Consumer complaint received 2023-04-08
Company: TRUIST FINANCIAL CORPORATION
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On XX/XX/XXXX I went to a local Truist Branch ( XXXX XXXX XXXX XXXX XXXX XXXX FL XXXX ) to open a Truist Confidence account. I deposited {$100.00} cash, {$4000.00} via check. The Banker did a quick check on me and asked if I wanted to pursue a mortgage or credit card with Truist based on her initial positive findings on me. I declined and stated I just needed a bank account for graduate school loans to be deposited into. I was given account information, provided it to my university, and everything was approved. On Tuesday XX/XX/XXXX I logged into the Truist app and was informed that my account was restricted. I immediately stopped the direct deposit for student loans and called the provided number for Truist XXXX and was told that my account was restricted due to " suspected fraud '' detected by Early Warning ( an external corporation who does extensive checks on individuals that is used by most national banks ) who could be contacted at XXXX. I asked Truist what fraud was disclosed and they said they could not provide information over the phone but could schedule an in person appointment with a banker who could help me. I called Early Warning and they told me Truist would have to help me but they could send me a report detailing what they disclosed to Truist in 15 days. I requested the Early Warning report and called Truist back to set up an appt for Friday XX/XX/XXXXXXXX I have called Early Warning 5 times. Early Warning has stated that they provided my banking history to Truist and the decision to restrict an account or hold funds is determined by the financial institution. On my XX/XX/XXXX appointment and over the phone, Truist is telling me that Early Warning informed them of " something '' that is a red flag causing the account to be restricted. I have requested multiple times but Truist will not tell me what the restriction is based on or what information they received. When I visited the Truist branch on XX/XX/XXXX, they informed me that they would be force closing the account and mailing me a check in an undisclosed amount of time. I asked if I could come to the branch and pick up the check or cash for the funds. They told me that the check funds would be held until XX/XX/XXXX and after 7 additional business days, I could return to the branch and withdraw all funds in cash. I asked why there was a delay and they said the additional 7 business days would allow them to feel confident the {$4000.00} check written to me from my parents had cleared my family bank account and could not be stopped or returned. They could not tell me why the account is being closed but I was satisfied with knowing I could get my funds after 3 weeks on hold. On XX/XX/XXXX, I spent XXXX hours at the branch requesting my funds. The banker reached out multiple times to " someone in the back office who placed a restriction on my account '' and the person did not answer phone calls or internal communication requests. After multiple attempts to escalate the situation internally and many phone calls, they told me they needed confirmation from Early Warning that my SSN was clear before they could release my funds. 

On XXXX I called Early Warning and they reviewed the mailed report with me while I was in the branch parking lot and they stated that there are no red flags, negative findings, or anything to dispute attached to my name or my SSN. The only finding on the report is my attempted account opening with Truist. They confirmed that this is the only information they provided to Truist and told me they do not know why Truist has restricted my account or withheld my funds for this amount of time. I emailed my Early Warning consumer report to Truist. They attempted to escalate and then told me the restriction could not be overturned unless I provided a notarized letter from my parents financial institution confirming I was the intended recipient for the funds, the check amount, confirmation the check had cleared the account, and confirmation that no stop or hold could be placed on the check. The check was deposited 3 weeks ago but my family financial institution provided the letter. Truist reviewed and stated the restriction could not be overturned and my funds would still be held. I expressed great disappointment and they made multiple calls and attempted escalations. Eventually, they also requested a notarized bank statement showing ALL transactions from my parents account for the month of XXXX to confirm the check came from them and had cleared their account. My parents reluctantly sent this over as well. Truist reviewed and refused to return my funds. They asked that I request a comprehensive credit report because they are " certain I am the victim of identity theft or connected to some type of fraud '' so I requested a report from XXXX, XXXX, and XXXX. All organizations have confirmed that there are no negative findings associated to my SSN. I am not sure what this has to do with me obtaining funds deposited via check 3 weeks ago but Truist reviewed all of this information and stated they can not return my funds at this time and do not know when they will be able to. The {$4000.00} check was issued by my parents and cleared their account prior to XX/XX/XXXX. As of XX/XX/XXXXXXXX  I have provided Truist with multiple notarized documents, the consumer report from Early Warning, and confirmed the contents of all credit reports. They will not tell me why my account is restricted, how it got restricted ( other than blaming Early Warning who have reassured me my report is clean ) and they continue to tell me they can not return the money at this time. After XXXX hours in the branch and providing all requested documents, I informed them that I would be filing a complaint with the FDIC. They asked me not to and stated that they can escalate internally and " hopefully return my funds soon ''. I stated I still intend to file a complaint and then they apologized and said if I can give them a few more days to " follow the chain of command '' they can schedule another in person appointment and will personally help me file an internal complaint instead of reaching out to the FDIC. 

I am frustrated and genuinely concerned that negligent or criminal behavior is occurring within this institution. After multiple meetings with Truist, nobody can tell me why the funds are being restricted, when the restriction will be lifted, or when I will be able to obtain my funds. Initially on XX/XX/XXXX they said I would receive a check in the mail. When I visited the branch on XX/XX/XXXX and XXXX, they called the internal financial crimes team and check fraud team with no improvement on the situation. During internal/back office communication they are unable to obtain clear guidelines or protocol for how to lift the restriction. They are repeatedly asking me to wait or provide more information. Even after receiving the notarized bank statement and letter from my parent 's financial institution the back office stated this is not sufficient to lift the restriction. I witnessed multiple internal transfers where the person on the phone says they have no record of the request and do not know anything about this restriction on my account. I am worried Truist has stolen my funds. I asked what else was needed and they could not tell me. I expressed a desire to escalate this to a regional or district manager and they did not provide any contact information and kept reiterating that they are " just trying to help me ''. The bankers said they will help me file a complaint " soon '' and they are confident they can escalate this and return my funds " soon '' but nobody has helped me file a complaint, provided contact information for me to escalate this by myself, and they will not give me any real, clear information. I have received a notice in the mail from Truist stating that my account is active and the {$4100.00} are available but when I go to a branch they will not give me the funds and can not tell me why. The more I press them for the funds and request information, they keep telling me " maybe someone stole your identity and Early Warning, XXXX, XXXX, XXXX can not see it but something is on your record and you will not be able to open any accounts at a bank or obtain any loans ''. I was just approved for graduate student loans ( hence me opening the account to begin with ) so I say " do you see that in the system, can you tell me where that information was reported '' and they say they can not disclose anything or tell me any information and they do not know what is going on. The only thing they know for sure is that they can not give me my money back. During this time, I opened an account with another financial institution with no issues. The other financial institution confirmed that my background check was clean with no adverse findings. This concerns me even more than Truist could be doing something negligent, criminal, or discriminatory and is wrongfully withholding my funds. I do not want this account with Truist. I just want my money back. Please help me.

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