Consumer complaint received 2025-11-13 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: TRUIST FINANCIAL CORPORATION
State: IN

Complaint narrative:
I Had been banking with Truist Bank for over XXXXXXXX XXXX ; I opened a joint account since XXXX. Then I proceeded to open a business account with Truist Bank that used to be XXXX & XXXX under XXXX Multi services. This account was opened in the XXXX XXXX XXXX  XXXX, XXXX Virginia. I am business owner since XXXX, and I had been preparing taxes since then. My tax preparation fees used to go to my business account. and my personal tax used to be deposited to my personal accounts ( checking and saving ) From XXXX to XX/XX/XXXX Truist bank/XXXX XXXX XXXX XXXX XXXX over XXXX overdraw fees, and XXXX in just XXXX month although I had overdrawn protection fees set up and my saving accounts had thousands of dollars. When I called Truist Bank/XXXX XXXX XXXX  about the overdraw fees ; it closed my business account and my personal checking ending XXXX. Truist Bank reported me to check system for {$120.00} even I still had thousands of dollars in my savings. I called Truist and XXXX the $ XXXX from my saving account, still Truist has not cleared me from the check system. For that reason, I could not open another business account. 

I went to a branch in Kentucky ( XXXX ) XXXX times, instead they had me open another checking account. So, to not losing my money, I kept having my tax preparation fees coming to my personal accounts for over XXXX years. It had never been a problem until XX/XX/XXXX. Truist sent me a letter about possible fraud. and an investigation in underway. In XX/XX/XXXX Truist bank closed the accounts and debanked me. in XXXX accounts, I had over $ XXXX business money and tax preparation fees. 

It has been XXXX months, Truist had never told me about the investigation even after I called them more than XXXX time and requested documents and departments and names involved in the investigation. Truist has been ignoring me while still holding my money. 

IV. Legal Basis and Constitutional Principles Under established principles affirmed by the U.S. Supreme Court, financial institutions may not deprive an individual of property without due process of law.

In Fuentes v. Shevin, 407 U.S. 67 ( 1972 ), the Court held that even temporary deprivation of property requires notice and an opportunity to be heard, emphasizing that procedural due process applies whenever the government or its agents interfere with property rights. 

While Truist Bank is a private entity, it operates under federal regulation and deposit insurance ( FDIC ), making its actions subject to federal consumer protection and banking law, which incorporate similar due process principles. 

Additionally, the Court in Mathews v. Eldridge, 424 U.S. 319 ( 1976 ), reinforced that fair procedures are required when an individual faces deprivation of property, underscoring the balancing test of the individuals interest, the risk of erroneous deprivation, and the value of additional procedural safeguards. 

By withholding my funds without written explanation, notice, or process, Truist Bank has acted in a manner contrary to these principles and in potential violation of 12 U.S.C. 1818 ( b ) ( unsafe or unfair banking practices ) and 15 U.S.C. 45 ( a ) ( unfair or deceptive acts or practices ).

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