Consumer complaint received 2024-01-28
Company: TRUIST FINANCIAL CORPORATION
State: FL
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Problem accessing account

Complaint:
To Whom It May Concern : I am writing to file a complaint regarding improper denial of medallion signature guarantee services from Truist bank manager ( Branch Address XXXX XXXX XXXX XXXX, XXXX Fl XXXX ). As a long-time account holder at Truist, I should have access to authentication services of my personal signature for documents I need to execute as per SEC medallion standards that banks in the program must follow. 

On XX/XX/year>, I visited the branch and spoke to manager/ vice-president seeking to have my signature guaranteed for endorsing a promissory note. As stated on the medallion requirements, the bank simply needed to : Validate my identity via a valid ID ( which I have as an account holder ) and Stamp my signature to certify its authenticity. 
However, the manger refused service and said Truist does not offer anything related to medallion stamps or guarantees for personal uses- which violates the SECs program rules if true. She refused to show me any documentation or forms related to the types of Truist medallion guarantee services they provide- severely lacking transparency. I visited XXXX XXXX XXXX who could in fact provide the personal guaranteed service without need of certificates proof of accounts etc. for my specific situation. I was told for a personal guarantee for endorsement of securities all that is needed is proof of identification and an account with them for more than six months. Because of my situation he disadvised me to pursue open an account with them and told me to return to my securities intermediary institution and try to reclarify yourself in aim of providing understanding. This denial of my basic request as a customer left me penalized and cost me unnecessary hassle finding guarantee services elsewhere, I should have full eligibility for. 

Later the same day I visited other Truist locations to get clarity on the managers statements and was met with the same answer. 

I am unclear if the managers were intentionally misrepresenting services due to unwillingness to serve me, or if Truist unlawfully fails to extend medallion guarantees under SEC investor protections. Either case warrants regulatory investigation and potential penalties if service was improperly denied. As an eligible Truist customer, Truist needs to justify why I can not avail guarantees of my signature and not a whole security allowed under established programs you govern. 

Comparable to a notary the notary doesn't authenticate the legal validity of the document per se. It authenticates the signature of the person that is endorsing the contract as valid and true. The personal signature guarantee is guaranteeing my signature is authentic as I place it on a security.

Per 31 CFR 363.43, I respectfully request the CFPB to compel Truist to explain this denial, provide transparency on their guaranteed policies, demonstrate I was not unfairly deprived of standard service, and deliver training to ensure equal access going forward. Please let me know if any additional details on this concerning violation would help launch remediation. 

Thank you for your assistance upholding crucial investor access protections. 

With gratitude, XXXX XXXX Account Holder

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation