We signed up for a High-Yield Savings account with Fruitful Inc. which is an online banking partner of Emigrant Bank. Once we signed up, we realized that core features of a traditional online bank were not available without having to email their support line (adding a new bank account for transfers, updating profile information, etc.). It became clear that we did not want to continue using the service. At the time our initial deposit of $250,000 to fund the account was still processing. When we told support we were disappointed about the lack of features, we got an email back stating the following:"Dear [NAME], Following a recent review of your account, we regret to inform you that we have made the decision to end our relationship with you at this time. We have taken steps to close your Fruitful High Yield Savings account. Funds owed to you will be transferred to your external account. The transfer was initiated today and funds will be available to you in 5-7 business days. Additionally, we have cancelled your membership, stopped automatic payments, and have issued a refund for your membership fees. Please allow up to 5-7 business days for the funds to reflect back into your original payment method. Our best,Fruitful Hospitality"We did not give permission to transfer that money back, and needed access to funds for investment purposes. The money being transferred back was also sent to a bank account we were in the process of closing which is causing logistical issues. I genuinely believe Fruitful Inc.'s business practices should be investigated. I cannot believe transferring $250,000 without consent is even legal. They did not provide proof that a transfer has even happened and we no longer have access to our Fruitful account to confirm or manage the funds. In addition to that, we also connected our bank account and credit card information to their platform and did not get an opportunity to delete that information.
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