Consumer complaint received 2024-04-23
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: TRUIST FINANCIAL CORPORATION (NC)

Around XXXX XX/XX/XXXX, I opened several XXXX XXXX Checking Accounts with Truist at the branch in XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  ). They were for entities for a rental home business I had just started, with XXXX property purchased. The property was XXXX XXXX XXXX XXXX XXXX XXXX XXXX. The XXXX for that rental property is XXXX XXXX XXXX. The other XXXX were XXXX XXXX XXXX XXXX XXXX XXXX, but are only minimally involved in this issue. I deposited {$100.00} in each of the XXXX accounts. 

The pandemic scuttled most of those rental plans and the house was sold in XX/XX/XXXX. The funds were sent to XXXX XXXX XXXX XXXX XXXX XXXX, and the XXXX authorized the release of those funds around XXXX XX/XX/XXXX. The check was sent around XXXX XXXX and I received it around XXXX XXXX. 

On XXXX XX/XX/XXXX, I deposited the check from the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX branch of Truist in the amount of {$190000.00}. Each of the XXXX accounts had dwindled to {$49.00} due to maintenance fees, but the accounts were open. I also regained access to my online profile and successfully added the XXXX accounts to the profile with her assistance. She informed me that the check may take up to XXXX business days to clear, but that she would ask the branch XXXX to clear it early the next week. Later inquiries with XXXX XXXX XXXX revealed that the check cleared the same day ( XXXX XXXX ). 

I made changes to my online account including updating my email and physical addresses. 

Around XXXX XXXX, I followed up with XXXX and she included her branch XXXX on the phone. They told me that the account had been flagged for potential fraud and that they couldnt clear the check until the fraud department released the account. I couldnt even access the remaining {$49.00} in the account. 

After daily calls with XXXX, she was able to tell me that the check would clear on their end at XXXX on Saturday, but there still was nothing she could do or even tell me because it was all being held by the XXXX department. I confirmed that the check cleared, but was still unable to access any amount to transfer or pay bills due to the fraud lock. 

On Monday, XXXX XXXX, my online profile was locked. I called the XXXX department directly and after XXXX escalations, was finally told that the accounts had been all closed and that they were holding the {$190000.00} indefinitely for potential recovery and that they may send me a check for it at some point in the future. Otherwise I could go to the person who wrote the check XXXX XXXX XXXX XXXX XXXX and ask them to initiate the reclamation process to pull the money back from them. They were not going to release the funds themselves. They were going to send the {$49.00} in each account however. 

I drove straight to the XXXX office and discussed the situation with them. After some digging, they confirmed that the check cleared with their bank ( XXXX XXXX ) on XXXX XXXX- the same day I deposited it. They had no ability to initiate reclaiming the money. They said theyd never heard of such a thing in XXXX years. 

I followed up with Truist immediately after, but they re-iterated that I they would not send me the balance and that I would have to wait for the analyst to complete their investigation. 

I had to borrow money from a friend to avoid being evicted, money that I should already have had. If the funds are not released soon, I will face eviction again and worse in a week. 

Truist 's internal number for this is " XXXX XXXX XXXX XXXX XXXX  '' On XXXX XXXX, I called the Fraud department for the third time. Today, XXXX told me that they were holding the deposit indefinitely until the analyst completed their investigation, but she also confirmed that they have not contacted even their own branch where I deposited the check where I discussed the matter with both the banker and branch XXXX. They have not contacted the XXXX XXXX XXXX. They have not contacted me. She said one of the issues was that the address was not the same as when I opened the account XXXX years ago ( I moved, but that is apparently potential fraud in their mind ) - however the address that I updated to on XXXX XXXX was the same address thats embedded in the name of the XXXX. 

She reiterated that the were holding the money " indefinitely '' and that I have to wait until the analyst completes their investigation. An investigation she claims that they opened on XXXX XXXX but they have clearly made no serious effort in at this point.