Consumer complaint received 2020-05-01
Company: TRUIST FINANCIAL CORPORATION
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Problem with additional add-on products or services

Complaint:
This complaint is in regards to a XXXX loan. When the first round of XXXX opened up in Suntrust/Truist on XXXX XXXX 2020, I submitted the application with the amount of {$46000.00} according to the XXXX 's monthly payroll calculation. Suntrust/Truist also required to work on their own balance work sheet along with the XXXX loan application, which their calculation and final loan amount did not match up. 

I expressed a concern to this number not matching via email and they responded to upload additional documents in regards to this issue, which I did. 

After 2-3 days, XXXX finally came up with the final formula in calculating monthly payroll / total loan amount and XXXX ( payroll company ) updated the supporting documents/calculations.Suntrust/Truist also updated their balance worksheet so the final average monthly payroll numbers did match : Average monthly payroll amount was {$22000.00} and the final loan amount equaled to be {$55000.00}. 

I uploaded additional documents to revise the loan amount and updated application / XXXX documentation and Suntrust/Truist 's XXXX worksheet in regards to revision on the correct loan amount. 

After 20 days, I got an email to docusign for the loan amount of {$46000.00}. Inquiry was made to correct the loan amount and phone call came from the banker. He basically said that revision on the loan amount was not possible and cancellation would have to be made and submit the new application. If I did, I would be pushed back in the line and most likely won't receive anything since only 30 % of XXXX loan was processed. So I would either have to take the {$46000.00} or end up with nothing I asked if uploaded documents were reviewed by underwriter, but this was his answer : We are understaffed, have millions applications and there is no possible way that they can look each application carefully. Underwriter must have skimmed through the application. 

I was dumbfounded by the response. Close banker of mine, told me it is bank 's and underwriter 's responsibility to make sure the amount was correct, which Suntrust/Truist failed and caused the loss of approximately {$10000.00} when this XXXX loan is forgivable. 

A banker from the different bank reviewed the loan amount / documentation and confirmed that loan amount of {$55000.00} is correct and recommended to submit a new XXXX loan application. 

By that time, 2nd round of XXXX loan was available, and inquiry was made to cancel the XXXX loan with Suntrust/Truist and to submit new XXXX loan application with different bank. Suntrust/Truist banker told me that XXXX does not let new XXXX loan application to be submitted when there was an old one submitted by the same individual. 

With the pace of XXXX funds depleting and Suntrust /Truist handling the situation, I was stuck in a situation where I had no other choice than accepting {$46000.00}. 

I asked the Suntrust/Truist banker if I can speak with the superior/leadership in regards to this loss, they failed to respond. 

I believe this {$10000.00} loss was due to complete negligence of an underwriter to review documents uploaded. I have attached old documents and final revised documents for review.

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 monetary relief