Consumer complaint received 2025-07-26 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Cashing a check
Company: TRUIST FINANCIAL CORPORATION
State: GA

Complaint narrative:
Good day CFPB, I hope all is well and we are reaching out regarding a matter with Truist Bank. We are a small minority business enterprise located in the XXXX XXXX XXXX  area. Although we were severely impacted by the pandemic, were able to keep and put citizens to work here in XXXX and several other states. We utilized a reputable firm to complete our XXXX tax credits and were awarded XXXX qXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX. We had to wait a long time due to the fraud that many committed and the moratorium. It has since been lifted and recently we started receiving checks from the IRS. We received checks for Quarters XXXX & XXXX. XXXX check was for $ XXXX plus and the other check was for $ XXXX plus. Another check was mailed on XXXX by the IRS and it has not been received yet. 

We meet with our local XXXX XXXX of Truist on XXXXXXXX XXXX XXXX XXXX XXXX XXXX and XXXX the checks there. We had a long term relationship with Truist with XXXX business checking accounts and XXXX personal account since XXXX and have made many large deposits as well as received large wires and ach 's from our client partners, etc. The branch manager XXXX opened XXXX new business checking accounts, a regular business checking and a money market checking account. The checks were deposited in those accounts. Truist cashed those checks more that 45 days ago and deducted the prior balance that we owed which was roughly {$3300.00}. We also paid several vendors from those checks. We attempted to make a transaction several weeks ago and our account was frozen without any notification from Truist. We had several meetings with that same Branch Manager XXXX and the matter was escalated. She couldn't explain what was going on other than the checks were being investigated. We are a valid and legitimate company and they could have verified or should have verified the funds for validity with the IRS prior to not afterwards. They blindsided us and left us destitute, where as we can't pay our team, ourselves, rent, get food, gas nor pay for basic living expenses. We have called many times and Truist is giving us the run around even after escalating the call to management. We received a letter from Truist advised the account was under investigation and then another about XXXX weeks ago advised that Truist was closing the accounts and we could go to the local branch and pick up the balance in both accounts. We set an appointment and went the branch and the branch manager XXXX called the XXXX department who advised that checks for the balance of $ XXXX in the checking account and {$1300.00} in the money market account was sent to our business address on XXXX. We never received the checks and contacted Truist yet again. I spoke with the Fraud Manager XXXX yesterday and was advised that the IRS sent XXXX an email on XXXX advising that the checks were stolen and therefore Truist is holding our funds for the IRS to request them back and then they can reissue the checks to us. I requested a copy of the email from the IRS and he advised that Truist would mail it to me. I called the IRS yesterday and spoke with an agent XXXX XXXX who was very helpful and advised there was no fraud on our part and they told Truist that the XXXX checks was being audited and the audit was completed on XXXX and we are fine and everything checked out as we are a valid company and was entitled to the checks. The XXXX rep who was handling the investigation approved the XXXX checks and is pending her supervisor to approve and they will email Truist to release the funds to us. XXXX XXXX advised that the IRS should have conducted the audit prior to sending the XXXX checks ; however that didn't happen until after the fact. 

Lastly our major concern is that we are destitute and Truist should have did their due diligence prior to cashing the checks, taking there money for the prior XXXX accounts, allowing us to use those funds to pay vendors, then all of a sudden without notice or warning, withheld our funds. We spoke with XXXX XXXX XXXX 's office who will be getting involved as they advised that Truist could only hold our checks for 10 days which is enough to verify the validity of those checks with the IRS. Truist cashed those checks more that 45 days ago. Additionally Truist closed the personal account of our team member in connection to this matter. She will need relief and your assistance as well. We really need your assistance in getting our funds from Truist Bank. Thank you and have a great rest of your day.

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