Consumer complaint received 2025-05-01 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: TRUIST FINANCIAL CORPORATION
State: TN

Complaint narrative:
We have multiple accounts with Truist, including personal and business. We have been doing business with them for several years, including before they bought out SunTrust Bank. We are a small veteran and family owned business in a seasonal line of work. We are just starting to pick up in the season and working extremely hard to finish jobs so we can get payment and proceed to purchase materials for the next jobs, payroll, business expenses, etc. We have been doing mobile deposits for a long time with the bank and have consistently used this practice. We are at a point in our season where each job rolls to the next to afford all the prior purchasing of materials for jobs, that at times take 4-6 weeks to be received. In this time things get tighter for us having money sitting with materials we are waiting on while also still completing jobs we can get local materials for, as well as, having to pay all other business expenses. On this particular day we are getting low on funds ( NOT OVERDRAWN ) and finally completed a large job and made a mobile deposit of {$9400.00} on XX/XX/year>. We understand " Large deposits ( greater than {$5500.00} ) -- Any amount exceeding {$5500.00} may be held. Your institution must make the first {$5500.00} of the deposit available for withdrawal according to your availability policy and the remainder within the " reasonable '' time frames discussed above. '' None of our funds for this deposit were made available at all and are NOT schedule to be released until XX/XX/year> per the representative we talked with ( XXXX XXXX on XX/XX/year> called in at XXXXXXXX XXXX ). We were also told by this individual that their policy is Truist can place a hold on any check anytime. This is not reasonable for an account that has been open for many, many years, that is not overdrawn or been excessively overdrawn, not a new account, not a post dated check, not a check dated over six months ago, not a check that has been flagged, no fraudulent activity. When talking to the representative he did not give me any reason for the hold. He said he was trying to escalate the request to release the funds but he could only try two phone numbers and we have 4 phone numbers associated with our accounts. The first 2 numbers he said did not work so he couldn't do anything else and we would have to go into a branch to verify so they could proceed with the escalation ( bank is closed at this time so we can not do anything until tomorrow now ). What we want to specifically address is this bank only tends to put a " hold '' on a check when we get a low balance in our account. It has been a pretty regular trend with Truist. This is unfortunate and frustrating for a seasonal business entity and we believe to be unethical and unjust in their decisions to put holds when they have a chance to make us overdrawn. Every hold has been placed when this is the situation. Small businesses, especially seasonal ones, do not always have a lot of capital to back them up and have to work hard to build a balance every year. Also, we would like to point out that EVERY time Truist has proceeded to put a " Hold '' on any of our deposits NOT ONE TIME EVER was there any issues with the funds being received. NOT ONCE! This should substantiate the claim that this is being handled unethically.

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