Consumer complaint received 2023-08-30
Company: TRUIST FINANCIAL CORPORATION
State: NC
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
I received a notification from the IRS on XX/XX/XXXX with a notice date of XX/XX/XXXX. The IRS stated that my XXXX tax returns had been amended by them, which I had no knowledge. They claimed that for XXXX I excluded income from my filing for XXXX. This put me in a panic, and I was unsure as to why they sent this to me when I know I reported the correct income. I called the IRS on XX/XX/XXXX and it was stated that I withdrew funds from my 401K in XXXX which I did not. The IRS was proposing payback due to the amendment. I was told I would require document proof from my bank, which is Truist. After the call I reviewed the letter again and determined that an amount I withdrew to place in my 401K account after retaining new employment was reported as earned income, after XXXX XXXX years. I went to my bank on XX/XX/XXXX spoke with a banker, this person indicated he was new to banking and at first was unsure what to do, which is something a customer does not need to hear. He said he would look into it for me and attempt to call me back either than day, or EOB XX/XX/XXXX so he could have a day to research. I went home XX/XX/XXXX, because I had no confidence in the banker. I called a total of five times and each time I was given a different number, and no one could access my prior IRA account. However, they were able to access it to report an egregious error to the IRS. The last person I spoke did provide some insight that when I withdrew the funds to rollover it had to be coded incorrectly, but after two years. I asked why two years, and she was unable to explain why. I waited patiently for a call from the banker for XX/XX/XXXX I had to call him. I determined that he was not going to call me back and asked me did I know get a call on XX/XX/XXXX from the guy/manager with no name being given. I said nobody has called me and this issue is serious and how the IRS is looking for me to payout funds I don't owe do to their error. The banker said that the person he spoke with said I took out funds and owed the money. I had to explain to him multiple times of their error. When I mentioned filing a complaint, he said he would make some calls and reach back out. A short time later he called back and validated what I had just told him. All of a sudden, he knew how to access my account from a sister department and said the reason he couldn't see it before is due to how long it had been closed out. He provided feedback that I would need to provide proof from the company that holds my 401K account in order to correct the coding error they caused. I asked did they not have documents of proof. He claimed it had to come from my 401K provider, and I stated now I have to do the leg work on an error you caused. I was able to get the information and provided it. I am still submitting this complaint. Not only has this stressed me out, but it has caused customer harm, and impact to me as well. I don't think the banker, and the other team members I contacted understood the operational and reputational issues they have caused. I want this sent to corporate and I wanted to know how this happened and why it happened. If anything is paid out, they will be responsible not me. I don't even recall an apology. Who else have you done this to?

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 non-monetary relief