Consumer complaint received 2021-06-16
Company: TRUIST FINANCIAL CORPORATION
State: VA
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I have a checking and savings account with SunTrust Bank ( now Truist, but all online banking done under the SunTrust name ). 

On XX/XX/XXXX, I logged in to my SunTrust application on my phone to review my checking account. I noticed a {$300.00} transfer on that date via a XXXX payment to an individual with a name I did not recognize. I have never used XXXX for payments before, and I never authorized the XXXX payment tool access to my account, it seems SunTrust has integrated it into their online banking but I've never used it. This {$300.00} transaction was the first XXXX transfer from my Checking account. 

I immediately reviewed my savings account as well and noticed over {$4000.00} in XXXX transactions that I had not authorized dating back to XX/XX/XXXX, in amounts varying from {$50.00} up to {$300.00}. I immediately called SunTrust and reported the account takeover as a fraud claim on XX/XX/XXXX. They opened 2 claims, one for my checking account, and one for my savings account, and recommended that I change my online banking user ID and password. I was told I would hear back within 10 business days with a determination on my fraud claim.

I waited 11 business days and called again, and at that time was told that my claims had both been denied due to " inconsistent information ''. I've since reviewed their guidelines on fraud reporting and have confirmed I reported the claims timely ( 54 business days after the first savings account statement showing the fraud was sent to me, inside their 60 day rule ), and therefore I have no idea why the claims would have been denied. I was told on the phone it appeared my user ID was compromised, I could see in my account that my email address on file had been changed by someone else to an email I did not recognize, and this had been used to authorize the XXXX transactions. 

I was also told on the phone that I would receive a letter with the determination and rebuttal options within 2 business days in the mail. This call was on XX/XX/XXXX, and to date I have not received any documentation from SunTrust. I went to a branch location on XX/XX/XXXX, and was told by a rep that they have seen many instances of similar fraud using the XXXX app across many of their client 's accounts, and that they would email me the rebuttal documentation I'd need to get the claims re-reviewed within 24 hours, but to date on XX/XX/XXXX I have still not received anything from SunTrust regarding these claims and their denial, with no information on the investigation process or how to have it re-reviewed. 

It is quite clear that this was a classic account takeover, and per federal guidelines SunTrust should be obligated to reimburse me for the stolen money, but they've failed to do so and have failed to even provide me with any documentation regarding these claims at all.

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