A US bank is now preventing a customer from accessing their money after freezing their account for three months.
Michelle Bunker says Truist froze her account for three months and then closed her account after ‘suspecting fraud’ when she received a wire transfer of more than $50,000.
Truist Financial is an American bank holding company headquartered in Charlotte, North Carolina.
The company was formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks.
Its bank operates 2,781 branches in 15 states and Washington, D.C.,
Truist is also currently on the list of largest banks in the United States by assets; as of August 2023, it is the 9th largest bank with $514 billion in assets.
“Truist bank froze my account for 3 months and then closed my account saying they suspected fraud when I received a wire transfer for the sale of a property that my boyfriend had sold.
Every time I inquire about the money they say it’s being investigated which there’s nothing to investigate because they were sent copies of all paperwork they needed.
They are keeping over $50,000.00 that doesn’t belong to them. I am furious.
They are drawing interest from money that doesn’t belong to them. Banks are becoming the thieves with the government backing them,” Bunker reported to FrankNez.
The fact is more US banks are now freezing and closing customer accounts.
Even retirees money has been held hostage, leaving families with no other option than to use high interest credit cards and even miss bills completely.
This trend seems to be getting out of hand with more reports coming in frequently.
Other Banking News Today
JPMorgan Chase is now facing a lawsuit for closing accounts and failing to rightfully return $1,160,000.
In August, the bank was accused of discriminating customers and closing accounts.
Rui Wang and Hengchen Qu, mother and son, have filed a lawsuit against JPMorgan Chase Bank for alleged unjust enrichment and breach of contract related to certificates of deposit (CDs), reports Think Advisor.
“They purchased three automatically renewable nine-month CDs totaling $1.16 million at a Chase branch in Arcadia, California in 2019.
The complaint says that when the customers arrived back in California after being in China, they visited their Chase branch to discover that the bank had closed their accounts.
The bank said it had mailed checks back to Wang and Qu for reimbursement,” reports Daily Hodl.
Both customers say they never received the checks nor do they know where the money was supposed to be sent out to.
The lawsuit states the following:
“The staff stated that the CD accounts had been closed and three checks, each representing the fund therein, had been mailed to the address provided by plaintiffs, which were not received by, or even known to, plaintiffs.”
CDs are usually known to be the safest types of investments due to their contractual high-yield interest agreements.
After requesting that the checks be reissued, an assistant vice president reportedly asked the two customers to provide the numbers of the checks.
However, the plaintiffs said that it was impossible for them to do.
The lawsuit requests JPMorgan Chase to return the funds, and says that Wang and Qu “have suffered financial losses for their failure to access the funds they needed.”
This is a developing story.
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