Consumer complaint received 2018-05-22
Company: SUNTRUST BANKS, INC.
State: MI
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-issue: Can't close your account

Complaint:
XX/XX/XXXX Consumer Financial Protection Bureau Complaint Department To Whom It May Concern : On XX/XX/XXXX at XXXX XXXX, I spoke to your employee, XXXX, regarding case # XXXX. I would like to submit a complaint against Suntrust Bank for not following, my father, instructions to have his assets payable on death. My father along with other family members, had been a customer of Suntrust Bank for many years. On the advice of his attorney, XXXX XXXX, my father, with the stipulations of a Payable On Death ( POD ), opened a POD signature and a POD checking account on XX/XX/XXXX and a POD Certificate of Deposit ( COD ) account on XX/XX/XXXX,. Upon my father 's death, his daughter, supplied his death certificate. Suntrust Bank informed her, at that time, that they would release to only XXXX of the daughters ( see point # 6 below ) for the accounts opened on XX/XX/XXXX and they would not release the funds from the POD COD opened on XX/XX/XXXX ( see point # 7 below ). Suntrust did not follow my father 's nor his attorneys instructions for Payable On Death, due to multiple Suntrust bank issues. A copy of the Attorneys instructions were given to the bank upon opening his accounts and can be provided. Below I have provided a date progression of each step taken by my father and/or his daughters to properly set up the accounts and the issues that Suntrust made which prevented release of the POD funds upon his death. 

Dated Progression of instructions and issues : : # 1 XX/XX/XXXX My father and XXXX of his daughters met with XXXX XXXX , attorney, for instructions on following my father 's wishes. We received a letter to present to Suntrust Bank regarding Payable On Death accounts.

# 2 XX/XX/XXXX Suntrust Bank XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX   XXXX. My father along with XXXX of his daughters, met with XXXX XXXX, Branch Manager. We presented XXXX a copy of the attorneys letter and requested to open a POD checking account, a POD signature account.The bank computer system would not allow XXXX to show myself as both POA and POD. XXXX finally printed out copies of the completed POD.forms, POA forms and the personal accounts signature cards. 

# 3 XX/XX/XXXX I met at the Suntrust Bank XXXX XXXXXXXX XXXX XXXX branch with XXXX XXXX, Vice President Financial Advisor, to discuss best ways for my father to invest his assets. Opening a POD COD was decided best. 

# 4 XX/XX/XXXX My father and myself met with Suntrust Banks XXXX XXXXXXXX XXXX, XXXX   XXXX, Client Service Specialist, XXXX XXXX. XXXX was requested to transfer funds from POD Signature Account into a POD COD using the same POD beneficiaries. XXXX was having computer system issues. During the wait to get the system working, my father, now age XXXX, became weak and requested to use lobby furniture to rest. When XXXX was able to get the forms printed for signature, since I was his POA, XXXX had me sign the forms rather than have my father try to sign in his weaken state. Only the copy of the Time Deposit Receipt for the POD COD was provided to me by the Branch manager,  XXXX XXXX. Although XXXX did not provide me with POD copies, of the POD COD forms due to her computer copier issues. I was assured the POD COD was set up as the signature POD account was. 

# 5 XX/XX/XXXX My father owner of Suntrust POD signature, checking accounts and a POD COD account passed away. 

# 6 XX/XX/XXXX My sister, furnished a death certificate to the branch manager at the Suntrust Bank XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. XXXX, XXXX  XXXX. She requested dispensing of all his assets to the PODs on file. This is when we were informed that his checking and signature accounts only had XXXX benefactors. My sister had the manager call me. I was on route home from the funeral responsibilities and could not provide her copies until I got home. On XX/XX/XXXX I sent my sister the needed copies and she delivered them to Suntrust. 

# 7 XX/XX/XXXX After multiple calls to XXXX XXXXXXXX XXXX branch, Suntrust XXXX phone # and call to XXXX office, with no success of getting a resolution, I finally reached the XXXX XXXX XXXX branch manager. She informed me that she had researched our problems. Once she received a notarized letter from each of the XXXX daughters she would release the Signature account and the checking account funds. As for the POD COD account, I was informed that XXXX XXXX had me sign the POD COD forms which my father was suppose to sign. I was informed Suntrust had sent requests to my father 's residence in XXXXXXXX XXXX. Due to my father 's age of XXXX, he did not recall receipt of said mail. Suntrust had been instructed that as POA, I was to receive all correspondence from the bank. I had even asked why they needed his residence address when I was assigned to make any business decisions for him and that I was to receive all correspondences. They told me they just needed to know where he lived. 

# 8 XX/XX/XXXX A detailed letter regarding difficulties receiving disbursements from my father 's accounts, along with copies of death certificates of my father and mother ; list of all the daughters their addresses, phone numbers and SS # s, and my divorce decree showing name change, was sent to the Suntrust Bank Account Closure Exception Team , XXXX. XXXX XXXX, XXXX, XXXX.XXXXXXXX-XXXX. The packet was stamped Received XX/XX/XXXX and returned stating Suntrust required court documentation naming the administrator of the estate or an Order of summary. The POD was set up to prevent this from happening. My father did not want his daughters to have to go through the courts. His desire was to have no issues and have the daughters receive his assets upon his death, as per the instructions given upon opening of the accounts. 

# 9 XX/XX/XXXX All XXXX daughters obtained notarized letters requesting closures and distribution of all my father 's assets. The notarized letters were sent to his daughter to deliver to the branch. Since she had such difficulty with the Suntrust XXXXXXXX XXXX XXXX branch, she chose to take the letters to the Suntrust XXXX XXXX. XXXX branch. The checks for the 2 smaller accounts were finally issued on XX/XX/XXXX, however, the check issued to myself was sent with no authorized signature. This check had to be returned for signature. The POD COD account funds have still not been released. We were again informed that the branch could not release the POD COD funds.

# 10 Suntrust did send notifications to the my address in XXXX regarding account closure, name change and another unreadable notification. ( post office was able to deliver only parts of the last notification ). I didnt understand the name change notification. I called the XXXX number because I was afraid it affected the POD COD account, however it was for one of the closed accounts. I also do not understand why Suntrust was able to send notifications to my address now and not in XXXX. Upon checking online I discovered only one of the smaller accounts was closed. I had to call to have them close the unclosed account. Also the Suntrust Letter from the Account Closure Exceptions Department misspelled my last name. 

I would like to know why such a large incorporation does not provide a better customer service. Both the branches and the XXXX phone number employees were not able to put me in contact to a person that would be able to resolve the above issues. My parents, sister and myself had Suntrust accounts for many years. I used to promote their business to others. I can not express the disappointment the past months services have brought to me. 

I can provide copies of all forms discussed above. I believe since Suntrust had the letter from the attorney showing my father 's wishes along with the trail of the funds coming from POD accounts ( which he had signed ) to the requested POD COD, should prove that the funds should be released. The Suntrust errors of software issues and computer hardware issues prevented timely setting up and printing of new accounts and also the fact that they sent the notifications to the incorrect address prevented my father from proper notification to comply in the corrections of the Suntrust errors. Suntrust is holding the POD COD account and it was their mistake that prevented these funds from being released. I think Suntrust should honor my father 's wishes and intentions by paying the POD COD according to his instructions. Requiring his daughters to go through the court system would be dishonoring my father 's instructions and would be very costly to his daughters. It is very painful to have to be dealing with my father 's death and then having to deal with all the errors Suntrust made. 

Please help us to have my father 's wishes honored. 

Thank you for your help.

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