Claim Compensation from First Citizens BancShares

Getting your thoughts and documents in order before you contact First Citizens is half the battle. Don't go in unprepared.

• Know Your Numbers: Have your account number, the exact date of the transaction or issue, and the specific dollar amount in question ready to go.
• Create a Timeline: Write down a simple, chronological list of what happened. For example: 'May 10th: Noticed $35 overdraft fee. May 11th: Called customer service, spoke to John, reference #12345.'
• Gather Your Proof: Screenshots are your best friend. Take pictures of incorrect fees, error messages, or misleading information on their website. Save relevant account statements as PDFs.
• Define Your Goal: Decide exactly what you want before you call. Is it a refund of a specific fee? Compensation for a service failure? Be clear and concise. 'I am requesting a refund of the $35 monthly service fee due to the system outage on...' is much stronger than 'I'm upset about my account.'
• Stay Calm, Be Firm: You can be frustrated without being rude. A calm, firm, and factual approach is always more effective. Keep emotion out of it and stick to the facts.

Yes, you have rights as a banking customer in the United States. These aren't just bank policies; they're federal laws designed to protect you.

• Regulation E (Electronic Fund Transfer Act): This is your biggest ally for unauthorized transactions, debit card errors, and ATM mistakes. It limits your liability for fraudulent charges and sets strict timelines for the bank to investigate and resolve your claim (typically 10 business days to provide provisional credit).
• Truth in Savings Act (TISA): This requires banks to be transparent about fees, interest rates, and terms. If you were charged a fee that wasn't properly disclosed in your account agreement, you have grounds for a dispute.
• The Consumer Financial Protection Bureau (CFPB): This is the primary federal regulator for consumer banking. If First Citizens fails to resolve your issue satisfactorily, you can file a formal complaint with the CFPB. Banks are required to respond to these complaints, and it often gets your issue in front of a higher-level resolution team.

What can you be compensated for? Typically, you can claim compensation for direct financial losses like incorrect fees, unauthorized withdrawals, or calculation errors. Compensation for 'inconvenience' is less common but you can always ask for a goodwill credit, especially if you're a long-time customer.

Subject: Formal Complaint & Compensation Request - Account #[Your Account Number]

Dear First Citizens BancShares Customer Resolution Team,

I am writing to file a formal complaint regarding a [billing error/unauthorized fee/service failure] on my account, #[Your Account Number]. I am requesting immediate reimbursement and compensation for this issue.

On [Date of incident], I was incorrectly charged a fee of $[Amount] for [Reason for the fee, e.g., 'monthly service charge despite meeting waiver conditions'].

Here is a brief timeline of the events:

• [Date 1]: [Briefly describe the action or event, e.g., 'Met the minimum balance requirement of $XXXX.']
• [Date 2]: [Briefly describe the error, e.g., 'Noticed the $XX fee was deducted from my account.']
• [Date 3]: [Describe any attempt to resolve, e.g., 'Called customer service and spoke with Jane, reference #XXXXX, who was unable to resolve the issue.']

This charge is in violation of the account terms we agreed to. As per the Truth in Savings Act, all fees must be applied according to the disclosed terms. I have attached a copy of my account statement showing the incorrect charge and proof of meeting the fee waiver requirements.

I request a full refund of the $[Amount] fee to be credited to my account within 10 business days.

I expect a prompt response to this matter. If this is not resolved by [Date, 10-14 days from now], I will escalate my complaint to the Consumer Financial Protection Bureau (CFPB).

Sincerely,

[Your Full Name] [Your Phone Number] Account Number: [Your Account Number]

If your initial request is denied, don't give up. The first 'no' is often just a hurdle. Here’s your escalation plan:

1. Ask for a Supervisor: The first person you speak with often has limited authority. Calmly state, 'I understand this is your policy, but I'd like to speak with a manager or supervisor to discuss this further.' A supervisor can often offer goodwill credits or override a frontline decision.

2. File a CFPB Complaint: This is the most powerful tool for a US banking customer. Go to the Consumer Financial Protection Bureau website and file a detailed complaint. First Citizens is legally obligated to investigate and provide a formal response, usually within 15 days. This gets your case out of the regular customer service queue.

3. Consider Small Claims Court: For larger financial disputes where you have clear evidence of the bank's error, small claims court is a viable option. The process is designed for individuals without a lawyer, but make sure your documentation is flawless.

4. Make Some Noise on Social Media: A polite but firm public post on X (formerly Twitter) or Facebook detailing your issue can sometimes get a quick response from their social media team. Be factual, tag their official account, and state what you're looking for. Weirdly, this sometimes works faster than their official channels.

Tired of navigating the First Citizens BancShares phone tree only to be put on hold? Sound familiar? Dealing with bank errors is a special kind of frustrating, filled with jargon, long waits, and the feeling that you’re talking to a wall. It’s enough to make you want to just accept the loss. But you shouldn't have to.

That's where Pine AI steps in. We handle the tedious, time-sucking process of fighting for your compensation. No more hold music. No more repeating your account number for the fifth time. We manage the communication, present your case, and follow up relentlessly to get your money back. With a 93% success rate in negotiations, we know how to cut through the corporate red tape. Think of us as your personal advocate, the one who does the arguing so you don't have to. It’s time to let technology handle the headache. Let us fight for the compensation you're owed.

The information on this page is for informational purposes only and does not constitute legal advice. Pine AI is not a law firm.