Recently I filled out an application for a large CD online with an out of state US bank that came highly rated by Bauer Financial. My application was approved, and two days later the funds were taken out of my checking account for the CD. However, the bank issuing the CD did not open my CD account until SEVEN DAYS AFTER my funds were withdrawn from my checking account, and they will not credit the interest due to me for those seven days, saying the account hadn't been opened yet. When I called the bank, the representative gave me the runaround, saying they needed 3-4 business days for "processing" the new account. Their disclosure documents say nothing about a delay for processing and state that "Funds from electronic direct deposits to your account will be available on the day we receive the deposit". The representative tried to get me to believe that the bank didn't receive the funds until "three business days" after they were taken out of my checking account. Where were the funds all that time? Out in space? Are there any regulations to govern this situation? Should I file a complaint with their State Regulator? Thank you.
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