- Start by filing a complaint with the Consumer Financial Protection Bureau[1]
- Advice patio11 gave me (adjust for your own situation):
> 1) Unlikely to convince them to re-open the account but if you want to try your best bet is on paper to Sallie Mae; enclose copious documentary evidence of identity, source of funds, and purpose for opening the account. You can address the packet to Legal or Chief Compliance Officer; they can messenger it over to Fraud.
> 2) Assuming primary goal is getting $20k expeditiously: Reg E letter to Sallie Mae’s Legal Department or Chief Compliance Officer or similar. Argument: you made an electronic transfer into the bank; it was not processed properly (not credited to you); you require them to either reverse transfer or return the money via a method convenient to them. Send on paper.
> 3) Check that Chexsystems didn’t get a file opened on you as a result of this; would be unfortunate. More on your local Googles.
- (patio11 used to ghostwrite to banks as a hobby[2])
+1 to file a complaint with CFPB. Chase closed my account and for two months I was visiting local branches and calling them, and nothing happened, just end less calls and explaining the situation again.
I filed with CFPB, and situation resolved automatically in about two weeks.
KYC is much more involved outside the US. Have you tried opening an account in the EU or South Asia?
It's just that US does very little to no KYC upon account opening, instead relying on risk indicators (like IP address, and credit systems) at the outset, and throwing flags way down the line if some 'unusual' activity happens in the account. This happens typically when someone really needs access their account urgently (real estate txs) or in unusual situations, which results in stories like these.
No other country has high-street banks (obv. excluding the 'tech'-banks of yore) that let me open an account without ever entering a branch or requiring a single piece ID
- Advice patio11 gave me (adjust for your own situation):
> 1) Unlikely to convince them to re-open the account but if you want to try your best bet is on paper to Sallie Mae; enclose copious documentary evidence of identity, source of funds, and purpose for opening the account. You can address the packet to Legal or Chief Compliance Officer; they can messenger it over to Fraud.
> 2) Assuming primary goal is getting $20k expeditiously: Reg E letter to Sallie Mae’s Legal Department or Chief Compliance Officer or similar. Argument: you made an electronic transfer into the bank; it was not processed properly (not credited to you); you require them to either reverse transfer or return the money via a method convenient to them. Send on paper.
> 3) Check that Chexsystems didn’t get a file opened on you as a result of this; would be unfortunate. More on your local Googles.
- (patio11 used to ghostwrite to banks as a hobby[2])
[1]: https://www.consumerfinance.gov/complaint/
[2]: https://www.kalzumeus.com/2017/09/09/identity-theft-credit-r...