SunTrust Wrong Doing / Shorting CD Interest By One Full Day Before/At Maturity
I recently cashed out 4 blocks of Five Year Term CD's in Chattanooga, TN at a branch office. During the 5 year term there was several times the monthly interest of 3 blocks in the same principal amounts would be shorted by a mere .01¢, that indicated to me SunTrust algorithm calculations is more than fine tuned. One day before the 5 year maturity of my CD's I received the monthly cumulative interest check. The next day, the day of them maturing, I went to the branch office to cash them out and inquired as to why I received the monthly interest check one day before maturity (dated one day early) and was informed by the manager that was the date of them maturing. I quickly showed them the "original" purchase receipts/contracts clearly indicating there maturity, and no where on them did it say there would be any day shorted at maturity. I filled a complaint with the Federal Reserve who forwarded my complaint to SunTrust and some 6 weeks later received a call from one of their representatives that "poorly" attempted to tell me why, saying, the interest is calculated on a 365 day premise. Being the case, they still shorted me a full days interest on all 4 Five year term CD's. I ask, had I come in the day before to cash them out, since I had received the last months interest check dated "one day early", would I have been penalized for cashing them out one day early... and was "clearly told yes"! Bottom line, I'm sure they are doing the same thing to many other CD depositors and are without doubt cheating depositors out of a full days interest and SunTrust has the one days use at a high rate of return on the backs of "all" CD depositors. What a rip off and clearly indicates SunTrust Banks "wrong doing"! I currently have 2 checking accounts I will close, one I'm not receiving any interest and one that's only earning a penance of a mere .03% and I'm sure they are yielding at least 5%. I have banked with SunTrust Bank for some 30 years, including all the buy outs previously from the original American National Bank. In submitting my "wrong doing complaint" I'm sure if I attached all my "original" documents that I carefully retained until cashing the CD's out last month and any other per say "required documents" it would put the entire burden on my back to support my "warranted" wrong doing complaint while all the time, SunTrust has records on file of the transactions and it would end up becoming a moot issue all over again and still I would end up on the short end of the stick like no telling how may hundreds/thousands of other CD depositors being cheated out of one full days interest on CD's that mature.