Consumer complaint received 2023-01-07
Company: TRUIST FINANCIAL CORPORATION
State: VA
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Charged fees or interest you didn't expect

Complaint:
1. I believe that Truist Bank has charged me double interest under my equity line of credit for the same monies during the same period in different accounts. 

I have tried to get a clarification of the bases/rationale for each interest assessment ( since the rational/bases is not written anywhere ), to no avail. 

Specifically, Truists XXXX statement shows that the interest due amount for Equity Line account A is {$1000.00}. While the interest due amount under Equity Line account B is {$750.00} for the exact same money and the exact same period. That equates to {$1800.00} in INTEREST for the same monies during the exact time period! 

I seek a full review of this matter. I seek a clear explanation in plain language of the bases of these concurrent interest amounts, inclusive of the time period of both interest calculations. I seek a bill reflective of a fair and just interest due amount. 

2. Truists Errors, Inquiries, and Disputed Policy outlines that the customer does not have to pay any amount in question while Truist is investigating, emphasizing that the customer is still obligated to pay the parts of the customers statement that are not in question. And, that while Truist is investigating the customers question, Truist can not report the customer as delinquent or take any action to collect the amount the customer questions. 

Nevertheless, while I have done my part ; Truist has not. I initiated concerns about this dispute the moment I received XXXX XX/XX/2022 statement up through this very day. Yet Truist has initiated delinquent action against me via the national credit system and I have been continuously bombarded with harassing calls from collectors.

I seek to have Truist compelled to honor its Errors, Inquiries, and Disputed Policy thereby ensuring that my credit record is void of all of the delinquent entries in this matter and that the harassing calls cease until this matter is resolved. 


Background On XX/XX/2022, I initiated a written request ( following an onsite verbal request ) to " fix '' the interest rate on the draw portion of my equity line of credit account A. 

On XX/XX/XXXX Truist advised that while the final terms were not entirely completed, Truist could offer a " fixed '' interest rate on the draw portion on my equity line. 

Since I had heard nothing back from Truist by XX/XX/XXXX, I called Truist. 
Truist got back with me on XX/XX/XXXX and on XX/XX/XXXX advised that the offer of the fixed rate would be on a XXXX ( XXXX ) mortgage versus my then XXXX ( XXXX ) credit line. And, if I was agreeable to that time period Truist could fix the interest rate on my draw ( account A ) to 4.9 %. Additionally Truist advised that the monthly payment would be either {$1000.00} or {$1500.00}. I accepted the offer over the telephone. 

On XX/XX/XXXX I received Truist XX/XX/XXXX Equity Line statement which showed XXXX amounts due -- {$1000.00} and {$1500.00}, -- a total of {$2.00}, XXXX. As such, I immediately contacted Truist about the conflict ( verbally and via email ). 
( See XX/XX/XXXX XXXX attached/available to submit ) Truist responded on XX/XX/XXXX indicating receipt of my inquiry and advising that the inquiry would be forward to the loan department for an explanation. In discussion, I indicated I would pay the higher figure while the conflict was being reviewed. 

Having heard nothing back from Truist during XXXX, I called, as well as, emailed Truist on XX/XX/XXXX to follow-up on getting a better understanding of the bases for each of apparent duplicative accrued interest assessments. 
On XX/XX/XXXX Truist wrote via email : Good morning XXXX XXXX, Sorry for the delayed response, I was out of the office at the end of last week in meetings. It looks like the change in interest payment was due to a change in the interest rate. On your XXXX statement your annual percentage rate was 4.71 %. The total finance charges in XXXX were {$910.00}. In XXXX your annual percentage rate was 5.46 % and your total finance charges were {$1000.00}. Let me know if this answers your question, if not, we can definitely discuss further. 

All the best! 

Regards, ( See log/content of emails attached/available to submit ) This response was entirely unclear to me because, among other things, it did not answer why I was being charged interest concurrently for the same monies during the same period in different accounts. 
( See XX/XX/XXXX Statement attached/available to submit ) As such, I called Truist and the response ( after a lengthy discussion ) was the same response as the above written message -- just in different words. 

Given the conflict, I was referred up the ladder to the Loan Department. 

On XX/XX/XXXX I ultimately spoke with a Loan Supervisor/Manager who after a lengthy discussion explained that my XX/XX/XXXX payment ( which I paid online ) was paid to the new equity line of credit ( account B ) versus the original equity line of credit. 

The supervisor/manager advised that he would process a correction so that those interest monies ( {$750.00} ) paid to the new equity line ( account " B '' ) were applied to the original equity line of credit ( account A ) interest due amount. 

This correction sounded reasonable to me because it seemingly assessed a portion of the interest charges under XXXX account for a certain portion of the month and assessed a portion of the interest charges under the other account for the remaining or other portion of the month. This would correct the apparent duplicative interest assessment, and thereby significantly reduce the total amount of interest due. 

However, upon receiving the XX/XX/XXXX statement on XX/XX/XXXX it continued to show the XXXX amounts due -- {$1000.00} and {$1500.00}, -- a total of {$2.00}, XXXX. The statement further showed bogus adjustments/corrections. The adjustments/corrections made by the supervisor/manager are bogus because each reversal was reapplied in the same amount, to the same account, on the exact same day in the form of a payment. 
( See XX/XX/XXXX Statement attached/available to submit I contact the supervisor/manager on XX/XX/XXXX and was told that nothing more could be done, no further explanation was available and no more adjustments would be made to my account. The supervisor/manager could not explain the rationale/impact of the adjustments/corrections that he made. 
( See XXXX Spreadsheet of equity line transactions attached ) I have requested of the supervisor/manager ( XXXX XXXX ) and a loan officer ( XXXX ) to initiate an internal dispute relative to this matter. I also mailed in and hand delivered written letters of dispute. 
( See Letters of Dispute attached/available to submit ) During this period I have received calls from Truist Collections relative to this matter. I have repeatedly advised Truist Collections that the matter is in dispute, to no avail. The calls keep coming. 

Moreover, Truist has initiated delinquent action against me via the national credit system, as well as, issued a temporary suspension of credit. I have been a customer at this bank for over XXXX decades without a single delinquency or issue. 

Truists Errors, Inquiries, and Disputed Policy outlines that the customer does not have to pay any amount in question while Truist is investigating the matter. The policy emphasizes that the customer is still obligated to pay the parts of the customers statement that are not in question. And, that while Truist is investigating the customers question, Truist can not report the customer as delinquent or take any action to collect the amount the customer questions.

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