Consumer complaint received 2024-09-03 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem making or receiving payments
Company: TRUIST FINANCIAL CORPORATION
State: MD

Complaint narrative:
Complaint Submission : Issue with Truist Bank Regarding {$500.00} Payment and Lack of Communication To : Consumer Financial Protection Bureau Regarding : Truist Bank **Date : XXXX XXXX XXXX, XXXX XXXX  Subject : Truist Banks Mishandling of a {$500.00} Payment to XXXX  XXXX, Resulting in Financial Harm Due to Lack of Communication and Error Details : I am filing a formal complaint against Truist Bank due to their mishandling of a {$500.00} payment I attempted to make to my XXXX XXXXXXXX account, which resulted in financial harm and potential negative impact on my creditworthiness. Below is a detailed account of the events and issues. 

1. Timeline of Events : - On XXXX XXXX XXXX I attempted to make a {$500.00} payment from my Truist checking account to my XXXX XXXX credit card account. 
- Upon submitting the payment, I observed that the {$500.00} was deducted from my available balance. My account balance showed that I had approximately {$0.00} left, indicating that the payment was processed. 
- I was under the impression that the payment had been successfully initiated and was on track to be credited to my XXXX XXXX account. 

2. Issue with Transaction Posting : - A few days later, I checked my Truist account and noticed that the {$500.00} payment was no longer reflected in my transaction history. It had completely disappeared from my recent transactions list, and the balance no longer showed that the {$500.00} had been deducted. 
- This disappearance led me to question what had happened to the payment, as I never received any notification from Truist that the payment was declined, reversed, or had bounced. I assumed that since the money had left my account and I had the funds available at the time, the payment would have gone through. 

3. Truist 's Explanation and Lack of Communication : - After contacting Truist Bank to inquire about the missing {$500.00} payment, I was told by a representative that the payment had not actually left my account and that it had been declined due to insufficient funds. According to the representative, the bank used its discretion to avoid an overdraft situation because my account was short by {$0.00} at the time of the payment processing. 
- The representative further explained that the {$500.00} did not go through because there was a separate pending transaction from an earlier purchase, which included a tip. However, this explanation does not align with my understanding or observations. When I initially made the {$500.00} payment, the funds were in my account, and the {$500.00} had already been deducted from my balance. I was not informed at any point that the funds were insufficient or that the payment was being declined due to this separate transaction. 

4. Lack of Notification and Financial Harm : - At no point did Truist notify me that the {$500.00} payment had been declined or that my account had insufficient funds. This lack of communication caused significant confusion and led me to believe that the payment had been successfully processed. 
- I was not given any opportunity to address the alleged shortfall of {$0.00} because Truist failed to inform me of the issue. As a result, the payment to XXXX XXXX did not go through, and I was left with the false belief that my XXXX XXXX account had been credited with the {$500.00}. 
- Truist also failed to notify XXXX XXXX that the payment had bounced or was declined. This lack of communication between the banks has resulted in further complications for me, as my XXXX XXXX account was never credited, and I am now at risk of late payment fees and damage to my credit score due to a payment that I attempted to make in good faith. 

5. Discrepancy Between Account Balance and Payment : - I have consistently informed Truist representatives that I saw the {$500.00} leave my account, and my balance reflected this deduction. Truists claim that the money never left the account does not match what I observed. There is clearly a discrepancy between what was shown in my account and what Truist is now claiming. 
- If Truist had properly informed me that there was a problem with the payment, I could have resolved the issue immediately by transferring additional funds to cover the {$0.00} shortfall. Instead, their failure to notify me has caused financial hardship, stress, and confusion. 

6. Financial and Credit Impact : - The failure to process the {$500.00} payment has directly impacted my ability to pay my XXXX XXXX bill, potentially leading to late fees, penalties, and damage to my credit score. This could have been entirely avoided if Truist had communicated with me promptly and accurately. 
- Additionally, I am concerned that this error may affect my ability to access credit in the future due to potential negative marks on my credit report. This situation has caused me financial harm through no fault of my own. 

End Conclusion : Truist Banks failure to notify me of the declined payment, coupled with the disappearance of the {$500.00} transaction from my account history, has caused significant financial harm and stress. I acted in good faith, believing that I had successfully made the payment, and Truists error has led to complications that are not my fault. I request that the CFPB investigate this issue and ensure that Truist takes appropriate action to resolve it. 

Thank you for your attention to this matter. I appreciate your assistance in resolving this issue. 
XXXX XXXX Account number : XXXX

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