Consumer complaint received 2020-07-11
Company: TRUIST FINANCIAL CORPORATION
State: GA
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
Summary : SunTrust, now Truist, stole {$80000.00} from my Georgia attorney escrow ( IOLTA ) account by improperly and illegally exercising a levy against an individual whose funds were no longer in my IOLTA. They stole other people 's money. Because this shorted my account by {$80000.00}, under GA Bar rules I had to place personal funds into my IOLTA to cover the shortage until the matter is resolved. This theft occurred XX/XX/2020 and is ongoing with no resolution from SunTrust despite repeated attempts. As outlined below, SunTrust 's current argument is that they want a court order to release the funds - one doesn't need a court to tell you it's wrong to steal money and that it should be returned. 

Relevant Dates : I've redacted personal information here, but I have the email correspondence to corroborate this information and I'd be happy to provide it securely to CFPB. 

1. In XX/XX/2020 my firm conducted a transaction wherein a buyer wired {$80000.00} into my escrow account. The buyer used these funds and purchased a property the same day. 

1. XX/XX/2020 I received an email from my reconciliation company indicating that an exception item in the form of a debit in the amount of {$80000.00} was flagged by Positive Pay. I instructed my reconciliation company to deny the item as fraudulent, which they did. 

2. XX/XX/2020 I received a call from my reconcilition company informing me that Suntrust overrode the denial and processed the {$80000.00} debit. I spoke to Suntrust who told me [ it ] was researching the matter and that [ it ] couldn't provide me any additional information. The matter was allegedly bumped up to SunTrust 's legal team. 

3. I followed up for a week for additional information. On XX/XX/2020 Suntrust informed me that : " Here is the information I have been provided. We received a court order and acted on it as permitted in the deposit contract. This is on the wire received for {$80000.00}. Any further questions, please contact Detective _________ with the ________ Police Department. His phone number is _____________ and give him this case # ___________. The ___________ Police Department should be able to answer any of questions on why the order was issued. '' 4. On XX/XX/XXXX I contacted Detective __________ and provided him all information related to our closing file. According to Detective ____________, the hold was requested pending an investigation into money laundering by the individual that purchased property in XXXX. He reviewed our file over the weekend and on XX/XX/XXXX he agreed to release the hold and instruct Suntrust to do the same. 

5. I followed up with SunTrust multiple times and on XX/XX/2020 SunTrust informed me someone should be getting in touch with me regarding the matter. 

6. On XX/XX/XXXX I spoke with _______________ of SunTrust. He indicated he was waiting on the law enforcement to tell them to release the hold. I spoke with Detective XXXX after this call who indicated he told Suntrust to release the funds, but that Suntrust was insisting on a court order ( although to my understanding no court order exists requiring the to levy the funds in the first place. I have since left voicemails with Suntrust but I am receiving no response. 

Again, I closed a legitimate real estate transaction in XXXX. A buyer wired funds into my account and bought property with that money. Three months later SunTrust, with no notice, allegedly acting on a court order, steals {$80000.00} of other clients money from my IOLTA account. Because this created a short in my escrow account, I have personally put up the funds to cover the deficiency. I cant get any help from Suntrust. Suntrust has refused to provide me the deposit account agreement pursuant to which they were entitled to seize monies belonging to others, or a copy of the levy. I should receive interest on the personal funds that have been tied up since I had to cover the shortage created by SunTrust. If this matter isn't resolved expeditiously my only option will be to sue SunTrust for theft, and attorneys fees.

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