A Costly Mistake or Something More?
Suppose it’s just a regular day, and like any regular day, you take a peek at your email inbox. You scan over the usual spam and solicitations until your eyes rest on alert from your bank. It explains – in no uncertain terms – that your mortgage is past due. I’m sorry, what?! Your heart skips a beat, but then you double-check your records… and everything is up to date. The confused, concerned look that you give your computer screen is the same one made by some Truist Bank mortgage customers, and for good reason.
One of those customers was Carl, an Atlanta homeowner. When Carl started receiving emails and letters about his “late” mortgage payments, he grew increasingly concerned. After all, he not only paid on time every month, but the online system itself showed that his loan was current. He contacted TrustDALE about his experience, and asked us if Truist had violated fair lending practices.
What Happened—And What Didn’t
While Truist Bank acknowledged the issue at the time, they never clarified the root cause of the erroneous late notices. Customers who called to inquire about the warnings received a standard response:
“If you are calling because you received recent emails regarding your payment and have already made this payment, please disregard. We are experiencing high call volume and are working to send a corrected email.”
No further updates followed. Customers were left to assume that the issue had been resolved—but was it? To this day, Truist has not publicly addressed what caused the problem, how many customers were affected, or whether safeguards have been put in place to prevent a repeat occurrence.
Lessons from the Truist Mortgage Billing Mistake
While this specific issue appears to have faded from the headlines, it serves as an important reminder for all mortgage customers: Banks can and do make mistakes, and it’s up to you to catch them.
Here’s what homeowners can learn from this:
- Trust, but verify. Don’t assume that bank statements, emails, or automated messages are always accurate. Regularly check your mortgage account and confirm that payments are recorded correctly.
- Document everything. If you receive an incorrect late notice, take screenshots, save emails, and record details of any phone conversations with bank representatives.
- Check your credit report. Ensure that erroneous late payments haven’t been reported to credit bureaus. You can check your credit for free at AnnualCreditReport.com.
- Push for answers. If you encounter a billing error, don’t just accept a generic response. Ask for a detailed explanation and insist on a written correction if necessary.
- Know your rights. The Truth in Lending Act and Equal Credit Opportunity Act protect borrowers from deceptive lending practices. If a bank’s error negatively affects your credit or finances, report the issue to the Consumer Financial Protection Bureau and consider consulting a consumer protection attorney.
The Bottom Line
Even trusted financial institutions can make serious mistakes, and mortgage customers must be proactive in ensuring their payments are accurately recorded. The Truist billing error may be in the past, but the lessons from it remain relevant.
For homeowners, the best defense against financial mishaps is diligence. Keep records, double-check your statements, and don’t hesitate to challenge inaccuracies. And as the classic Monopoly rule reminds us: Bank errors are not always in your favor.
Have you experienced a similar issue with your mortgage lender? Share your story in the comments or visit TrustDALE.com for more consumer protection insights.