Consumer complaint received 2025-05-18 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Wrong amount charged or received — 
Company: TRUIST FINANCIAL CORPORATION
State: CA

Complaint narrative:
Dear CFPB Officer, I am writing in response to Truist Banks reply dated XXXX XXXX XXXX, regarding my formal complaint concerning a wire fraud incident involving {$150000.00} that I initiated through my XXXX account on XXXX XXXX XXXX. I would like to provide the following facts and context to supplement my case and highlight Truist 's inadequate handling of the situation. 

Ref. unresolved complaint : XXXX Related Truist fraudster account : XXXX Summary of Incident : On XXXX XXXX XXXX, I was the victim of a highly sophisticated escrow fraud scheme. I wired {$150000.00} to a fraudulent account at Truist Bank under the mistaken belief that it belonged to a legitimate escrow company. Upon realizing the fraud, on XXXX XXXX XXXX, I immediately contacted my sending bank ( XXXX ), Truist Bank, and filed a police report. 

That same day, XXXX XXXX, at approximately XXXX XXXX, a Truist Bank representative confirmed by phone that the recipient account was frozen and that the full wired amount was still intact. I subsequently received multiple confirmations from other Truist representatives over the following days including a call on XXXX XXXX XXXX which I legally recorded with consent confirming that the full amount remained in the account.

Discrepancy in Truists Statement : Truists response claims that by the time they were notified by XXXX on XX/XX/scrub>XXXX XXXX XXXX, some funds had already been depleted. This statement directly contradicts the confirmations I received from multiple Truist employees, including the XXXX XXXX  phone call and the XXXX XXXX confirmation that {$150000.00} was still present in the account. 

This discrepancy is extremely concerning, and without access to proper documentation ( including account statements, transaction logs, and freeze timestamps ), Truists explanation lacks credibility. 

Key Concerns and Failures by Truist Bank : Failure to Secure Funds After Fraud Was Reported : Despite receiving timely notice of the fraud ( XXXX XXXX ), Truist failed to ensure all funds were preserved, despite confirming they were frozen.

Inconsistent Communications : I have documented evidence ( including recordings ) of Truist confirming multiple times that all funds were in the account even after XXXX XXXX. Yet Truist later claimed the funds had already been depleted. 

Lack of Transparency : Truist has not provided any supporting documents, including account statements, logs of fund transfers, or a breakdown of how and when the {$22000.00} went missing. Nor have they provided any explanation as to how the account was opened and passed their Know Your Customer ( KYC ) checks. 

Refusal to Cooperate Post-Incident : I and my wife reached out to XXXX XXXX XXXX, Executive VP of Financial Crime at Truist, on multiple occasions after his XXXX XXXX  response, with no reply. This lack of responsiveness is unacceptable, particularly in a matter of this magnitude. 

Request for Action : I respectfully request that the CFPB : Hold Truist accountable for its failure to preserve all funds after receiving timely notice of fraud ; Require Truist to release all relevant documents, including : Full account statements for the fraudulent account from XXXX XXXX XXXX, 2025 ; Logs showing when the account was frozen and any outgoing transfers before and after that date ; Details on how the account passed XXXX XXXX controls XXXX including XXXX address, device fingerprinting, and ID verification used at account opening ) ; Order the return of the remaining {$22000.00} ( plus any accrued interest ), which was improperly depleted from a supposedly frozen account ; Recognize that my legally recorded calls with Truist Bank XXXX XXXX valid evidence supporting my claims. 

Closing : This experience has caused significant financial and emotional hardship for my family and me. We took all reasonable and immediate actions upon discovering the fraud. Truist, in contrast, failed to follow through on its own assurances and is now attempting to shift the blame despite its obligations under the XXXX and its own statements to us. 

I am grateful for CFPBs oversight and respectfully ask for your support in ensuring Truist is held to account and that we are made whole.

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