BankDirect Capital Finance, LLC

BankDirect Capital Finance ("BankDirect") is in the business of financing commercial insurance policiesThe financing is arranged by insurance agentsIt is extremely rare that BankDirect would have contact with a borrower prior to BankDirect accepting the loan And BankDirect did not force the customer to sign the loan agreement In a premium finance loan, the effective date of the insurance policy dictates the monthly payment due dates In this case, the policy was effective on September 14, The first due date was October 14, which was retained by the insurance agency BankDirect did not receive the signed loan agreement to be processed until November 8, at 6:p.m BankDirect accepted the loan on November 9th BankDirect immediately sent out a Notice of Acceptance and a billing statement for the November 14th payment that was contractually due On November 18th the customer did call BankDirect and BankDirect advised the customer of the fact that we had just accepted the loan As of November 18th, BankDirect had not assessed a late fee The customer made the payment plus the processing fee On November 25th, BankDirect sent a billing statement to the customer for the upcoming December 14th payment The amount due on the invoice was the same as the payment amount on the loan BankDirect did not receive the payment on the due date and on December 20th, BankDirect assessed a late fee in the amount of $and on December 21st, BankDirect issued a Notice of Intent to Cancel BankDirect's practice is to post all payments on the date the payment is received BankDirect posted a payment from the customer on December 23rd The check was dated December 16th Unfortunately, BankDirect cannot control the amount of time it takes from the time the check is mailed until it is received On December 27th, BankDirect sent a billing statement to the customer for the January 14th payment which included the late fee that had been assessed BankDirect received the payment on January 13th for the regular payment amount on the loan agreement On January 26th, the customer contacted BankDirect for a payoff On January 26th, BankDirect received an email from the customer at 10:a.m I personally attempted to contact the customer by phone and was not able to reach him As a result, at 11:a.m., within minutes of receiving the email, I sent an email to the customer As of 5:p.mon January 27th, I have not heard back from the customer.To be The December payment was paid late; BankDirect posts payments when receivedWe do not hold payments in an attempt to collect late fees BankDirect, on January 27th, waived the one late fee that has been assessedBankDirect is committed to providing excellent customer service I look forward to having the opportunity to speak with the customerLuther ***Senior Executive Vice President / Chief Risk and Operations Officer

I called bank direct on 02/08/at 2:16pmI called to check on my over payment to bank direct, A Julie answered the phone and my exact words were " yes I am checking on my over payment and my loan number is [redacted] I am calling to check because I have not recieved it yetJulie responded to me in an attitude tone," well it was in the mail so I dont know what to tell you"After that response from her I became a little agitatedi told her it wasnt my problem either and they needed to reissue the over paymentShe put me on hold and came back and informed me that shes stopping payment and reissuing the check and hung up on me

I cancelled a policy back in August of and I'm still being charged and getting billing statements in January of I have not been able to contact anyone from the companyEvery time I call, I'm met with a busy signalI've been calling during business hoursThis company does not seem to have their customer's needs in mind once they sell a policy
Very Disappointed

BankDirect Capital Finance ("BankDirect") is in the business of financing commercial insurance policies. The financing is arranged by insurance agents. It is extremely rare that BankDirect would have contact with a borrower prior to BankDirect accepting the loan. And BankDirect did
not force the customer to sign the loan agreement. In a premium finance loan, the effective date of the insurance policy dictates the monthly payment due dates. In this case, the policy was effective on September 14, 2016. The first due date was October 14, which was retained by the insurance agency. BankDirect did not receive the signed loan agreement to be processed until November 8, at 6:p.m. BankDirect accepted the loan on November 9th. BankDirect immediately sent out a Notice of Acceptance and a billing statement for the November 14th payment that was contractually due. On November 18th the customer did call BankDirect and BankDirect advised the customer of the fact that we had just accepted the loan. As of November 18th, BankDirect had not assessed a late fee. The customer made the payment plus the processing fee. On November 25th, BankDirect sent a billing statement to the customer for the upcoming December 14th payment. The amount due on the invoice was the same as the payment amount on the loan. BankDirect did not receive the payment on the due date and on December 20th, BankDirect assessed a late fee in the amount of $and on December 21st, BankDirect issued a Notice of Intent to Cancel. BankDirect's practice is to post all payments on the date the payment is received. BankDirect posted a payment from the customer on December 23rd. The check was dated December 16th. Unfortunately, BankDirect cannot control the amount of time it takes from the time the check is mailed until it is received. On December 27th, BankDirect sent a billing statement to the customer for the January 14th payment which included the late fee that had been assessed. BankDirect received the payment on January 13th for the regular payment amount on the loan agreement. On January 26th, the customer contacted BankDirect for a payoff. On January 26th, BankDirect received an email from the customer at 10:a.m. I personally attempted to contact the customer by phone and was not able to reach him. As a result, at 11:a.m., within minutes of receiving the email, I sent an email to the customer. As of 5:p.mon January 27th, I have not heard back from the customer.To be clear:A late fee had not been assessed on November 18th when the customer first contacted BankDirect;The December payment was paid late;3. BankDirect posts payments when receivedWe do not hold payments in an attempt to collect late fees.4. BankDirect, on January 27th, waived the one late fee that has been assessed. BankDirect is committed to providing excellent customer service. I look forward to having the opportunity to speak with the customer. Luther ***Senior Executive Vice President / Chief Risk and Operations Officer

First and foremost, I sincerely apologize about the customer service experience that you referenced. Our goal is to provide all of our customers with an unparalleled level of customer service.BankDirect Capital Finance (“BankDirect”) is in the business of providing commercial insurance premium
financing. Upon acceptance of the loan, we fund the premium, net of the down payment, to the insurer or its appointed agent. We then bill the customer, at the last known address on file (which is generally the address on the loan agreement), for the repayment of the loan. BankDirect has a policy that any change of address must be in writing. If you can let me know the date, time and email address that you sent the emails from, I want to look into that to determine why action was not taken. I can see from a note in our system that you did call in on August 7th at approximately p.mCST. The note indicates that our representative apologized for the situation, asked you to send an email directly to him and that he offered to personally make the change and then call or email you back to advise that the change had been completed. The note also indicates that our representative was trying to explain that we need the change in writing to protect you and us. Based on the notes, it appears as though you did not send an email to our representative.Based on the situation, I have waived the $late fee that was assessed on your account. I have also granted an extension of five (5) additional days before the system would generate a Notice of Cancellation.BankDirect offers a variety of payment options which are available to you. Please feel free to contact me directly at ###-###-#### or by email at ***@bankdirectcapital.com and I will work with you to resolve this issue.Thank you for bringing this to my attention.Regards,Luther ***Senior Executive Vice President, Chief Risk and Operations Officer

BankDirect Capital Finance ("BankDirect") is in the business of financing commercial insurance policies. The financing is arranged by insurance agents. It is extremely rare that BankDirect would have contact with a borrower prior to BankDirect accepting the loan.  And BankDirect did...

not force the customer to sign the loan agreement.  In a premium finance loan, the effective date of the insurance policy dictates the monthly payment due dates.  In this case, the policy was effective on September 14, 2016.  The first due date was October 14, 2016 which was retained by the insurance agency.  BankDirect did not receive the signed loan agreement to be processed until November 8, 2016 at 6:48 p.m.  BankDirect accepted the loan on November 9th.  BankDirect immediately sent out a Notice of Acceptance and a billing statement for the November 14th payment that was contractually due.  On November 18th the customer did call BankDirect and BankDirect advised the customer of the fact that we had just accepted the loan.  As of November 18th, BankDirect had not assessed a late fee.  The customer made the payment plus the processing fee.  On November 25th, BankDirect sent a billing statement to the customer for the upcoming December 14th payment.  The amount due on the invoice was the same as the payment amount on the loan.  BankDirect did not receive the payment on the due date and on December 20th, BankDirect assessed a late fee in the amount of $45.40 and on December 21st, BankDirect issued a Notice of Intent to Cancel.  BankDirect's practice is to post all payments on the date the payment is received.  BankDirect posted a payment from the customer on December 23rd.  The check was dated December 16th.  Unfortunately, BankDirect cannot control the amount of time it takes from the time the check is mailed until it is received.  On December 27th, BankDirect sent a billing statement to the customer for the January 14th payment which included the late fee that had been assessed.  BankDirect received the payment on January 13th for the regular payment amount on the loan agreement.  On January 26th, the customer contacted BankDirect for a payoff.  On January 26th, BankDirect received an email from the customer at 10:54 a.m.  I personally attempted to contact the customer by phone and was not able to reach him.  As a result, at 11:05 a.m., within 11 minutes of receiving the email, I sent an email to the customer.  As of 5:00 p.m. on January 27th, I have not heard back from the customer.To be clear:1. A late fee had not been assessed on November 18th when the customer first contacted BankDirect;2. The December payment was paid late;3.  BankDirect posts payments when received. We do not hold payments in an attempt to collect late fees.4.  BankDirect, on January 27th, waived the one late fee that has been assessed. BankDirect is committed to providing excellent customer service.  I look forward to having the opportunity to speak with the customer. Luther [redacted]Senior Executive Vice President / Chief Risk and Operations Officer

I called bank direct on 02/08/2016 at 2:16pm. I called to check on my over payment to bank direct, A Julie answered the phone and my exact words were " yes I am checking on my over payment and my loan number is [redacted] I am calling to check because I have not recieved it yet. Julie responded to me in an attitude tone," well it was in the mail so I dont know what to tell you". After that response from her I became a little agitated. I told her it wasnt my problem either and they needed to reissue the over payment. She put me on hold and came back and informed me that shes stopping payment and reissuing the check and hung up on me.