Consumer complaint received 2020-08-04
Company: TRUIST FINANCIAL CORPORATION
State: TN
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
My wife and I have had a bank account with BB & T ( Truist ) for 18 years. We added a student checking account for our son when he was XXXX years old, and he is now XXXX years old. 

Approximately XX/XX/XXXX, he was robbed at gunpoint and they stole his debit card as well as his online bank login. He did not report this to the police at the time because he feared for his life. Starting on XX/XX/XXXX, BB & T has photographic evidence of other individuals depositing fraudulent checks into our son 's checking account at a BB & T ATM. The signatures on the checks did not match our son 's signature. On XX/XX/XXXX a check for {$3500.00} was deposited, on XX/XX/XXXX a check for {$3500.00} was deposited, and on XX/XX/XXXX a check for {$3500.00} was deposited. None of these deposits were caught by BB & T, and all of the funds were allowed to clear the following day. Subsequently, the money was transferred out of the account by XXXXXXXX or XXXX. We were never made aware of any fraudulent activity or overdrafts until XX/XX/XXXX by email, when we saw our son 's account was approximately - {$10000.00}. 

BB & T initiated a fraud investigation, and said that they needed the police report and for our son to come into a branch to look at the photos of the people who deposited the fraudulent checks. We filed the police report, and that investigation is ongoing. Our son went to look at the ATM photos, but he did not recognize any of the people making the fraudulent deposits. We were then treated quite rudely by several BB & T employees as we tried to understand why these fraudulent checks were ever cleared by the bank. We were lectured about how we should be better parents and our son should be more responsible. We were told that the investigation was closed until the police report was submitted. No one could answer our questions about why these checks were accepted. Deposits into our son 's account rarely ever exceeded {$300.00}, but somehow three {$3500.00} check deposits were not even flagged or looked at more closely. The signatures didn't match, the addresses did not match. With such relaxed check policies, we were shocked that BB & T was attempting to hold us liable for the fraud. 

XXXX, in the payments department, told us that we had until XX/XX/XXXX to set up a payment plan or until XX/XX/XXXX to pay in full. We sat on hold for an hour on XX/XX/XXXX to set up a payment plan but were never able to speak to an employee. The following day, BB & T force transferred every available dollar from our savings accounts ( {$5500.00} ) to pay for the negative balance. XXXX, in payments, then denied ever telling us we had until XX/XX/XXXX or that we could set up a payment plan. 

Now that BB & T has taken our money without our consent, we are doubtful that they will ever re-open their investigation once the police report is available.

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