Checking or savings account -- Managing an account -- Complaint #5029490
Complaint Overview
Complaint ID: 5029490
Company: Truist Financial Corporation
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: Utah
ZIP Code: 840XX
Date Received: 2021-12-21T12:00:00-05:00
Date Sent to Company: 2021-12-21T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I have a rental property in XXXX On XXXX XXXX, my tenant, an XXXX single mother, contacted me in a panic as BB & T ( now Truist ) would not accept her deposit to pay the rent. I contacted the company, they informed me they now have a policy to not accept cash deposits except from the account holder. They also informed me, there is no Federal regulation which requires this, it is a company policy " to prevent money laundering '', that they could accept deposits by check or money order. I asked to have a written copy of the policy sent to my email account. I never received a copy of the policy. As I am on vacation in XXXX ( I live in XXXX ), I visited a local branch ( XXXX XXXX XXXX XXXX XXXX, XXXX XXXX ) on XXXX. The representative ( XXXX ) I spoke with, informed me it was not a " policy '', but instead an agreement between Banks. He could show me on the screen, but he could not print it out since it was an " internal bank document ''. He confirmed there is no IRS or SEC regulation requiring such a standard, and it was to prevent money laundering. He also told me if I opened a business account, then they could accept cash deposits from anyone. I also called XXXX XXXXXXXX XXXX as they have a branch near my property in XXXX, but they informed me they have the same policy. They are happy to send a copy of the policy to my mailing address. I find this reprehensible. I charge a minimal rent ( less than {$1000.00} a month ). The family is on a tight budget, and having to purchase a money order is a small, but unnecessary expense. If there were significant amounts being deposited in my account, I would be willing to believe they have a legitimate concern, but this is ludicrous.
Frequently Asked Questions
What is Complaint #5029490 about?
Complaint #5029490 was filed against Truist Financial Corporation regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2021-12-21T12:00:00-05:00.
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.