Consumer complaint received 2025-05-08 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem using a debit or ATM card
Company: TRUIST FINANCIAL CORPORATION
State: OH

Complaint narrative:
I am filing this formal complaint against Truist Bank regarding its gross mishandling of a fraud claim I submitted following the theft of my phone and the unauthorized use of funds from my account. The bank 's actionsor more accurately, its inactionsnot only reflect a blatant disregard for federal consumer protection laws but also show a complete failure to conduct a reasonable investigation, in direct violation of Regulation E under the Electronic Fund Transfer Act ( EFTA ).

After my phone was stolen, I immediately took the proper steps to report the theft to both the police and my financial institution. I filed a timely fraud claim with Truist and submitted a police report along with the receipt for the replacement phone I had to purchase as a result of the incident. Despite this, Truist closed the claim under false pretenses, asserting that they had " handled '' the matter, when in reality, they merely duplicated earlier reports and failed to offer any meaningful or additional review.

This response is not only dismissiveit is unlawful. Under Regulation E ( 12 CFR 1005.11 ), financial institutions are required to conduct a thorough and good faith investigation of consumer claims. They are also obligated to provisionally credit the account if the investigation exceeds 10 business days, and to provide a clear explanation of their findings. Truist did neither. 
A XXXX XXXX representative, XXXX XXXX, was assigned to my case but offered no assistance or clarity. Her involvement appeared to be little more than performative. No new information was provided, no investigative steps were disclosed, and no rationale was given to support the false claim that I had possession of the stolen device when the fraudulent charges were made. This is patently untrue and directly contradicted by the evidence I provided. 
Truist 's failure to investigate and its erroneous conclusion amount to willful negligence, and I believe their actions constitute a breach of fiduciary duty to protect consumers from unauthorized transactions. Moreover, their handling of my claim borders on deceptive practices, potentially violating the XXXX XXXX XXXX XXXX and Consumer Protection Act 's prohibition against unfair, deceptive, or abusive acts or practices ( UDAAP ). 
I request that the CFPB investigate Truists handling of this case and require the bank to : 1. Reopen and properly investigate my fraud claim.

2. Provide full reimbursement for the unauthorized transactions in accordance with federal law.

3. Issue a written explanation outlining the steps taken in their renewed investigation. 
4. Evaluate the conduct of XXXX XXXX XXXX Department for systemic issues in how fraud claims are managed. 
I am prepared to submit all supporting documentation including the police report, phone purchase receipt, claim correspondence, and any further evidence necessary. 
I expect to hear from you regarding this matter promptly. Truist has failed to act in good faith, and their mishandling should not go unchecked.

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