Checking or savings account -- Problem caused by your funds being low -- Complaint #11276926
Complaint Overview
Complaint ID: 11276926
Company: Truist Financial Corporation
Product: Checking or savings account
Sub-Product: Savings account
Issue: Problem caused by your funds being low
Sub-Issue: Overdrafts and overdraft fees
State: Georgia
ZIP Code: 30016
Date Received: 2024-12-24T12:00:00-05:00
Date Sent to Company: 2024-12-24T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Subject : Complaint Regarding Fees Charged by Truist Bank on Dormant Savings Account Dear CFPB, I am writing to file a formal complaint against Truist Bank regarding unfair fees charged to my dormant savings account, which resulted in overdraft fees and other inconveniences. I recently discovered that my savings account, which had been dormant, incurred service fees that caused the account to fall into a negative balance. To my surprise, these fees triggered overdraft charges, despite the account being a savings account and not typically subject to overdraft activities. What concerns me even more is that I was not notified of these overdraft fees through mail or any formal communication channel. Instead, I received a phone call from an anonymous individual claiming to represent Truist Bank, asking for my consent to transfer funds from my checking account to cover the negative balance. I denied this request due to the lack of transparency and the unusual nature of the communication. The caller stated the account was 53 days overdrawn. This experience raises several concerns : 1. Why were service fees applied to a dormant savings account, especially to the extent that it caused a negative balance? 2. Why were overdraft fees charged on a savings account, which should not function like a transactional account? 3. Why was I not notified through official means ( e.g., mail or email ) about the overdraft fees and negative balance? 4. Why was I contacted by an anonymous caller instead of receiving a formal notice from the bank? This situation has caused me unnecessary stress, confusion, and financial burden. I believe Truist Banks actions are unfair, lack transparency, and may violate consumer protection laws. I respectfully request the CFPB to investigate this matter to ensure that Truist Bank complies with regulations and ceases any practices that harm consumers. Truist deliberately charge fees beyond any balance within the savings account caused a negative balance without my consent. I had this account before the merger with BB & T and SunTrust. My accounts should have received grandfather status. Thank you for your time and assistance in addressing this matter. I look forward to hearing from you about the steps being taken to resolve this issue. Sincerely, XXXX XXXX
Frequently Asked Questions
What is Complaint #11276926 about?
Complaint #11276926 was filed against Truist Financial Corporation regarding Checking or savings account specifically about Problem caused by your funds being low. It was received by the CFPB on 2024-12-24T12:00:00-05:00.
How did Truist Financial Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Truist Financial Corporation?
Yes, visit the Truist Financial Corporation company profile at readthecomplaint.com/company/truist-financial-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.