before the maturity date for information on the interest rate for the next renewal term. A letter was sent to the customer's address on file prior on 9/29/23 prior to maturity disclosing that the CD would renew at the standard (non-special) interest rate and annual percentage yield ("APY"), with instructions to contact the Bank to learn the interest rate and APY for the account. The Bank respectfully declines to provide a refund. 

• Initial Complaint

  09/14/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  My kids were added to their dad disability allowance. So, I was able to file for benefits for my children. When the check came, they had both me and my child’s name on it. I went to bank OZK and I asked the teller if I could cash the check and they said yes. The check was cashed for 11,000. They told me 5,000 would be available and the remainder of the money would post on September 8. Well, no money was deposited and they put my account on fraud. They said that they wasn’t suppose to cash the checks and they needed documentation in order to lift the hold. Well, it took 3 days and they lifted the hold. They said nothing would happen again. On September 14, I was suppose to have a deposit of 12,000 entered into my account. They did not put the money in there and they also put my account on fraud again. I asked them why and they said that the teller overheard me saying my kids dad was deceased. That is a lie because I took my kids dad inside the bank with me the first time they placed a fraudulent hold on my account. Their negligence has caused me and my children to have to move and I almost got locked up because they frozen my account and I was out to dinner with my children. They are racist and they treated me so bad.

  Business response

  09/22/2023

  The Bank placed a large deposit hold, in accordance with Regulation CC, when deposits were made on September 5, 2023. The funds continued to be held, as a measure to prevent potential fraud, until supporting documentation of the Representative Payee assignment was provided.  The hold was released, and all funds were made available to the complainant upon receipt of the requested documentation on September 20, 2023.  

• Initial Complaint

  06/21/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Someone used my debit card for a college in Birmingham England and I am told that the transaction is on me because it’s been more than 60 days which should not matter. No one from the bank or the fraud department made any attempt to call me on this. The charge to my debit card was more than $4,000.00 and I am told by the dispute team that I am responsible for this transaction even though I did not AUTHORIZE. I received NO paper correspondence and no voice mail when the fraudulent transaction occurred. What good is money in the bank of it’s not protected? The local branch here in NWA should be held accountable because no one let me know of the foreign fraud charge. Now I am out more than $4,000.00 and feel I may need an attorney. Bank OZK has lost my business but they don’t care.

  Business response

  06/30/2023

  On June 9, 2023, the complainant reported unauthorized point of sale transactions dating back to March 8, 2023.  The complainant was mailed paper statements on the account in question.  Disputed transactions dated May 12, 19, 23 and June 5, 2023, were denied due to the transactions being outside of the dispute timeframe.  Since timely notice was not given, the cardholder is responsible for these transactions. 

• Initial Complaint

  06/15/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On or about May 11, 2023 I closed my checking account with Bank OZK in Cape Coral, Florida. I zeroed out the account balance with a teller at their Hancock Bridge Parkway location and surrendered my debit card to be destroyed. My account was closed per the teller's confirmation. I have since received overdraft fees for charges to the account, and have been informed that the account will remain open until I pay the sum of $109.35 to the bank. I left Bank OZK due to their predatory overdraft fee structure, and now this?

  Business response

  06/22/2023

  The customer's account was not closed due to the posting of two credits, and an unsuccessful attempt to contact the customer with this information was made.  Subsequently, recurring transactions and auto debits along with resultant overdraft fees and a service charge brought the account balance to $-144.35.  A courtesy refund of $35.00 was provided bringing the balance to $-109.35.  The customer should cancel recurring transactions and auto debits prior to closing an account or make arrangements for the charges to come out of a different account. 

• Initial Complaint

  04/17/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  4/14/23 I contact my local bank of Ozark branch located at 3*** **** ******** *** North Little Rock, AR 72118 about issues with my account. I noticed fraudlent ATM withdrawls over my/bank allowed daily limit. I was transferred to a female at the branch listed above who was extremely rude and stated that my account was not overdrawn but that was not the issue the issue was unauthorized withdraws and them being over the banks daily limit but the transaction was allowed. I was calling to get a better understanding/clarity. The female stated that I would have to come into the branch so I went to the location as advised but when I arrived (within 10 minutes of the call) I was advised the persons whom I spoke with on the phone ( spoke with 2 people at that particular branch) both were unavaillable. I have tried to make several attempts to get this issue investigated but am finding extremely difficult and time consuming to get assistance.

  Business response

  04/26/2023

  The customer exceeded his $500 daily ATM limit on March 3, 2023. A $400 withdrawal from an ATM was made after the cutoff time on March 2, 2023, and a $200 withdrawal was made on March 3, 2023, resulting in a total of $600 in ATM withdrawals to post to the account on that day. There were no fraudulent or unauthorized withdrawals, and the Bank did not allow more than $500 to be withdrawn in one day. There was no Bank error so a refund will not be provided. 

• Initial Complaint

  02/15/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  Problem: Funds held by Bank OZK after verification of payment and legitimacy of payment from Hewlett Packard for ******** ******. Funds and assets frozen both my personal and my wife's joint account. History: Job change from ** contracted employee to ** direct employee. First payment a mailed check deposited via mobile application prior to 1/1/2023. Funds were available on 1/2/2023 and used to pay monthly bills and expenses. Next day, check placed on HOLD and all processing payments for bills and expenses were denied (multiple returned check fees and insufficient fund charges by billing companies). Contacted Bank OZK Rogers via phone requesting assistance. Advised that bank employee who placed HOLD on my check was no longer with bank. Later advised by Bank OZK Rogers issue was fraud alert due to deposit of paper check on mobile application. Unable to access funds and account placed on hold for 10 days. ** tried to send the check, but the payment was already processed by BANK OZK. Visited Bank OZK location in Fayetteville, AR to receive direct assist with issue. Advised Bank OZK manager *** *** of Bentonville placed a HOLD on my bank OZK accounts. They were unable to release HOLD. Called bank and *** *** directly. Spoke with staff of Bank OZK Bentonville about issue and requested to speak with *** *** (unavailable). January 12, 2023 my next payment from ** deposited into my other bank and still unable to resolve issue with my Bank OZK accounts. My wife and I also received notices in the mail on January 12, 2023, that our accounts were on HOLD for 10 days after notice was sent (dated January 4, 2023). Notice advised to contact *** ***. Wife's direct deposit received but now, all our assets are frozen. My wife and I went to bank 1/17/23 and after long wait, our funds were released by Bank OZK Fayetteville and $0 balanced our accounts pending a resolution from *** ***.. My wife and I have not been contacted by Bank Ozk since and want resolution for our remaining open accounts and fees owed.

  Business response

  02/22/2023

  The complainant's mobile deposit was flagged for review as the transaction activity was indicative of potential fraud. The check was dissimilar to items previously presented by the Maker and the endorsement verbiage was consistent with that commonly used in fraud schemes. Additionally, the complainant was previously involved in a similar fraud case, involving an attempt to deposit a fraudulent payroll check.  The account was placed in a restricted status, but the customer was allowed in-person transactions in which all remaining funds were withdrawn from two accounts.  No fees were assessed. The restriction was lifted on January 31, 2023. 

  Business response

  03/03/2023

  The customer's individual and joint (with wife) accounts were restricted to all transactions during the fraud review. This resulted in automated clearing house payments to ********** ***** ********** ***** ********* ***** ***** ****** *** ****** ********** being returned.  The Bank has no evidence that a payment from *** ******** was attempted. The Bank has agreed to refund fees upon receipt of documentation from the customer. 

  Customer response

  03/06/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID 19408202, and find that this resolution is satisfactory to me.

  Bank OZK Northwest Arkansas MGR contacted me personally to resolve all issues. We have agreed to a resolution and I will continue to bank with BANK OZK.

  Please close this complaint.

  
  Sincerely,
  
  ******** ******

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