Product: Checking or savings account

XX/XX/XXXX : I invited in a 7-month Certificate of DeposiXXXX at Truist with an interest rate of 4.16 % and an APY of 4.25 % with a maturity date on XXXX XXXX XXXX 

XX/XX/XXXX : I received a notice in the mail from Truist to remind me of my CD 's upcoming maturity date and that the CD was set to automatically renew " for another term of 7 months, at the interest rate in effect on the maturity date. '' The notice listed the renewal date as XX/XX/XXXX and the grace period as XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 

I attempted to research interest rates for 7-month CDs at Truist in late XXXX and early XXXX but was unsuccessful in finding this information on Truist 's website. I researched the general market rate for CDs at competitors online during this time and it was comparable to the original rate when I invested in the CD at Truist in XXXX. 

XX/XX/XXXX : I received a notice in the mail from Truist confirming my CD was automatically renewed on XX/XX/XXXX. The notice listed my current interest rate at 0.01 % and the APY at 0.01 %. The notice listed XXXX XXXX XXXX as the date of the renewal notice, the last day of the grace period for the renewal. I received the notice 14 business days after the renewal date ( XX/XX/XXXX ). 

XX/XX/XXXX : I called Truist 's customer service number at XXXX AM to discuss the renewal notice as I believed there was an error in the renewal rate for my CD as it was significantly below other CD options on the market. I had a 17-minute call with a customer service representative who confirmed the rate of the CD is 0.01 % and that this is not an error. This individual told me that it is Truist 's practice for all of Truist 's CDs to auto-renew at a 0.01 % rate. I was advised on the phone that I could go into my local Truist branch and ask to invest in a promotional rate CD for a higher rate. 

XX/XX/XXXX : I went into my local Truist branch and spoke to a bank manager about my CD and the rate of 0.01 %. The bank manager told me that it is Truist 's policy for a bank representative to contact their clients near the time of renewal to discuss renewal options and that someone should have contacted me. The Truist bank manager also said it is Truist policy to re-enroll CDs at 0.01 %. 

The Truist bank manager said he could close and re-invest the funds in a 5-month CD at 5 %. When I asked if there would be a penalty to close the 7-month CD, the Truist bank manager told me there would not be a penalty because it was " not invested ''. I confirmed I wanted to proceed with investing my funds in the 5-month CD. After having me sign the paperwork to open the new 5-month CD, we noticed that the 5-month CD had {$25.00} less than the 7-month CD had upon maturity. When I pointed out that the 5-month CD was short {$25.00}, the Truist bank manager confirmed that there was a {$25.00} fee, a direct contrast to what he had informed me before I gave my permission to open the 5-month CD. It was apparent that the Truist bank manager did not realize there was a fee, but he did not offer options for me to not have the fee taken from my account. 

I also asked if I could turn off the autorenewal setting for the 5-month CD and another longer-term CD I have at Truist. The Truist bank manager informed me that it is not possible to turn off autorenewal. He notified me that someone at Truist will call me the month the CD is maturing to discuss options and provide a quote for possible rates.