Consumer complaint received 2022-02-01
Company: TRUIST FINANCIAL CORPORATION
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: International money transfer
Issue: Fraud or scam

Complaint:
RE : Wire Fraud Trust Bank I am writing to you in hopes that I will receive a response and attention to fraudulent activity that took place on my account and the errors and miscommunication that took place with your local branch, your online customer service department, and your fraud department. 
On XX/XX/XXXX at XXXX AM I received a call from BBTs consumer fraud division XXXX, the call was disconnected so I called back and confirmed that it was a valid BBT telephone number, this individual called back at XXXX am and the call lasted for 48 minutes, during this time, I was told that there were fraudulent charges on my account, as follows : {$.00}, {$120.00} from XXXX and {$350.00} from XXXX, he stated that the charges were declined but we needed to lock the account and change the password. I did not give him any person information but that I needed to change the password ; he sent several one-time passcodes to my phone during this 48-minute call. When finished he gave me a reference number of XXXX. 
Immediately after hanging up I received an email from Truist AT XXXX PM stating that my company was enrolled in wire transfer services, I did not initiate this act so I tried to call the number listed on the email ( XXXX ) .and was put on hold for almost 15 minutes, so I hung up and called by local branch, I spoke with XXXX XXXX XXXX explained the situation and told her to lock my account ASAP and STOP the wire transfers, she told me she would call the fraud department and call me back. She called back stating that account was locked, I asked her about the wire transfers, and she stated that they could not do ANYTHING until the wires posted to my account and at that time, they would refund my money. I asked if I should call the fraud department, she said I could if I wanted to, I requested the number she said it was on the back of my debit card. I called that number ( this was NOT the fraud department ) but the customer service department, I again explained the situation and asked to be transferred to the fraud department, after another long wait I was informed that this was the XXXX fraud department but that I should go into my local branch and open new accounts and after 3-5 business days the money would be refunded. 
I proceeded to call my local branch to schedule an appointment which was set for XX/XX/XXXX at XXXX am. After XXXX hours at the branch setting up new accounts, they stated that all the money was refunded and placed back into my old accounts, whereas XXXX transferred the money into my new accounts. 
On Wednesday, XX/XX/XXXX I set up my new online banking and saw that the money was transferred back out of my account, I immediately called the branch and spoke with XXXX ( business banking ) and she stated she would follow up on the matter and call me back. That call NEVER happened. The next call I received Friday, XX/XX/XXXX from the fraud department explaining that they had JUST received the fraud case ( 3 DAYS LATER ) and they would be investigating the matter, I asked when will I get my money back, she explained that FDIC or Regulation E does not cover wire fraud but they will try to get my money back. 
Truist Bank failed in many ways, as follows : 1. Truist did not attempt to stop the wire transfers, even though I called within 30 minutes of noticing the wire fraud 2. I did not receive ANY disclosures regarding the wire transfers : https : //www.consumerfinance.gov/consumer-tools/sending-money/ 3. Truist did NOT file a fraud claim for three ( 3 ) days resulting in the loss of all of the money. 
4. Truist is claiming that domestic and international wire fraud is NOT protected under the Dodd-Frank or Regulation E https : XXXX According to Regulation E, wire transfers ( domestic ) are considered EFTs and International Wire Transfers are considered " remittance transfers '' are protected under Federal Law. 
There is also current president set regarding XXXX, XXXX. The Consumer Financial Protection Bureau ( Bureau ) today announced a settlement with XXXX XXXX XXXX Bank, a federally chartered savings association headquartered in XXXX XXXX, Texas. 
As described in the consent order, the Bureau found that XXXX violated the Electronic Fund Transfer Act and Regulation E by failing to properly honor consumers stop payment requests on preauthorized electronic fund transfers, and by failing to initiate and complete reasonable error resolution investigations. 
Truist is currently working to reverse the wire transfers day late {$100000.00} dollars short ( since they failed to act IMMEDIATELY ). According to the fraud department, they filed the request to the beneficiary institutions on XX/XX/XXXX they have heard from ( 2 ) of the institutions who state there is no money in the accounts in question. 
It is my understanding that, that the institutions have 60 days to investigate the fraud, 3 days to report their findings and 1 day to correct the error. 
What are my options if the institution fails to refund my money? Will CFPB fight for my rights under the law?

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