Beware Small Businesses
Complaint to the FDIC and Consumer Financial Protection Bureau 10/13/23
At the end of September (28th or 29th), I made a mobile deposit into my Truist business bank account. The deposit was for $3,000 in the form of a business check from my client. At the time, I had a cash balance of $784.42.
A day after I made the deposit, they froze my account for suspected fraud. They said I had to wait for the check to clear before they could lift the freeze. So I waited. The check cleared my client’s account, and they did not lift the freeze. When I called, they informed me that my account was closed by the fraud department and that I would have to wait for them to finish their investigation.
Next, they had my client send in a notarized letter on his business letterhead saying that he made the payment to me (my business), the check as good (they already knew that because the check had cleared the week before), the dollar amount, check number, and contact information. They received that information and still have yet to release my funds.
It has been 3 weeks. I can’t get anyone to answer the phone at Truist. I waited on hold for 2 hours this morning (10/13/23) and am now on hold again for the past 45 minutes. My emails are not being answered.