Consumer complaint received 2023-11-06
Company: TRUIST FINANCIAL CORPORATION
State: VA
Product: Checking or savings account
Sub-product: Savings account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
I am compelled to request the intervention of the Consumer Financial Protection Bureau regarding the unsanctioned closure of my savings account by Truist without proper notice, and the subsequent mismanagement of my funds. I strongly allege that Truist actions violated federal banking laws such as the Electronic Funds Transfer Act ( EFTA ) and Regulation E, as well Regulation DD ( Truth in Savings Act ) and other relevant North Carolina state banking regulations. 

Prior to the incident in question, I had two accounts with Truist bank saving and checking and was a customer in good standing. In XXXX or so I transferred funds from savings account to another outside bank account and accidentally went over the balance by minor amount of about {$30.00}. I did not receive any notices from the bank about this issue, no notice whatsoever, - I regularly visited to the bank branch and checked my email and mailbox regularly. At the time I had about {$2000.00} in checking account with Truist, which was linked to that savings account. So, this issue could have been easily resolved if I was notified by transferring {$30.00} into that savings account. However, Truist ignored proper protocols, did not notify me, closed the account, and charged it off and then mailed me the letter requiring settlement of this account. 

Upon discovering the closure, on XX/XX/2023 I visited the local branch and spoke with the branch manager, who assured me that the situation would be rectified by deducting the necessary amount from my current account to reinstate the balance in the closed account. He proceeded with this action, and I have concrete proof of this transaction taking place, which was supposed to resolve the issue. 

However, when on XX/XX/2023 I called the bank 's settlement department in XXXX to ensure that the matter properly resolved, and speaking with a representative named XXXX XXXX? ), this transaction bank manager performed was nowhere to be found in Truist system my money seemed to have been lost and I was told I still owe the money. This call ended abruptly as I was placed on hold and then disconnected, without the possibility of resolving the disappearance of the funds. Again, after the local branch assured me of a resolution via a fund transfer, which has been documented, the settlement department failed to locate this transaction, leading to the loss of my money within their system. This compelled me to send a non-Truist bank check to Truist XXXX office, which was both inconvenient and unnecessary. Due to this egregious error and the lack of assistance from the settlement department, I was compelled to mail that ADDITIONAL bank check to rectify the situation, incurring additional time and expense. 

The failure of Truist to handle my funds appropriately and the breakdown in communication within its departments is alarming and unacceptable. As a result, I request the CFPB 's intervention to investigate these irregularities, locate my funds, and apply the necessary corrective measures to prevent such errors in the future. Furthermore, considering these serious lapses by Truist, I will seek treble damages for the financial and personal distress caused. 

The incompetence displayed by Truist in this case has not only resulted in immediate financial loss but also exposes me to potential future financial harm due to their mismanagement. Therefore, I will heldTruist liable for any future losses that may arise from this situation, in addition to the immediate rectification and treble damages for the distress and disruption already caused. 

I also request that this complaint be escalated to other regulatory bodies, including North Carolina bank regulators, FDIC and Federal Reserve to ensure thorough scrutiny and accountability of Truist practices and failure of its operational risk management. 

Enclosed are all relevant proofs and documents for your perusal. I urge for a prompt and stern action to safeguard consumer rights and prevent future such occurrences.

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