Consumer complaint received 2024-09-27
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: TRUIST FINANCIAL CORPORATION (VA)

Complainant : XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, VA XXXX Phone : XXXX Email : XXXX Bank Involved : Truist Bank Account Holder : XXXX XXXX XXXX Account Number of XXXX XXXX : XXXX Account Number of The XXXX Companies : XXXX Complainants Bank : XXXX XXXX  XXXX Account XXXX : XXXX Subject : Failure to Act on Recall and Fraud Claim Wire Transfers to XXXX XXXX XXXX Summary of Complaint : I am submitting this complaint to report Truist Bank for its failure to adequately respond to a recall request and a fraud/scam claim that I submitted in XX/XX/2024 through my bank, XXXX XXXX  XXXX XXXX The recall and fraud claim relate to XXXX wire transfers I made to XXXX XXXX XXXX accounts at Truist Bank. The total amount transferred was {$100000.00}, and both transfers were made under fraudulent circumstances. 

Despite filing these recall and fraud claims before XXXX XXXX filed for bankruptcy on XX/XX/2024, Truist Bank has failed to take appropriate action to return the funds or provide a reasonable explanation regarding the status of the investigation. 

Background : On XX/XX/2024, I made a wire transfer of {$50000.00} to XXXX XXXX account at Truist Bank. The purpose of this payment was for a XXXX XXXX XXXX through his business, XXXX XXXX XXXX XXXX 

On XX/XX/2024, I made a second wire transfer of {$50000.00} to XXXX XXXX account at The XXXX XXXX XXXX XXXX, based on his promise to purchase an aircraft. XXXX XXXX provided a promissory note for this loan, but he failed to purchase the aircraft or make any payments under the terms of the note. 

In XX/XX/2024, I realized that XXXX XXXX had no intention of fulfilling his promises, and I submitted a recall request through my bank, XXXX  XXXX XXXX, asking for the reversal of these wire transfers. XXXX  XXXX XXXX submitted the recall request to Truist Bank on my behalf. 

I also submitted a fraud/scam claim through XXXX XXXX XXXXXXXX , citing fraud and requesting that Truist Bank investigate XXXX XXXX account activity and return the funds. I also submitted the police report to weigh my claim and hoping the bank to take the investigation more seriously. Both of these requests were submitted before XXXX XXXX filed for bankruptcy on XX/XX/2024. 

As of today, Truist Bank has not resolved the fraud claim, nor has it returned the funds to me, despite ample evidence of fraudulent activities. Truist Bank has also not provided a clear update on the status of the investigation. 

Details of XXXX : XXXX XXXX is currently facing criminal charges for tax evasion, and he has entered a plea agreement with the IRS, which was finalized in XX/XX/2024. The tax evasion case was ongoing at the time I made both payments, and it is clear that XXXX XXXX solicited funds under fraudulent pretenses to cover his legal and financial obligations. 

Actions Taken : I have been in constant communication with XXXX  XXXX XXXX, and they confirmed that the fraud claim was submitted to Truist Bank in XX/XX/2024. 
Despite my efforts, Truist Bank has failed to return the funds or adequately address the fraud claim. Truist Bank has also not communicated a clear resolution timeline, leaving me financially impacted and without recourse. 
Relief Sought : I am requesting that the CFPB investigate Truist Bank for : Failure to properly investigate and act on my fraud/scam claim. 
Failure to return the {$100000.00} that was fraudulently transferred to XXXX XXXX accounts at Truist Bank. 
Failure to provide timely updates or resolutions regarding the status of the fraud investigation, despite the clear evidence of fraud and the recall request submitted prior to XXXX XXXX bankruptcy filing. 
I believe Truist Bank has violated its duties under federal regulations by failing to act on a legitimate fraud claim, and I request that the CFPB take appropriate enforcement action to compel the return of my funds. 

Thank you for your attention to this matter. I am available to provide any additional information needed to support this complaint. 

Sincerely, XXXX XXXX