Consumer complaint received 2024-07-27
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem accessing account
Company: TRUIST FINANCIAL CORPORATION (MD)

In XXXX, I began a search for retail space to open a wellness facility. XX/XX/XXXX, I found one. A long-term client, XXXX XXXX XXXX offered me a no-interest startup loan of {$40000.00} with terms of repayment beginning after the facility opened. 

XX/XX/XXXX I created XXXX, XXXX and opened a checking account at Truist ( which I use for my checking, savings, credit card, and mortgage ). I deposited {$100.00} of my own money in XXXX and then the {$40000.00} loan check on or about XX/XX/XXXX. 

Negotiations for the sublease dragged, and I signed the lease on or about XX/XX/XXXX and provided a deposit check. The building owner was ill, and before signing, she died. The new owners refused a sublease, and on XX/XX/XXXX, they shredded the lease and check. 

XX/XX/XXXX, I found another space. 7 weeks later, the landlord accepted a lease from another business owner. I have looked online and in person at dozens of spaces, none of which were appropriate to physical needs of my business. The Business Checking Account I opened at Truist had not been used during that time. 

On or about XX/XX/XXXX, I suggested to XXXX XXXX that I return the loan until a viable space appeared. She was concerned that I could lose a space as large checks can take time to post and landlords want quick proof of funding. She said to hold on to it, and I kept looking. 

Returning from a trip late XX/XX/XXXX, I received a letter stating Notice of Closure of my LLC business account Truist dated XX/XX/XXXX case number XXXX. I assumed that someone had accessed my account fraudulently. I called Truist XX/XX/XXXX, and the call center would not give any information as to why the account was closed, if there was something fraudulent, and how to access the funds. I was told an investigator was assigned and I could call back in a few weeks. I left a message for the investigator to contact me for documentation. 

On or about XX/XX/XXXX, I went into my local Truist at XXXX XXXX XXXX, XXXX, MD XXXX and spoke with the manger. He looked the account up and casually said this happens, don't worry, youll get a check sent in 4-6 weeks. I breathed a sigh of relief and went back home. 

XX/XX/XXXX, I spoke with a family member who is a lawyer about it and was advised that the issue could be an assumption of fraud on my part. I was quite shocked. She said to wait the time the branch manager said. 

XX/XX/XXXX, I went into the branch again. Another employee said to call the phone number on the letter. I waited to make sure it was over 6 weeks, and called XX/XX/XXXX. I was able to speak to a supervisor XXXX XXXX and was told the account was being investigated as a fraudulent and the money was being held for recovery. I asked about retrieving the funds and was told The funds are not available at this time and to call back in a few weeks. I again asked for the investigator to contact me for needed documents. 

On or about XX/XX/XXXX, I called the call center again. Two calls were disconnected. Issues with the phone system? I again went to my local branch on XX/XX/XXXX. They told me they could not help me. 

I talked to 3 lawyers over the next month and was advised to wait a few more weeks, then try contact again, as investigations for this kind of thing can take a while. 

I called Truist again on XX/XX/XXXX, and was told You can not retrieve the funds. I again explained that this was a business loan from someone that had to be returned and asked if XXXX XXXX could access the funds. The representative told me XXXX XXXX should contact her bank for XXXX XXXX ; her bank would send a request for the funds would be returned directly. 

XXXX XXXX 's bank began the Reclamation process. She received an ACH pre-note deposit on or about XX/XX/XXXX, which Truist then reversed, refusing to release the funds as too much time has elapsed since the original check. 

I am hoping to get assistance. I understand that we all need to be cautious to fight tax fraud, terrorism, etc. But, how is this investigation thorough without any contact for offered proof of business activity? I could easily have supplied a promissory note, email trails with commercial agents and contractors, etc. proving this was a new business venture, not some kind of fraudulent activity. Truist dragged this for 4-5 months would XXXX XXXX have been able to get her funds back in XXXX? Truist has not furnished any kind of path for retrieval of the money for my {$100.00} or for XXXX XXXX 's {$40000.00}. 

Are banks just allowed to grab funds from hard working people with no documentation, no communication, and no recourse or responsibility? Not only can I not afford to open my business, adding jobs and tax money into our systems, but I could be personally responsible to return loan money that the bank has taken without a true investigation.