Consumer complaint received 2025-09-29 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Other transaction problem — 
Company: TRUIST FINANCIAL CORPORATION
State: NC

Complaint narrative:
XXXX XXXX XXXX XXXX is a non-profit organization with a business checking account at Truist Bank. On XX/XX/year>, funds were fraudulently wire transferred from our account to a business account named XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX, XXXXXXXX XXXX XXXX XXXX XXXX XXXX, in XXXX XXXX  NY. Truist Bank notified us of the fraud within an hour of the transactions. We provided immediate confirmation that the transactions were unauthorized and requested recovery of the funds. There were a total of XXXX fraudulent wire transfers made totaling {$190000.00}. These were public funds entrusted to us by the U.S. Department of Housing & Urban Development. Truist XXXX XXXX have an obligation to do all that can be done to recover those funds. 

Truist Bank had the full details of the receiving bank, account number and account name within minutes of the transactions. Despite this, Truist Bank failed to recover the funds. After XXXX of investigation, Truist Bank 's fraud department sent a letter concluding the investigation and stating that Truist was unable to recover the funds that were transferred from the account. Immediately upon receipt of that letter, I called Truist 's Fraud Department to determine next steps and was told by the representative that he was not able to provide any information other than ... legally Truist can only keep the investigation active for 90 days and that within the 90 days Truist had reached out to the local Truist branch 3 times without response and the investigation was closed. 

Truist 's letter to XXXX stated in writing that they would use good faith efforts to return the entry but will have no liability in the event their attempts are unsuccessful. However, even though we requested details of their efforts, no documentation was provided to us showing that Truist initiated a recall request, kill alert or hold harmless letter to XXXX XXXX XXXX XXXX XXXX. In that same letter, Truist Bank states that they are unable to provide copies of records related to the Truist Bank account involved in this matter absent receipt of a properly issued subpoena or other legal process. This response contradicts their obligations under UCC Article 4A, particularly 4A-202 and 4A-204, which require banks to use commercially reasonable security procedures and act in good faith when processing payment orders. As a customer of Truist Bank, XXXX XXXX XXXX XXXXXXXX should be able to obtain any and all information related to its " accounts. 

Additionally, through this process we identified several weaknesses in Truist Bank 's systems and response : XXXX. Truist OneView Enrollment Vulnerability - A fraudster was able to self-enroll in Truist XXXX XXXX under our organization without notification to or approval from, the XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX. This is a fundamental XXXX XXXX. As XXXX XXXX, of XXXX, I was not able to enroll in XXXX XXXXXXXX without notification and approval of the accounts Primary Administrator.

2. Dual Authorization Failure - The fact that dual authorizations are required for wire transfers from the XXXX XXXXXXXX XXXX XXXX Account - but were neither established nor executed for these XXXX fraudulent transactions - points to a breakdown in safeguards that should have prevented this incident and undermines basic banking security standards. 
XXXX. XXXX XXXX XXXX from Truist - Because of a lack of cooperation between Truist 's Fraud Department and a local Truist Bank the investigation was allowed to expire without meaningful investigation. Truist has not provided any evidence that an investigation, recall of the funds or any action on their part was actually conducted.

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