Consumer complaint received 2024-08-01
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: TRUIST FINANCIAL CORPORATION (GA)

A new deposit account was opened at Truist Bank for my business. A wire was initiated in the amount of {$250000.00} to fund the account as instructed by the beneficiary bank where the account was established. The wire was received, confirmed, and the funds made available. XXXX days later, the account was unilaterally blocked from all access points on and offline. When I reached out to the bank to ask why they reported that the originating bank had confirmed wire fraud, in this case XXXX XXXX, and furthermore that the beneficiary of the originating account had also confirmed same to them directly. Upon checking with the originating bank and the account holder there, an investor in my company, we discovered that information to be inaccurate. In fact, when I originally inquired about the reason for the block, and please note that at no time was I contacted directly by Truist Bank to alert me to the issue, I was informed that they needed some documentation to " verify the business ''. An attempt was made to provide the documentation required but they could not tell us what they wanted, and then their account shifted to " fraud '', and that is was XXXX XXXX at fault. Please also note this is after the account had been opened, and funds in fact made available for use. So it was no longer about a simple verification, which one can understand with a new account and a wire of {$250000.00} to confirm ownership of funds at both ends, it is very difficult to understand how this turned into fraud where none has occurred. My issue is not with investigations to protect against fraud. It is worth an unacceptable lack of communication, holding funds in a phantom suspense account or something like it so not only we can not access but neither can our investor get their {$250000.00} back. Truist will not only not tell us anything, they will not communicate with XXXX XXXX either. So, to summarize, account opened and assumed verified, wire received and confirmed, funds made available and used to the tune of {$5000.00}, account blocked for no reason or at least not XXXX that was communicated to us or the originating bank, relationship terminated, reason given " fraud ''. There is no fraud it is easily proven with a competent investigation. In truth the only suspicious behavior surrounding this transaction has been on the past of Truist Bank, in the face of a good faith attempt to begin a new banking relationship. I've never encountered something like this before, have never committed fraud or know anyone who has, and to be treated as if I have by a major national bank where I was making a material initial deposit, is disturbing. Even more concerning is the inability to communicate, either by phone or in the branches, and/or their unwillingness to return the funds to the originator at XXXX XXXX XXXX who has provided documentation to prove the transaction as valid. If there is anything close to fraud here, it is bank, not wire, and Truist is the perpetrator. They have effectively stolen funds that do not belong to them.