Consumer complaint received 2024-11-19 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: TRUIST FINANCIAL CORPORATION
State: AL

Complaint narrative:
Some time back in XXXX I deposited a check into A new account that I had opened online with Truist Bank. The following day I made a trip to the bank and deposited a second check as the second check was for {$16000.00} of sorts. The amount was a bit large to deposit via a mobile app. 
When I deposited the check no asked me for additional documents. Even when I opened the checking account online it didn't even ask me for additional documentation. About a day later I didn't see the funds posted and I called the bank to see what was going on and they told me that it just takes a few days. Another couple of days went by and I tried to log into the app to see if the funds had posted and I received an error message. 
I went the branch in XXXX Al, my home town bank and they said my account was marked as fruad. I asked to speak with a branch associate that could help me tell me what was going on. The associate as me if I call the toll free number I was given and I said yes. Told her that I wasn't able to get any information than to wait for a letter with the next steps. She called someone in the fraud department and the person on the phone said that the address on the documentation didn't match and that I need to prove my address. I explained to her that we no longer have a public office and I work from and the nature of my business allows that. And the address has been changed and verified by the IRS. About XXXX week 's later I reach out to the bank again only to find out that no one has even began to view the documents of proof that THEY requested. This goes on for over a month with them requesting more documents including business license for Alabama, tax transcripts, XXXX verification, drivers license, a copy of the original letter stating I would get a refund, a conversation with the irs with Truist bank present and documents from the original issuing state of Oregon where my business was originated in XXXX. They declared that these documents to be insufficient. Truist Bank stated they were unable to verify the documents as being truthful and the IRS would need to contact them. The IRS STATED TO THE TRUIST BANK they do not contact businesses on behalf of a citizen and the documentation which contained proof of ownership and tax transcripts were sufficient. 
Since XXXX my company has been without the funds and is suffering a financial hardship. And from what I was told by the rep assigned to my case XXXX XXXX the bank does not have to release the funds and can hold them indefinitely. She also stated that this was my fault because I sent the information in bits and pieces. This not true. The process to open a online account through truist bank is very misleading. As it did not request to upload any supporting documents. It advertised an instant account and encourages you to make a mobile deposit right away. I was the one who Brought the documentation to the bank and asked that it be added to my account. TRUIST BANK didn't look at the documentation in a timely manner and later started to act as if there was address era. And the more I reach out see what the issue was, TRUIST BANK made it increasingly hard for me with getting the issue resolved. As if I was being punished for calling them out on thier error. Over the course of weeks they would ask me for a document here and I document there. Only to get a call from the rep assigned to me XXXX XXXX to say even though you provided all the requested and necessary documents we still are not able to release the fund to you. We are waiting for a response from the irs. I asked what type of response and she said to verify the funds belong to you. While they have actually received a verbal response and XXXX letters of response from the irs that I provided to them immediately upon receipt from the irs. 
I called the irs and asked if Truist Bank had send them any documentation about my company requesting verification for a check and they said no. We can not do that nor do we give anyone other than the tax payer or a representative of the tax payer information about your account. 

I HAVE RUN OUT OF DOCUMENTS TO GIVE THEM.

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