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Business Profile

Bank

Cambridge Savings Bank

This business is NOT BBB Accredited.

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Complaints

Customer Complaints Summary

  • 4 total complaints in the last 3 years.
  • 1 complaint closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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Complaint status

Complaint type

  • Initial Complaint

    Date:05/14/2024

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    In the process of opening a savings account with ********* digital banking division of Cambridge Savings Bank, I gave them all the personal information they required. Nevertheless, they claimed to be unable to verify my identity. I believe that the company is a complete fraud. They did the same thing to my husband.

    Customer Answer

    Date: 05/25/2024

    I have not heard from the business in response to my complaint.

    Business Response

    Date: 06/03/2024

    The Bank communicated directly with the customer to resolve the issue. 

    Customer Answer

    Date: 06/12/2024

    Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 

    [You must provide details of why you are not satisfied with this resolution.  If you do not enter a reason for your rejection, your complaint will be closed as Answered.]

    Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.

    FAQ

    Regards,

    ******

     

     

  • Initial Complaint

    Date:02/23/2024

    Type:Product Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I wish to complain against Cambridge Savings Bank regarding their handling of the fraud claim that I have made. Starting around April 6, 2023 I was a victim of a scam by a fraud company ****************************** and lost ****** USD. The money was sent to ******************** I have previsoly made an inquiry with Cmabridge Savings Bank on August 18, 2202 in writing by requesting them to initiate a recall and asked them how is it possible that they did not find anything suspicious that the recipient and the owner of the company had prior convictions in both the ******************* and the ****************. ******************************* and ********************************* were charged for wire fraud and tax evasion in the ** District Court of **********, resulting in an indictment. Despite their legal troubles, they have persisted in fraudulent activities under the business name ****************************** Corp" in ******* to which I have fallen victim of. CSB has also response to my complaint on September 8, 2023 saying: "You also indicated that you believe that CSB had a duty to prevent you from making the payment to RJD. While we regret that this happened to you, CSB had no such duty. Nor would it be reasonable to expect CSB to have been able to prevent the payment". I believe that the Banking Act and the regulations concerning Duty of Care do not fall short when it comes to Cambridge Savings Bank and that it looks like the bank is not only avoiding any responsibility but also unaware of what they are supposed to do in order to prevent fraud.

  • Initial Complaint

    Date:10/18/2022

    Type:Billing Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Saw advertisement for Ivybank owned by Cambridge savings bank which coming less assets. They sent email asking to deposit money. I sent ***. Next day they sent letter saying they closed account for lack of funding. Meanwhile they have the *** funds. Not returned yet.In the letter it states if this is an error notify immediately. I called they said they do this all the time! Scamming consumers for deposits then saying account closed. The MA ************************ should investigate this Ivybank Cambridge scam.Many complaints on the web about this operation. Appears to be consumer fraud to raise capital at the publics expense. Closed the account I have no access to the funds. **************** has provided no answers or *** trace info. Even though they had me initiate *** on their website. Then lock you out! Federal law requires them to assist customers. Cambridge and *********** to break N***A Regulations and Federal law.

    Customer Answer

    Date: 10/30/2022

    [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]

    Better Business Bureau:

    I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #********. I understand that by choosing to accept the business response that my complaint will be closed as resolved. 

    Regards,

    *************************

  • Initial Complaint

    Date:06/17/2022

    Type:Service or Repair Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    June 13, 2022 Re: My account with Cambridge Savings Bank Your assistance in resolving a very disturbing situation would be very much appreciated. A review of my account is much needed. I opened a checking/H32**3434353534313530H account with CSB in 2016, after selling my house. By 2020, living expenses occurred and my account had decreased significantly so it was easy to recognize *********** were not being transferred into my checking account! It seems another individual with the same name as mine was receiving my small deposits into her checking account. Bizarre as it may seem, the other *************************** had $70,000+ in her checking account. I need to know how many times this happened before I realized it and made corrections. Each time I made a deposit, I would patiently explain the situation to a CSB representative. When they proceeded with my request, they claimed they couldn&#**;t find my account and were puzzled--it sometimes took five minutes and unfortunately at times I would later learn it still was not placed in my account. All this, despite showing my debit card, checking account number and even my driver&#**;s license, the representatives were not capable of the simple task of putting *********** into my account. Numerous times, both by telephone and in person at the two CSB branches in Arlington, I tried to resolve this issue without success. Today, I am sending a copy of this letter to the President and CEO of Cambridge Savings Bank. My wish is that he will want to participate in correcting this situation. At one point, I believe in 2021, a telephone representative apologized profusely and told me he would set up a system to prevent this from happening again. His system has failed repeatedly. In a different matter, in 2016 when I opened an account at CSB, a performance plus account was used. I very recently learned the $20 monthly service fee should not have been applied at a certain cash level (simple checking). This $20 service fee was deducted from my account for an extremely lengthy time period and while I&#**;m not certain that it was intentional, it was wrong.

Cambridge Savings Bank is NOT a BBB Accredited Business.

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