Consumer complaint received 2023-12-19 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Problems at the end of the loan or lease — Unable to receive car title or other problem after the loan is paid off
Company: TRUIST FINANCIAL CORPORATION
State: MA

Complaint narrative:
I had an auto loan with Truist Bank for a XXXX XXXX XXXX and part of the loan amount included extra money because I purchased a XXXX extended warranty. It was either the last week of XXXX or the first week of XXXX when I filled out the necessary paperwork with XXXX to cancel the extended warranty and I was told the refund most likely will go back to the bank, Truist Bank. My auto loan with Truist Bank was paid in full and paid off on XX/XX/XXXX. Truist Bank received the check from XXXX and cash the check on XX/XX/XXXX, 8 days after the loan was paid in full, and they have been holding on to my money for 3 months. I understand things take time and I was told it would take anywhere from 4 to 6 weeks but again they have been holding on to my money for 3 months now. I have been calling on a weekly basis sometimes multiple times per week and up until about a week ago everybody at Truist Bank told me they don't know when my refund money will be sent to me. When I started this process of trying to get my money back I was getting so many different stories and excuses nobody could find the money etc even though XXXX sent me a copy of the check the front and the back of the check indicating it was signed and deposited by Truist Bank. Several weeks ago I was told the refund department at Truist Bank is going through a conversion which started in XXXX and it will not end until XXXX or XXXX and that's why they can not send me my money. Truist Bank is such a large financial institution and they are in the business of sending and receiving money on a daily basis but they told me they don't know when they can send me my money. A large financial institution like Truist should have alternate plans if they are having system issues for that long. I currently have a XXXX XXXX XXXX and I have the loan with Truist but if I tell them I don't know when I'll send in my monthly payment because I lost my checkbook, that is unacceptable and there will be consequences that I will have to pay. But if we look at it from another point of view, Truist doesn't care about the fact that I need this money in the amount of {$1900.00} and there are no consequences on their end if they can not pay me in a timely fashion. This is completely unfair to the consumer. Truist Bank can not tell their utility companies they don't know when they can send them a payment because of a system issue because after 2 or 3 months the utilities would be shut off. So again Truist Bank has been holding on to my money, almost {$2000.00} for 3 months now, they're telling me they don't know when I'll get my money because of a system issue that will take 2 months or longer, they do not have any other options for me, and I'm the one that is paying the consequences by not getting this money when I need this money and it is costing me extra money now. Truist Bank doesn't care about the {$2000.00} they owe me. For the past 1 or 2 weeks now I briefly spoke with someone from their customer advocate department and the last thing we talked about, this representative from the customer advocate department asked if my bank would accept a wire and I said yes. That representative, XXXX XXXX, she said she would be out of the office for a few days and I have left her 3 or 4 voicemails in the past 5 days and have not heard back from her at all. Absolutely 100 % the worst financial institution I have ever dealt with and the fact they are holding on to my money for 3 months now and I don't have an answer from anybody as to when I'll get my money, is unacceptable, it is unfair to the consumer, and it is such a horrible and unfair business practice they are engaging in and there are no consequences on their end for this delay that is taking 3 months or longer.

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 monetary relief