ComplaintsforFirst American Bank

• Initial Complaint

  02/03/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I am writing to file a formal complaint against First American Bank regarding the lack of response to my recent request for important account information related to IRA. I was communicating with Mr. ***** ****, the bank manager to renew my IRA on its maturity date. However, following the time I submitted the paperwork he needed to renew my IRA, I have not received any response from Mr* **** for two weeks, despite repeated attempts to contact him. I have received no confirmation that the IRA has been renewed successfully or documentation on the new account I need for my records. The specific information I require includes my new IRA account number, new maturity date, and confirmation of my account PODs. I first emailed him January 19th, then called and emailed again on January 22nd and have received no response to my request. I have sent several additional emails since that time in hopes of bringing his attention to this matter.  This lack of communication has adversely affected my financial planning. Given my rights as a customer and the bank's obligations under various financial regulations and consumer protection laws, I find it highly concerning that I am unable to gain a response, despite repeated emails and phone calls to the bank and Mr. Pena directly.  Despite my efforts to resolve the matter, the lack of response is unacceptable, necessitating the filing of this formal complaint. I request the Better Business Bureau's assistance in investigating this issue and ensuring a prompt resolution.

  Business response

  02/23/2024

  Better Business Bureau

  New Mexico / Southwest Colorado 7007 Jefferson St NE, Suite A Albuquerque, NM 87109

  To Customer and Dispute Resolution Department

  RE: ID 2*******

  First American Bank received the complaint through the Better Business Bureau (BBB). We are aware of the inconvenience this has caused and can assure you we take the complaint seriously.

  I have completed a thorough review of events taking place from January 16, 2024, through January 19, 2024. spoke with and received a written statement from ***** ****, Branch Manager along with email documentation of the transaction. The last communication appears to have been January 19, 2024, and Mr. **** thought he had provided all requested information from the customer.

  Mr. **** stated he reached out to the customer via telephone on January 16, 2024, regarding an IRA maturing soon. Mr. **** requested updated identification information and the options available to the customer to renew were presented, discussed and the customer chose the offer best suited to her. The customer expressed her concern about completing the renewal within the grace period because of a severe snowstorm in her area that may make communication a challenge by phone or internet. Mr. **** assured her this would be completed in a timely manner.

  Mr. **** received the updated identification on 1/16/24 and on 1/18/24, the customer asked for the IRA renewal to be delivered by email to be printed, reviewed, signed, and returned. The customer returned the documentation on 1/19/24 well within the grace period for renewal.

  The customer thanked Mr. **** for the timely renewal and asked for documentation showing the beneficiaries and their information for her records. The customer stated in an email that a former manager told her the beneficiaries are documented on the signature card. The beneficiaries are documented on a designation form. However, this form only generates when there is an addition or deletion of beneficiaries and not each time the IRA Certification of Deposit is renewed. The change of address discussed with Mr. Pena on January 16, 2024, for one of the beneficiaries, was processed that day. A copy of the designation form and change of address form will be sent to the customer by mail as this communication cannot contain personally identifiable information.

  First American Bank appreciates your business and regrets the inconvenience caused by this situation. Mr. **** will mail the additional documentation that should address your concerns. If you have additional concerns, please call Mr. **** at ***** ******** or me at ***** ********.

  Sincerely,

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

  SVP Compliance Division Manager

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

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

  Business response

  03/15/2024

  Response to rejection - ********

  Better Business Bureau
  New Mexico / Southwest Colorado 7007 Jefferson St NE, Suite A Albuquerque, NM 87109
  
  To Customer and Dispute Resolution Department
  
  RE: ID ********

  Thank you for the follow-up comments and for providing the additional documentation. To address your concerns, I am sending directly to the customer a letter with the detailed answers to her questions.

  As noted in the separate letter, the IRA was successfully renewed, and all documents and information required has been received by First American Bank for renewal. The opening date of the IRA was January 18, 2024 and the maturity date is July 18, 2025. The following information is included in the separate correspondence: 

  1. The IRA Number

  2. A copy of the Traditional IRA Account Maintenance

  3. A copy of the Physical Address Change Form

  4. A copy of the Account Information - Certificate of Deposit Account - Traditional IRA

  5. Screenshots from our records reflecting current information.

   

  I trust that the information provided by separate correspondence will satisfy your inquiries. I do apologize for the lack of communication. Please be assured this has been addressed. I am enclosing a business card in the letter. Please contact me directly with additional questions or concerns.

  Sincerely,

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

  SVP Compliance Division Manager

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

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

   

  Customer response

  03/18/2024

  [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 made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 

  Regards,
  
  ***** ***********

*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. ↩