Consumer complaint received 2026-04-14 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: TRUIST FINANCIAL CORPORATION
State: FL

Complaint narrative:
Product : Bank account or service Issue : Incorrect tax information reported Company : Truist Bank I am filing this complaint regarding incorrect tax reporting by Truist Bank related to Forms Form XXXX issued for a settlement payment. Truist issued multiple XXXX forms to three individuals associated with the same account. However, the income was not received or reportable by all listed recipients. As a result, the same income has been improperly attributed to multiple taxpayers, creating a risk of duplicate taxation and inaccurate IRS reporting. We contacted Truist to request correction of these forms. Despite being advised by our tax professional that the appropriate and standard resolution is to issue corrected XXXX forms XXXX showing zero income for the incorrect recipients and reporting the income only to the proper taxpayer ), Truist has stated that their reporting is correct and has declined to make corrections. This position is not consistent with IRS reporting requirements, which require that income be reported to the actual recipient/beneficial ownernot simply all account holders. As a result of Truists refusal to correct the reporting : Multiple individuals are now incorrectly reported as having received the same income This creates potential tax liability, IRS notices, and compliance issues We are being forced to resolve an issue caused by inaccurate third-party reporting What I want the company to do to fix the problem We are requesting that Truist : File corrected Forms XXXX with the IRS XXXX corrected XXXX XXXX showing {$0.00} income for the individuals who were not the proper recipients Ensure that the income is reported only to the appropriate taxpayer This is a routine correction process for information returns and should be handled by the same vendor or system used to prepare the original filings. We also request written confirmation once the corrected filings have been submitted to the IRS. We are attempting to resolve this issue promptly to ensure accurate tax reporting and avoid unnecessary complications with the IRS. Truists refusal to correct clearly inaccurate reporting has left us with no alternative but to seek regulatory assistance. Additional Background : Complaint ID XXXX This issue arose in connection with a settlement paid by Truist following prior fraudulent activity involving the account. Over {$40000.00} was stolen from the account through fraud without timely detection, notice, or intervention by Truist. My parents were not promptly alerted to the unauthorized activity, and we experienced significant difficulty getting Truist to investigate and respond appropriately. In fact, we were forced to file a complaint with the Consumer Financial Protection Bureau before Truist took meaningful action regarding the underlying fraud issue. The settlement payment was ultimately made as a result of that process. Despite the fact that the settlement related to an account owned by my parents, Truist subsequently issued Forms XXXX to multiple individuals associated with the account, including individuals who were not the actual recipients or beneficial owners of the settlement proceeds. As a result, the same settlement income is now being attributed to multiple taxpayers, creating the risk of duplicate taxation and inaccurate IRS reporting. Truist has refused to correct the forms despite being advised that corrected Forms XXXX showing zero income for the incorrect recipients is the appropriate and standard resolution. This issue is particularly concerning given that the settlement itself arose from Truists prior failure to protect the account from fraudulent activity and its initial failure to respond appropriately until regulatory intervention occurred.

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