Consumer complaint received 2025-09-08 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: TRUIST FINANCIAL CORPORATION
State: OK

Complaint narrative:
I would like to file a complaint on Truist Bank for holding domestic wire transfers for a prolonged duration. 

I contacted Truist Bank on XX/XX/XXXX that I was selling my car and inquired how the buyer should pay. They recommended cash or wire transfer for immediate posting. The Buyer sent a wire transfer for {$18000.00} on XX/XX/XXXX. I called to confirm the wire that same day Tuesday XX/XX/XXXX and Truist Bank informed me they received it. Wednesday XX/XX/XXXX I didn't see it posted to my loan so I called again to confirm and they informed me that they hold wires for 3 days for processing. I noticed it not in my account on Friday XX/XX/XXXX, third day, so I called them again and they informed me they had the wire but since it was a payoff it would take 7 days to process. On Wednesday XX/XX/XXXX, XXXX day, it was still not posted so I called Truist again and they informed me there wasn't ever a wire. I called the buyer and told her my bank is no longer showing a wire transfer sent to me so she contacted her Bank, XXXX XXXX XXXX XXXX XXXX, and got the wire trace number XXXX and sent it to me. I called Truist Bank again on Thursday XX/XX/XXXX and gave them the wire trace number. After holding for almost an hour she came back to the line and said they found the wire and would be returning it due to missing account number. I asked why she couldn't deposit it into my loan since it was to my name for XXXX XXXX XXXX and she said it's policy. So then I asked why they held the wire so long before returning it and she said that it had to be claimed before they returned it. They returned the wire to the buyer on Tuesday XX/XX/XXXX, two weeks later, so the buyer wired the {$18000.00} back again to my account number this time as directed, instead of the way the wire instructions were sent to me. I called to verify the new wire on Wednesday XX/XX/XXXX and was told there was no wire received. I called the buyer and received the XXXX XXXX. I contacted Truist Bank again on Thursday XX/XX/XXXX with this info and was told they would be returning the wire again because it wasn't sent like the instructions. I asked them to not wait 2 weeks to return the wire this time and asked it be returned ASAP. Friday XX/XX/XXXX I noticed a deposit on my loan for {$1000.00}. I called Truist Bank asking what this credit was. They informed me it was the wire transfer. I informed them the wire was for {$18000.00} and gave them the XXXX again. After waiting on hold almost an hour they found the wire and informed me the rest of the money would be deposited on Saturday XX/XX/XXXX. Saturday morning a deposit was made for {$17000.00}. I had to make an additional payment for interest of {$72.00}. If they had returned the first wire promptly, within 1 banking day, the loan would have paid off sooner and the interest would not have accumulated. It is not fair that my loan accumulated interest but they held the first wire of {$18000.00} for two weeks and didn't pay me interest for holding it or waive the interest accumulated while they held the funds. 

Truist Bank holding these wires has caused me so much XXXX, time, and financial harm from holding these two wires for a prolonged duration. I can only hope they don't report my loan negatively due to this situation. 

On the payment of {$1000.00} it shows that {$17.00} went towards a fee called " other ''. When I inquired about it Truist Bank didn't know what that fee was. Is there any way to get the breakdown of where the full wire amount of {$18000.00} went towards?

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