Consumer complaint received 2024-11-24 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers — Confusing or misleading advertising about the credit card
Company: TRUIST FINANCIAL CORPORATION
State: GA

Complaint narrative:
I am writing as a concerned customer of Truist Bank, specifically in relation to my business account with XXXX XXXX XXXX XXXX XXXX, which was offered a 0 % interest promotion for 12 months. Despite my efforts to ensure full compliance with all the promotional terms, Truist Bank recently revoked this offer, and I am compelled to address this as both a loyal customer and a consumer advocating for fair treatment under the law. 



My intent has been to comply with the requirements fully, ensuring all payments are made on time. To that end, I set up auto-pay on my account, confirmed this with a Truist representative, and requested physical statements as an additional safeguard to prevent any oversight. I logged into my account regularly, verifying each month that no payment was due and confirming that the auto-pay system was functioning as it should. Despite these efforts, a {$39.00} late fee was applied to my account without warning, resulting in the cancellation of my 0 % promotional rate. 



The situation has been compounded by my attempts to address the issue with Truist representatives. Initially, I contacted customer service and was assigned to a representative. Unfortunately, I was unable to hear him clearly due to technical issues on his end, which I reported multiple times. After several attempts on different devices and with no escalation to a supervisor despite my requests, this unresolved matter has left me frustrated and without a solution. 



As a consumer, I am protected under the Credit Card Accountability Responsibility and Disclosure Act ( CARD Act ) of 2009, which prohibits credit card issuers from arbitrarily revoking promotional interest rates if the customer has complied with the terms. Section 1026.55 ( c ) ( 2 ) of Regulation Z of the Truth in Lending Act further states that issuers must provide clear disclosures on conditions and can not impose unexpected fees or rate increases, especially in cases where a consumer has demonstrated good faith efforts to meet the promotions requirements. In this instance, Truist Banks cancellation of my 0 % interest rate promotion contradicts both the spirit and the letter of these consumer protections. 



I ask that you review this matter with urgency, taking into account my proactive steps to comply with the promotional guidelines, as well as the lack of proper support and communication from Truist representatives when I sought resolution. I respectfully request that my 0 % promotional rate be reinstated and that any late fees or penalties resulting from this situation be reversed. 



Please consider this as an opportunity for Truist to reinforce its commitment to customer service, transparency, and regulatory compliance. I trust that, in light of the circumstances, you will take appropriate corrective action. 



I appreciate your time and attention and look forward to a prompt 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