Consumer complaint received 2024-09-13 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: TRUIST FINANCIAL CORPORATION
State: FL

Complaint narrative:
I am writing to file a formal complaint against Truist Bank regarding their handling of a flood insurance requirement on my property due to changes in the Federal Emergency Management Agencys ( FEMA ) Flood Insurance Rate Maps, effective XX/XX/year>, in XXXX XXXX, Florida. 

On XX/XX/year>, I received a letter from Truist Bank, dated XX/XX/XXXX, notifying me that my property now lies in a Special Flood Hazard Area and that I am required to purchase flood insurance. The letter stated that unless they received evidence of acceptable flood insurance within 45 days of the notice, they would purchase a policy for the property, and I would be required to pay for any period during which their insurance is in effect. 

I received this letter on XX/XX/year>, and immediately began searching for flood insurance. I successfully obtained a policy on XX/XX/year>, with coverage starting on XX/XX/year>. However, I then received XXXX letters from Truist Bank dated XX/XX/year>. The first letter stated that there was a lapse in coverage from XX/XX/year>, to XX/XX/year>, and an insurance charge of {$100.00} would be assessed to my escrow account. The second letter, marked " Second and Final Notice, '' indicated that Truist Bank was unable to verify coverage for the period from XX/XX/year>, to XX/XX/year>, and intended to purchase insurance for my property. 

This sequence of events raises several concerns : Insufficient Time and Lack of Proper Notification : Truist Bank did not advise me about the XXXX waiting period required by the National Flood Insurance Program ( NFIP ) for new flood insurance policies to become effective. The banks communication only mentioned a XXXX deadline from the date of their notice. Given that I received the letter on XX/XX/year>, and the NFIP requires a XXXX period before a flood insurance policy becomes active, Truist Banks timeline did not provide adequate time for me to comply with the new requirements. 

Unclear and Conflicting Information Leading to Unjust Charges : Despite securing flood insurance starting on XX/XX/year>, I was notified of a lapse in coverage for the period from XX/XX/year>, to XX/XX/year>, and charged {$100.00} to my escrow account. Truist Bank failed to clearly communicate the implications of the XXXX NFIP waiting period and has imposed charges based on an unrealistic timeline that does not align with federal regulations. 

I believe Truist Bank did not act in good faith by failing to provide accurate and complete information regarding the NFIP 's requirements and by imposing unwarranted charges due to circumstances beyond my control. 

I respectfully request your intervention to investigate this matter and ensure that Truist Bank follows fair practices and complies with federal regulations regarding flood insurance requirements. I would appreciate any action or guidance your office can take to resolve this issue and prevent further unjust charges to my account. 

Thank you for your attention to this matter. I look forward to your response.

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