Consumer complaint received 2024-03-21 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Problem with balance transfer
Company: TRUIST FINANCIAL CORPORATION
State: NC

Complaint narrative:
I maintain a credit card with Truist that was set up for overdraft protection to my Truist checking account. My credit card statement for XXXX XXXX XXXX XXXX XXXX XXXX XXXX reflected {$62.00} over the credit limit. Despite already being over the credit limit, on XX/XX/2023 Truist illegally authorized an overdraft transfer from the credit account to the checking account in the amount of {$190.00}, and again on XX/XX/2023 Truist again authorized an overdraft transfer from the credit account to the checking account in the amount of {$660.00}. This put my credit card almost {$900.00} over the credit limit, which allows Truist to charge higher interest ( around 33 % ) on " cash advances '' and fees. Truist should have declined the charges over drafting my checking account, or charged an overdraft fee, rather than authorizing XXXX overdraft transfers over my credit limit. Pursuant to all operative credit card agreements, and the governing " overdraft protection transfer '' agreement found on Truist 's website in connection to the checking account, Truist can only choose to authorize, or not authorize, overdraft transfers " up to the amount of the credit limit available on the account. '' I have disputed these overdraft transfers for nearly a year with Truist, including sending the attached very detailed letters which describe in depth all related issues. I have also disputed this with the credit bureaus as it has affected my credit score, reporting nearly {$900.00} over the credit limit due solely to the unauthorized overdraft transfers. Truist has verified the credit information and declined to rectify the error, despite being told by multiple employees in the resolution department that I would at the very least receive the interest back that I have been paying for almost a year ( which they have now decided not to even do that ). This has also resulted in being denied credit card applications. Despite multiple requests, Truist can not identify any language to support their contention this was not a banking error and they were allowed to authorize transfers over credit limits. All operative agreements say otherwise. Truist is in breach of contract and has violated the FCRA by taking over a year to investigate my disputes and verifying disputed information on my credit report. 

I have been disputing this for nearly a year. Truist employees keeps telling me " Truist has broad authority to authorize overdraft transfers, '' but not a single person can point to the language in the credit agreement that supports their contention. They " cherry-pick '' the language, and specifically cite to the sentence that says " Truist XXXX choose to authorize overdraft transfers, '' but they leave out the second part of the sentence, that says " up to the credit limit. '' Truist authorized these large overdraft transfers in breach of contract to capitalize on the 33 % interest on {$900.00}. 

If this dispute does not resolve the issue, I will be forced to commence litigation. Truist will be able to provide a copy of the operative credit card agreement referenced throughout my disputes.

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