Date Received: 2018-02-07
Issue: Trouble during payment process
Subissue:
Consumer Complaint: On XX/XX/XXXX, I entered into an Access 3 Equity Line Account Agreement with SunTrust Bank in XXXX, TN to mature XX/XX/XXXX ( the Agreement ). The basic terms of the Agreement are as follows : the term is 30 years ; the first 10 years is the Draw Period and the next 20 years is the Repayment Period ; there are 3 distinct Options for making advances and payments ; the interest rate ( APR ) for the Draw Period and the Repayment Period is based on The XXXX XXXX XXXX XXXX XXXX adjusted by a margin. I selected Option 2 Advances and my margin was XXXX % for the Draw Period. I made all 120 payments during the Draw Period in a timely manner as agreed. On XX/XX/XXXX, I received a call from my customer service representative at XXXX XXXX XXXX concerning the interest rate for the upcoming Repayment Period. She stated that the rate would be 4.94 %, a rate that had been set for all Access 3 Equity Line Account Agreements entering the Repayment Period at the current time. I expressed my dissatisfaction with the rate and asked what options I had with SunTrust Bank. She stated that I could apply for a new Access 3 Equity Line Account Agreement and I might get a better rate. I asked her to start the application process and to send me a copy of my Agreement. As my customer service representative, this lovely lady has been outstanding and professional in every way and I cant say enough good things about her as a SunTrust representative. After obtaining a copy of the Agreement and reading it carefully several times, I had questions regarding the arbitrary and inconsistent methodology being used by SunTrust in establishing my APR for the Repayment Period. I then called customer service and asked to be connected to the department that handled questions regarding Access 3 Equity Line Account Agreements. I was transferred to the loan- servicing department and spoke with a representative in XXXX , Virginia . He retrieved my Agreement, reviewed it with me and stated that he was familiar with these loans and that according to my Agreement, the APR for the Repayment Period would be fixed at the APR in effect under the Agreement at the end of the Draw Period - 3.25 % at the date of our conversation ( my APR for the Draw Period had been established at a preferred-rate of The XXXX XXXX XXXX XXXX XXXX adjusted by a margin of XXXX % ). This conversation occurred in late XX/XX/XXXX or early XX/XX/XXXX. I then called my local customer service representative and told her that the 4.94 % APR she quoted to me was not the proper APR under my Agreement according to loan-servicing. I explained to her that the rate quoted to me by loan-servicing was the APR in effect under the Agreement at the end of the Draw Period which was acceptable to me. At that time, I asked her to cancel the application for a new Access 3 Equity Line Account Agreement. The loan application was cancelled. Upon receiving my XX/XX/XXXX Statement, I realized that something was wrong. My Option 2 Advances ( principal ) had been split between Option 2 and Option 3 and the Option 3 amount had an APR of 4.94 %. There are distinct differences in the Agreement between Option 1, Option 2 and Option 3 Advances and all of my advances have been Option 2 Advances. Per 120 monthly statements, 100 % of my outstanding balance was properly categorized as Option 2. I have spoken to numerous persons in the SunTrust Bank hierarchy regarding my issues with their interpretation of the Agreement and the determination of my APR for the Repayment Period. The only person who appeared to have read the Agreement and had an understanding of its terms and conditions was the XXXX, Virginia loan-servicing representative. All other SunTrust personnel simply regurgitated that an APR of 4.94 % was being applied to all Access 3 Equity Line Account Agreements reaching the Repayment Period at this time, and that SunTrust Banks position is that it has the right under the Agreement to unilaterally establish an APR. My issues are as follows : Per the Agreement : My APR for Option 2 Advances during the Draw Period is based on The XXXX XXXX XXXX XXXX Rate with a margin of XXXX %. This is clearly a preferred-customer rate. My APR for Option 2 Advances during the Repayment Period is based on The XXXX XXXX XXXX XXXX XXXX. The only margin mentioned in the Agreement specific to me is the preferred-rate margin of XXXX %. The 4.94 % APR unilaterally dictated to me for the Repayment Period is substantially in excess of the rate for a market-rate mortgage. After making 100 % of my payments as agreed for 10 years, how do I unilaterally go from a preferred rate to a rate substantially above market. In addition to my payment history the loan to value for this credit is 48 %. I received assurances from the XXXX loan-servicing representative that my APR for the Repayment Period was to be fixed at the rate I was being charged at the end of the Draw Period. He is the only SunTrust representative Ive spoken with that appears to have read the Access 3 Equity Line Account Agreement and is familiar with interpreting its terms and conditions. I ceased looking for a market-rate mortgage elsewhere after speaking with him. The Access 3 Equity Line Account Agreement is a poorly written, ambiguous and confusing document. The administration and accounting for the related loans is confusing and inaccurate. As an example, per my XX/XX/XXXX Statement ( copy enclosed ), all of my outstanding balance has been reclassified to Option 3. I have never made an Option 3 Advance. The amortization based on the unilaterally dictated APR appears to be correct but the reclassification of my Balance to Option 3 is inaccurate. If you talk to SunTrust regarding this matter, the regurgitation provided is that during the Repayment Period all Access 3 Equity Line Account Agreements are reclassified to Option 3. Nowhere in the Agreement does it provide for this reclassification. There is a big difference throughout the Agreement between Option 1, Option 2 and especially Option 3. However, for ease of reporting, lack of understanding of the Agreement, general lack of diligence or who knows what, the reclassification is unilaterally made during the Repayment Period. Then SunTrust personnel who havent read the document they are servicing explain the matter as if it is provided for in the Agreement. I think it is possible that SunTrust Bank may be trying to eradicate all of the existing Access 3 Equity Line Accounts under the documentation utilized for my loan. The 4.94 % APR offered/dictated to me is so poor and out of line that it is otherwise inexplicable. If thats the case, its unfortunate for those caught in the trap. Ive never reported a business for malpractice. I am an XXXX XXXX XXXX XXXX XXXX ( inactive ) and a former member of the Board of Directors of two banks. Ive decided it is time to report this Bank because of the serious deficiencies in loan documentation and general ineptness in their loan-servicing and accounting as it pertains to my above referenced account.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TN
Zip: 37923
Submitted Via: Web
Date Sent: 2018-02-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-07
Issue: Closing an account
Subissue: Company closed your account
Consumer Complaint: So a couple days ago ( XX/XX/ ) I purchased XXXX which my bank ( Suntrust ) allowed me to do but I had to call and verify the transaction. I just moved down to Georgia and got my first paycheck. After my move funds have been tight so I deposited my first check in the amount of {$5100.00} to a Suntrust ATM on the night of XX/XX/. I tried accessing my account online today ( XX/XX/ ) and have found out by calling that my account has " violated terms and conditions '' which was information disclosed by a customer service representative. I don't get paid again until ( XX/XX/ ) and a lot of bills will be due at the same time. I know I am making this complaint early, but I have seen the horror stories associated with banks such as Suntrust freezing money of their clients while they " research the account ''. My account has been open for less than a month now and that was the only transaction that set off a flag and had me call to verify which I thought was standard buying cryptocurrency. If this does violate their policy I would just like my money as soon as possible. I asked the customer service representative where I could find the terms and conditions of the account and he claimed " the only place to find this would be through your online account '', which I have no access to. It feels like I'm being taken advantage of already and I am willing to own up to it if I am not allowed to purchase cryptocurrency. If that's the case I should have read the fine print. I would just like my money so I can start an account elsewhere or to have this issue resolved in anyway possible.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 31322
Submitted Via: Web
Date Sent: 2018-02-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-06
Issue: Other features, terms, or problems
Subissue: Other problem
Consumer Complaint: I had multiple banking products with SunTrust ( Checking Account, HELOC, and a Credit Card ). I sold the house tied to the HELOC and the loan paid off. Upon pay of of my HELOC, I decided to switch banks. I then closed my checking account. As my credit card still had active transactions on it I left it open. As a customer, I was enrolled in paperless billing for all of my products. The only way to access bills and statements is via SunTrust 's online banking site. Upon closure of my checking account, my online access was removed and my entire online account was deleted. As such, I am unable to access my credit card statements. I have a bill due in 3 days and SunTrust is refusing to provide me with either a statement and also has failed to correct my online access. After two phone calls and over an hour on the phone with SunTrust for each call, the representatives were unable to offer any help or restore my online access. I was told that the only way to obtain a statement before my payment was due was to drive to a branch and pick one up. Unfortunately, I have a job and can not just leave work at the whim of SunTrust to pickup a statement. I always pay my bills in full each month, however, I am unable to pay a bill that SunTrust can not provide.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NC
Zip: 28205
Submitted Via: Web
Date Sent: 2018-02-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-05
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: My Name is XXXX XXXX XXXX I write a check from my 401k account in the amount of {$50000.00} and deposit the money into XXXX XXXX XXXX XXXX XXXX Account and the check took 4 - 6 business days before it clear and the money was deducted from my 401k account. So XXXX XXXX XXXX transfer the funds to her Suntrust bank account and to my surprise $ XXXX with her SSI and health benefits and her Child support been held in her account from XX/XX/2017, and till now am filling this complain the money is yet to be released and under banking law fraud investigation only take 14 business days. Please come to my rescue and the poor woman so SunTrust can release the funds. Case number XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TN
Zip: 37076
Submitted Via: Web
Date Sent: 2018-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-05
Issue: Managing an account
Subissue: Fee problem
Consumer Complaint: I opened a new business account with a local Suntrust branch back on XX/XX/2017. I already have a personal checking account with Suntrust for several years now. When I initially opened the account I made a {$100.00} deposit and was instructed on what the fees were for monthly charges, bank wires etc. I only had 2 transactions through this account period I made 2 wires through the bank to acquire a investment property for the business. I was told the wires would cost {$35.00} each. No other fees would be required as I was told there was a current promotion for new accounts where monthly fees were waived for the first year. I thought that's great! So I was initially happy and satisfied with the new account and service. Now fast forward one month and I get a overdraft notice from my bank. I am overdrawn by {$160.00}. I logged into my account to see that I was charged an account Analysis fee of {$180.00}. I immediately called the bank rep who opened my account and could not initially get in touch with her. I finally got a call back a week later and was told to come into a branch to discuss. I came in and was told I needed to speak with a branch manager but she was not there that day. I got a call a few days later from the branch manager who made an appointment for me to come in and talk in a couple of days. I took off work early to go into the branch and spoke with her and took about 45 mins with her on the phone with customer service to try and get the fees reduced. She advised me that I was signed up for a service that requires higher fees. I explained to her that I did not need any service and that I only signed up for a simple checking account. I told her I had to leave to get my grandson from school and she assured me she would get it all straightened out and call me shortly. Well I never received a call from her. So I went back into a branch the next morning after taking off more time from work and spoke with a bank rep who told me the manager was not in and I would have to make another appointment with her. I am getting frustrated at this point and told the rep to please leave a message for the manager to please call me asap. I was assured that the message would get sent. I also called her cell phone and left a message with her as well. Well fast forward 2 weeks have passed and I am getting nothing but run around and no calls returned, My bank is still overdrawn with fees that I did not authorize. I told one rep I wanted to close the account but am told I can not do that until I pay the overdraft fees and bring the account to a XX/XX/XXXX balance. I have only had this account opened for 3 months and only did 2 transactions through it and I'm being charged outrageous fees and. I feel like they are extorting fees from me as I can not even close the account to prevent more fees from accruing. I want the fees refunded and my account closed asap I will take my business elsewhere.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 344XX
Submitted Via: Web
Date Sent: 2018-02-05
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-05
Issue: Managing an account
Subissue: Problem using a debit or ATM card
Consumer Complaint: On XX/XX/XXXX debit card refused for food to go. On XX/XX/XXXX Account balance shud have been over {$700.00}. Contacted Suntrust and was made aware of many check card purchases leading to overdrawn balance. Submitted fraud claim XX/XX/XXXX. Much contact and submitting of claim forms, police report etc has followed. All result in letters stating SunTrust denies the claim. I have notified them of the fraud the same day I became aware of it. The first denial letter is dated XX/XX/XXXX. The charges and loss of all funds are due to criminal identity theft and this account is one of many challenges I face as a result of the criminal who has victimized me.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 30316
Submitted Via: Web
Date Sent: 2018-02-05
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-05
Issue: Struggling to pay your loan
Subissue: Denied request to lower payments
Consumer Complaint: Last month Suntrust who is the Lender of my Vehicle wrongfully repossesed my Truck when the payment was not due. I had to call the Police thinking it was stolen and the XXXX XXXX XXXX. I lost two days of work and suffered serious mental stress because of this. I called the Towing Company who had taken the Vehicle and also Suntrust. I explained to Suntrust the payment was not due until the XXXX of the month with the grace period. Suntrust had to release the truck and the towing company had to return the Vehicle that night. I then had to contact the Police and XXXX and try to explain what had happened. I have asked Suntrust to send me the statements but for two years they refused and also to refinance it in my name alone. The major party of the loan is in bankruptcy but I am not and I have made the payments for 8 plus years but Suntrust refuses to do anything and I have filed two previous complaints, but this is the last draw when they steal the truck when the payment is not even due, only to have to return it.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 21801
Submitted Via: Web
Date Sent: 2018-02-05
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-04
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: I lost 2 cars in the hurricane. One car was linked to XXXX XXXX XXXX XXXX in XXXX and one car was linked to Sun Trust Bank in Virginia. Shortly after the hurricane, my insurance company told me to replace the cars and that everything was fine. I replaced the cars at XXXX XXXX XXXX in XXXX on XX/XX/XXXX and they assured me that my insurance and their gap insurance had everything covered on the flooded cars. I thought nothing else of the situation for over a month. I tried to lease a house in mid XX/XX/XXXX and the credit showed that was late on payments to Sun Trust and XXXX XXXX XXXX XXXX. I was shocked. I called my insurance company and they said that the agent on my case had moved back to Georgia and they would take care of the problem. I have a voice from my second agent who said the problem was taken care of. I immediately called both banks and explained to them that this was a surprise to me and the insurance companies would correct. They thanked me for communicating. However ... .Sun Trust continued with letters and phone calls and reports to the credit bureau. XXXX XXXX kept reporting to me that my score was dropping due to reports by Sun Trust Bank. I again called my insurance and the Sun Trust explaining the situation. My insurance company put another agent on my case who actually got things done. At no time did Sun Trust advise me to make payments while this process was going on. They said they understood. Yet they continued to report delinquency which I was told was illegal when dealing with XXXX hurricane victims. In XX/XX/XXXX, my insurance company paid the majority balance ( XXXX ) for each of the flooded cars. Gap insurance was to pay the rest. I called both banks to make sure that they got the checks. The gap insurance people were backlogged and it took more time for them to pay off the two cars. The last car for Sun Trust was paid off on XX/XX/XXXX. I continued to be in contact with this bank. During that time, I tried to close on a house. The closing ( still going on ) was continued on these two cars being paid off. When they were paid off it showed that I had a history of delinquency. They wouldn't let me close unless both banks sent letters admitting an error in reporting my late payments. XXXX XXXX immediately sent one. Sun Trust refused. We had a conference call on Friday, XX/XX/XXXX begging them to send a letter admitting that they prematurely reported my delinquency. They refused. We talked to 8 different people for two hours and they would not. They said I should have made payments during the process yet they never instructed me to do so. We also had a conference call on XX/XX/XXXX with the credit bureau in which the credit bureau made it clear that hurricane cases were not to be reported. The people at Sun Trust said they were aware of that yet they had been reporting late payments since XX/XX/XXXX. My credit score has been ruined. It went from XXXX to XXXX. More than likely there will be no house unless this matter is solved quickly. I am not a guy who is late on payments, especially with cars. I am a victim of disorganized insurance companies ( they apologized for that on voice mails ) and a bank who didn't realize that I had done everything to address the flooded cars.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 77494
Submitted Via: Web
Date Sent: 2018-02-04
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-04
Issue: Closing an account
Subissue: Company closed your account
Consumer Complaint: On XX/XX/XXXX I opened a Checking and Savings account within a Suntrust Branch in XXXX, NC. The night of XX/XX/XXXX, I used " XXXX '' to send myself {$75.00} ( To my then open XXXX XXXX account ) for gas and food for the week, since I didn't have a Suntrust debit card, yet. The money never came, my fiance needed some money so I tried to send her {$90.00} ( Immediately it worked ). Okay? weird, let me try to request the {$75.00} from my XXXX XXXX and pay it through Suntrust, I did all that and it " processed '' but yet the funds never arrived. XX/XX/XXXX, I walk into the branch to deposit my recent paycheck into my account so I could pay my bills. I speak to XXXX who set my account up, and proceeded to explain the situation of the " XXXX '' issue. She calls in to customer service and they couldn't figure anything out and advised XXXX and myself that we issue " Stop Payments '' on the 2 " XXXX '' payments. So we logged in to my account from her office computer and the CSR on the phone walked us through the steps of how to do this and we did and I proceeded on my way for the weekend. On the night of XX/XX/XXXX I proceeded to submit an ACH payment ( MY FIRST PAYMENT ) to my Car Finance company on my new vehicle, so I could continue my goal of improving my credit score and being an on time customer. Saturday, XX/XX/XXXX is when my life unfolded. I was attempting to check my credit reports and see what else I need to jump-start my score upwards more. Well, none of the credit companys would allow me to login, that's when I started suspecting something was wrong. I went to check my account to see what funds I had left and how to budget out until next bill payment. I tried to login to my Suntrust account and it was locked, knowing I didn't just forget my password in 48 hours, I went ahead and changed my password and tried again, still locked. Hmmm.. This is strange, I proceeded to call in to customer service and see what was up with the systems. That's when my life came to an abrupt halt, I was told that my account had been closed " Due to Terms and Conditions ''. I was blown away and immediately inquired about my {$750.00} ( Which is ALL the money I had to my name ) they told me there was no further info to provide and to go to the local branch and speak to them. So, Monday XX/XX/XXXX I go to the branch where I set my account up. I speak to the Branch Manager about this un-contacted sudden forced account closure, he offers to assist, and logs on to the system and shows me where it says closed " Due to Terms and Conditions '' and does not list anything for the Manager to advise me. So, he proceeded to contact Suntrust Customer Service on his end, and they too were unwilling to assist with any information. They tell me the account is closed but not fully closed, that's when I insisted that I receive ALL the funds that were in my account at the Branch right then and there. They denied being able to release my funds to me, after stating that the account was not " Fully closed ''. This is when I began freaking out because Suntrust is now holding over {$700.00} of my own money from me. I have called, emailed, ( NOT once has anyone from this institution reached out to me via Mail, Phone, E-mail ). My vehicle payment is now going on 2 weeks late ( MY FIRST PAYMENT AND THEY SEE THIS FROM A CUSTOMER! ) Suntrust is refusing to give me the money I have worked hard for, they have caused me to go broke, and have now costed me negative points on my credit score. I feel personally discrimated against by Suntrust. I want the full funds that were in my account, no fees should be charged to me for their ill-legitimate shutdown of my accounts, I want to be reimbursed for damages caused by the actions by Suntrust for the maximum allowed by federal law, also including the time I wasted inside one of their Branches with no results.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NC
Zip: 273XX
Submitted Via: Web
Date Sent: 2018-02-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-01
Issue: Opening an account
Subissue: Account opened as a result of fraud
Consumer Complaint: I went to XXXX XXXX today to close my account after paying off the large fraudulent negative balance. I figured that when I asked them to fix the account and when the account manager picked up the phone he didn't really call who I intended for him to call. They are acting like they are contacting the right personnel when in fact they don't inform you of what they really do, instead they tell you they cant fix the problem but then go fix it and collect the fees once you either attempt to close the account of while your not looking or noticing. this is how they are running their scan not and they do it on new people in town, college students, with loans, and single females without children. I went to close the account today and they refused to provide me with proof. All I got was a screenshot faking like it would be closed. I will attach it below. I just want my money back. I haven't received my paycheck or this fraudulent amount they shifted around during account servicing. They reshuffle serving dates and times and creatively steal peoples money. I suffered personally because of what they did to me and they deserve to be caught. Banks don't respect war vets and believe that they get free money when in fact we pay for things ahead of time, everything. But because the public doesn't know this because of the way contracts are worded they never learn the truth. So they think we get free money when we actually did a lot of servitude ( slavery ). bank employees steal from us because they don't know the truth. I have never had a non federal bank account where they did not honestly try to ruin my life. I pray to XXXX you help all service members going through this. y life has been in ruins because of random bank employees since I left military service.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 331XX
Submitted Via: Web
Date Sent: 2018-02-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A