Checking or savings account -- Closing an account -- Complaint #9166105
Truist Fails to Return Funds After Account Closure
Complaint Overview
Complaint ID: 9166105
Company: Truist Financial Corporation
Product: Checking or savings account
Sub-Product: Checking account
Issue: Closing an account
Sub-Issue: Funds not received from closed account
State: New Jersey
ZIP Code: 08361
Date Received: 2024-05-31T12:00:00-05:00
Date Sent to Company: 2024-06-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Tags: Older American
Risk Assessment
Risk Level: high
The consumer's inability to access funds from a closed account poses a significant financial risk, potentially leading to missed payments, overdraft fees, and further financial distress.
Consumer Sentiment: negative
Topics: Account Closure, Funds Disbursement, Checking Account
AI Analysis
CFPB complaint 9166105 was filed against TRUIST FINANCIAL CORPORATION regarding Checking or savings account (Checking account), specifically about "Closing an account". A consumer's checking account was closed by Truist Financial Corporation, but they did not receive the expected funds from the closed account. The complaint was received on May 31, 2024 from New Jersey. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should meticulously document all communications and transactions related to account closures, and if funds are not received promptly, they should escalate the issue with the bank and consider filing a formal complaint.
Legal Context & Consumer Protection Laws
This situation may involve violations of banking regulations concerning account closure procedures and the timely disbursement of customer funds.
Regulatory Insight
Banks must adhere to regulations regarding the proper handling and return of funds upon account closure, and failure to do so can result in regulatory scrutiny and penalties.
Resolution Likelihood
likely
State-Specific Consumer Protections
In New Jersey, consumers have legal recourse and regulatory bodies to assist with disputes involving financial institutions and account closures.
Industry Comparison
This issue is common across the banking industry, where disputes over fund disbursement after account closure can arise.
Related Issues
Frequently Asked Questions
What is CFPB complaint 9166105 about?
CFPB complaint 9166105 involves Checking or savings account (Checking account). The consumer reported an issue with "Closing an account", specifically "Funds not received from closed account". This complaint was filed against TRUIST FINANCIAL CORPORATION on May 31, 2024.
Which company is complaint 9166105 filed against?
Complaint 9166105 was filed against TRUIST FINANCIAL CORPORATION. You can view all complaints against this company on their profile page at /company/truist-financial-corporation.
What was the company's response to complaint 9166105?
TRUIST FINANCIAL CORPORATION responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 9166105 filed?
Complaint 9166105 was received by the CFPB on May 31, 2024. It was sent to TRUIST FINANCIAL CORPORATION on June 3, 2024.
What state was complaint 9166105 filed from?
Complaint 9166105 was filed from New Jersey. You can view all complaints from this state at /state/NJ.
Was the consumer satisfied with the resolution of complaint 9166105?
Dispute information is not available for complaint 9166105.
What product category is complaint 9166105 about?
Complaint 9166105 is categorized under "Checking or savings account", specifically "Checking account". This is one of the product categories tracked by the CFPB.
How was complaint 9166105 submitted?
Complaint 9166105 was submitted via Referral. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 9166105?
This situation may involve violations of banking regulations concerning account closure procedures and the timely disbursement of customer funds. This relates to a Checking or savings account complaint against TRUIST FINANCIAL CORPORATION involving "Closing an account".
How likely is complaint 9166105 to be resolved?
Resolution likelihood: likely. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 9166105?
This complaint is rated as high risk. The consumer's inability to access funds from a closed account poses a significant financial risk, potentially leading to missed payments, overdraft fees, and further financial distress.
What regulatory actions apply to complaint 9166105?
Banks must adhere to regulations regarding the proper handling and return of funds upon account closure, and failure to do so can result in regulatory scrutiny and penalties. The CFPB tracks complaints like this one to identify patterns of misconduct across the Checking or savings account industry.
What should the consumer do about complaint 9166105?
Consumers should meticulously document all communications and transactions related to account closures, and if funds are not received promptly, they should escalate the issue with the bank and consider filing a formal complaint.
Are there state-specific protections for complaint 9166105?
In New Jersey, consumers have legal recourse and regulatory bodies to assist with disputes involving financial institutions and account closures. This complaint was filed from New Jersey.
How does complaint 9166105 compare to industry norms?
This issue is common across the banking industry, where disputes over fund disbursement after account closure can arise.
What is the typical timeframe for receiving funds after closing a checking account?
While specific timeframes can vary by bank policy and the complexity of the closure, funds are generally expected to be disbursed within a few business days to a couple of weeks after the account is officially closed.
What steps should a consumer take if funds are not received after a reasonable period?
The consumer should first contact the bank directly to inquire about the status of the funds. If the bank's explanation is unsatisfactory or the issue is not resolved, the next steps involve filing a formal complaint with the bank and potentially with regulatory agencies like the CFPB.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.