Location: California, Delaware
Hi everyone,
I’m a small business owner based in the EU. My company is officially registered in the U.S. although, I’m not a U.S. resident. I opened an account with Truly Financial in 2022, (a fintech company based in the U.S. and Canada), and in late April they suddenly froze all my funds — over $70,000 — without any clear explanation.
I sent them everything they requested. They promised multiple times that the funds would be released by the end of June. It’s now July 6, and I still can’t access most of my money. One account was “partially released,” but I can’t actually move the funds — the transfer is pending for over a week.
I filed a complaint with the U.S. CFPB three weeks ago, but haven’t received a response yet. I also contacted their CEO directly, and after a few vague promises, he just stopped replying.
At this point, I’m honestly worried they may be insolvent and just faking account balances.
Do I have any legal recourse? Should I hire a U.S. attorney, or wait for a government response? Can I get compensated for damages and legal fees if this ends up in court?
I’d be super grateful for any guidance — this situation is taking a huge emotional and financial toll on me.
Thank you 🙏
Comments
Truly isn’t a bank, and Truly doesn’t actually have/keep any of your money. They probably don’t even have a clue why it’s held. You’ve basically been dealing with a small office staff that set up email and a system to direct the work to the people actually doing something.
You’ve been paying them fees for them to put the money in an account at a real bank.
Probably want to read your contracts and find out who actually has the money. They’ll know more about the hold.
I’m guessing some IT guy didn’t “dot all the I’s and cross all the T’s” when they got things automated and there’s a bank system somewhere going… What the bleeping hell is this crap…