Consumer complaint received 2022-11-02
Company: TRUIST FINANCIAL CORPORATION
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem making or receiving payments

Complaint:
On XX/XX/22 I deposited two insurance checks from XXXX warranty company into my Truist business account for automotive repairs for two of their clients that we were performing repairs on in the amounts of {$560.00} and {$1000.00}. ( I have deposited multiple checks from this company prior with XXXX issues ) On XX/XX/22 I saw that the funds were now removed from my account by Truist and placed on an administrative hold for doubtful collectability and not set to release until XX/XX/22 ( unacceptable ). I contacted Truist by phone to rectify and they did nothing to assist me and denied explanation of why the hold was placed to begin with. I then went to the branch and spoke with the branch manager XXXX XXXX. She told me that the bank that issued the check reported to Truist that the check was doubtful. I contacted that bank and they verified that the check was good and had actually already been paid/cleared on XX/XX/22 and that they never transmitted anything to Truist about their being an issue with the check to begin with. XXXX then called the bank herself and also verified it and proceeded to manually remove the hold ( the same hold she said she couldnt remove and that nobody had the power too ). I ended up losing that companies business because of the wait on repairs due to the holds. Then on XX/XX/22 I deposited another of a different customers personal checks for {$870.00} and again another administrative hold doubtful collectability not to be released until XX/XX/22 ( again unacceptable for me being a small business ). I returned to the same branch XX/XX/22 and spoke with XXXX again at which time she spoke the same lies about the other bank transmitting that the check might not be good and then added that now, even if she does verify she isnt able to remove the hold this time. I drove XXXX XXXX down the road to XXXX XXXX and was instantly able to get written signed and stamped proof from the branch manager that not only did they never transmit anything to Truist but the check had already been paid/cleared on XX/XX/22. I returned with the proof to XXXX and she verified it as authentic by emailing XXXXXXXX XXXX  and they again confirmed. She then once again removed the non-removable hold. In summary I lost {$140000.00} of yearly business from XXXX holders the first time, and I lost almost an entire day of work the fist and the second time. In addition the Expedited Funds and Availability/Regulation CC was violated because I was never given an actual reason for the suspected doubtful collectability as required by section 4002 of chapter 41 and was denied this by the call center, the call centers supervisor, 4 different Truist employees and the branch manager which I requested in writing. This is an ongoing situation apparently and I have not at this time had a resolution going forward or any form of compensation for my loss to which I will be seeking legal counsel if not correct appropriately.

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