I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution would be satisfactory to me I will wait for the business to perform this action and, if it does, will consider this complaint resolvedRegards, [redacted] [redacted] %
Any allegation that Republic Bank has re-opened or attempted to collect on this Complainant's account following his bankruptcy discharge is falseAny allegation that Republic Bank is guilty of any predatory activity or has any interest in the credit score of the Complainant is false In order to attempt to finalize this matter, rather than continuing to report to credit bureaus or otherwise revise its report in a legally permissable manner, Republic Bank has today submitted a credit bureau report deleting the Complainant's file This should remove any opportunity for conflict going forward It could take days or more for the deletion to be effective in credit bureau files, if at all, as Republic Bank has no control over when and to what degree the various credit bureaus update their informationRepublic Bank considers this matter closed
We have been able to contact Mr [redacted] and Republic informed him that his fees were being credited back and confirmed that he never received his cardHe confirmed the address and we are sending him a replacement card so that he will be able to use his account Regarding emails that were not responded to, Republic did locate his email that came into our client service inboxHe was replied back to by email with the response when a client is asking for specific information via email For security reasons specific account information cannot be discussed via email and our customers are asked to contact us via live chat or by phone Mr [redacted] opened his account in and a checkcard was ordered for him at that timeThe card was never activated and the Inactive Card Fee was applied Due to the monthly inactive card fees the client's account dropped below the minimum balance and he began receiving the Below Balance Fee as well There has not been any other activity on the account All fees have been waived as an accomodation to Mr [redacted] and Republic believes the matter has been satisfactorily resolved
Republic Bank never re-opened the account of Mr [redacted] , nor has there been any attempt to collect on this debt since his post-bankruptcy discharge Republic Bank was not totally repaid, but we did receive about 10% of the balance due during the bankruptcy proceeding Republic Bank has not violated any law, however, we are revising our credit bureau reporting on this account to reflect the balance owed to be (zero) and to reflect that the account balance was discharged in bankruptcy This revised reporting will be submitted to the credit bureau on the next statement cycle reporting date (4/6/15)
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below Regards, [redacted] I have found with help of my bankruptcy lawyer [redacted] law office and [redacted] founder of the [redacted] states , the practice is not permitted and against the lawThis practice is opening an account that is closed through bankruptcy and placing the account in collection to redamage my credit score which violates the Double Jeopardy Tradeline lawThat is using predatory tactics to harm the person who has already taken plenty of damage from the initial bankruptcy Furthermore, Republic Bank place this account as late since ***-when this account was being paid every month through my lawyers through the courtsRepublic bank lied at saying its lateAlso, a creditor must by law notify within five days of anything placed in collection and if nothing is not placed in collection and nothing is owed why is Republic Bank opening a discharged account that has been discharged for years, unless it is to negatively influence a credit score Republic Bank has broken the law and I have the proofI will not accept anything less than removal of all reports that Republic Bank placed on my credit report , all negative and derogatory concerning the [redacted] bankruptcy which has long been discharge I hope that you can help me because Republic Bank has with assurance of three other lawyers --broken the law
Yes, we do require customers that choose to get reduced closing costs to maintain their account here. Customers do not have to have their account at Republic, but in that case they pay and customary closing costs. The decision is left to the customer Mr***'s
written agreement to avail himself of the Promotion is attached
As to stopping the auto pay draft, we do this to avoid drafting an account when a payoff in fact occurs. If we don't do this, then the customer is upset that we have taken a payment and they were not expecting it since they thought they were paying the loan off. This can create a timing problem. Mr*** acutally called our Contact Center rather than our Loan Servicing Dept. We have changed our procedures to be sure Loan Servicing issues are appropriately forwarded to the correct department. We are waiving the fee now and also waiving a fax fee that was charged in as a further accomodation
We wish to extend our thanks to Mr*** for banking with us and bringing this matter to our attention. We apologize for any Inconvenience
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolvedRegards,
*** ***
It's ashame that it gets to this point with a business While I agree with most everything in the company response, I disagree with the one statement about using chat I tried that and was told that I would need to come into a branch I asked for someone with authority to contact me, and that never happened until I filed a complaint with the Revdex.com I'm happy with the resolution and glad the Revdex.com is there to help in this matter
Thank you for bringing this complaint to our attention and allowing us to respond. Republic Bank & Trust Company (“Republic”) received an application for a Refund Transfer (*** state tax return only) in the name
of *** *** in January of 2015. A Refund Transfer is a process where a taxpayer files his/her taxes through an online tax software company (“***”) and applies to have Republic take out the tax preparation and bank fees, and then transfer the remaining refund to his/her account at another bank via Automated Clearing House
Mr*** contacted Republic and spoke to a Risk Manager and the Legal Department. During those conversations, Mr*** claimed he did not apply for our product or file his taxes via ***. He claimed that his identity was stolen and his state tax return was fraudulently filed. Mr*** also refused to send the check back to Republic. It is Republic’s policy to collect the fraudulent check before returning funds. At that point in time, Republic opened an investigation and took proper steps to mitigate the situation. Per Mr***’ requests, Republic did the following:
1. Made an exception to our policy and returned the full amount of the *** state tax refund to the state of *** on February 19, without receiving the live check
2. Deleted all records of the transaction and Mrand Mrs***’ non-public personal information from Republic’s Refund Transfer system of record on February 23,
Republic would also like address the claims Mr*** set forth in his complaint. Mr*** claims the following:
1. Republic has a relationship with TaxCUT.
Republic has no such relationship. The fraudulent state tax return was filed through ***, which is owned by 2nd Story Software.
2. Republic “scrapes” a $fee and pays *** $for each of the “fraudulent refund checks.”
Republic discloses and charges $to the taxpayer for the Refund Transfer. *** (listed as “*** *** SOFTWARE” on the attached copy of the check) discloses and charges $to the taxpayer for tax preparation. Both of these fees were returned to the state of *** on February 19,
3. Republic “does not have a robust Vendor Management policy in place that complies with OC *** *** ** *** *** *** ***….”
Republic is a state chartered bank regulated by the Federal Deposit Insurance Corporation and the Kentucky Department of Financial Institutions. Additionally, Republic has a vendor management program that complies with all applicable law, regulations, regulatory guidelines, regulatory financial institution letters, and advisory opinions.
4. Republic has allowed *** to perpetrate fraud against Mrand Mrs***.
This claim assumes that *** actually committed the fraud. Unfortunately, Mrand Mrs***’ identity and non-public personal information was stolen before the tax fraud took place. The person(s) committing the fraud had stolen enough information to prepare and file Mrand Mrs***’ taxes before any information was disclosed to Republic. That information was used to file Mrand Mrs***’ taxes and fraudulently apply for a Republic bank product. Unfortunately, the ***’, *** and Republic were all victims of this fraudulent activity
5. Republic is in violation of the Gramm-Leach-Bliley-Act due to Republic possessing Mrand Mrs***’ non-public personal information.
Although Mrand Mrs***’ information has since been deleted, their information was fraudulently disclosed to Republic. Republic has protected their information in compliance with the Gramm-Leach-Bliley Act and all other applicable laws and regulations.
Attached please find (i) a copy of a letter to Mrand Mrs*** assuring that the *** state tax refund was returned to the state of *** and their non-public personal information was deleted from Republic’s system of record and (ii) a copy of the check that Mr*** refused to send back to Republic. At this point in time, Republic has done everything in its power to mitigate this situation. Republic has no plans to compensate Mrand Mrs*** for fraud that was committed against Mrand Mrs***, *** and Republic by a third party. If there are any questions or concerns regarding this situation, please feel free to contact me directly by phone (###-###-####) or email (r***@***)
Sincerely,
*** ***
Vice President, Associate Counsel
Republic Bank & Trust Company
W Market Street
Louisville, KY
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]
I have found with help of my bankruptcy lawyer [redacted] law office and [redacted] founder of the [redacted] states , the practice is not permitted and against the law. This practice is opening an account that is closed through bankruptcy and placing the account in collection to redamage my credit score which violates the Double Jeopardy Tradeline law. That is using predatory tactics to harm the person who has already taken plenty of damage from the initial bankruptcy. Furthermore, Republic Bank place this account as late since [redacted]-2013 when this account was being paid every month through my lawyers through the courts. Republic bank lied at saying its late. Also, a creditor must by law notify within five days of anything placed in collection and if nothing is not placed in collection and nothing is owed why is Republic Bank opening a discharged account that has been discharged for years, unless it is to negatively influence a credit score. Republic Bank has broken the law and I have the proof. I will not accept anything less than removal of all reports that Republic Bank placed on my credit report , all negative and derogatory concerning the [redacted] bankruptcy which has long been discharge. I hope that you can help me because Republic Bank has with assurance of three other lawyers --broken the law.
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]
Any allegation that Republic Bank has re-opened or attempted to collect on this Complainant's account following his bankruptcy discharge is false. Any allegation that Republic Bank is guilty of any predatory activity or has any interest in the credit score of the Complainant is false. In order to attempt to finalize this matter, rather than continuing to report to credit bureaus or otherwise revise its report in a legally permissable manner, Republic Bank has today submitted a credit bureau report deleting the Complainant's file. This should remove any opportunity for conflict going forward. It could take 30 days or more for the deletion to be effective in credit bureau files, if at all, as Republic Bank has no control over when and to what degree the various credit bureaus update their information. Republic Bank considers this matter closed.
We have been able to contact Mr. [redacted] and Republic informed him that his fees were being credited back and confirmed that he never received his card. He confirmed the address and we are sending him a replacement card so that he will be able to use his account. Regarding emails that were...
not responded to, Republic did locate his email that came into our client service inbox. He was replied back to by email with the normal response when a client is asking for specific information via email. For security reasons specific account information cannot be discussed via email and our customers are asked to contact us via live chat or by phone.
Mr. [redacted] opened his account in 2012 and a checkcard was ordered for him at that time. The card was never activated and the Inactive Card Fee was applied. Due to the monthly inactive card fees the client's account dropped below the minimum balance and he began receiving the Below Balance Fee as well. There has not been any other activity on the account. All fees have been waived as an accomodation to Mr. [redacted] and Republic believes the matter has been satisfactorily resolved.
Mr. [redacted] was provided three separate disclosures in September, 2012 that disclosed the fee in question and his loan was not closed until October 15, 2012. The fact that the loan carried an early termination fee was also disclosed again at closing. Mr. [redacted] had ample...
opportunity to review the loan terms which disclosed the ETF, the closing table was not his only opportunity. These fees are customarily utilized on loans in order for banks to properly fund longer term loan assets that pay off early. Republic declines to refund the contractually agreed to fee.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted] and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]
Neither my wife, nor I, would have ever agreed to the terms of a five year ETF had we actually been aware of this. Never. I guarantee you this information was slipped past us. We've done business with Republic Bank for over a decade, have remained in good standing with multiple mortgage and HELOC loans, and yet when we are finally able to terminate our agreement, Republic Bank takes parting shots at us. I expected something along this order as we got to know some of the staff of Republic Bank and we got to see firsthand how they treat their own. We became friends with a Republic Bank loan officer over the years and saw how Republic treated them when they notified them that they are taking another job. For years we have wanted to get away from this company. This company that in the beginning never brought up the fact that we were going to be pressured to end our relationships with banking institutions that we had long, strong histories with until we were already invested with time and money with the Republic offer. And each time we've pulled away, we always get the call saying we are going to get hit with some penalty or another, some threat to keep us with them. Republic Bank is on an institutional level what on a personal level it is to be stuck in a controlling, jealous relationship where one face is presented but once you feel a financial hostage the real face comes out. And trying to isolate their clients, pushing them to end other banking relationships is just more of the same. And as fortunate as it has been over this many years that national lending rates have dropped and dropped, when we were told we'd face huge penalties if we left Republic Bank less than two years after our mortgage loan was made, it was also very difficult to not trap ourselves in that two year commitment when rates dropped greatly below what we were already paying Republic Bank. Again, we would have NEVER agreed to a five year commitment. NEVER.
Republic can report how we were given this document or that document but the reality is that they are neglectful of communicating potential harm to their clients when it might cost them business. I just contacted a loan officer at [redacted] and asked them about their rules around their HELOCs including their ETF. Since[redacted] didn't charge us any ETF whatsoever, I thought I should at least check with a competitor's bank instead of just a credit union. They said that the upfront cost to the customer is about $30 for the HELOC and you are committed to THREE years (Not Five - are you listening Republic Bank?!!!) and that each month that the customer keeps the loan the total penalty drops by about $10. If you paid the loan off IMMEDIATELY, you'd owe a penalty of about $360. So in our case, with us having our load for over 28 months, we'd owe a penalty of about $80,...CERTAINLY NOT OVER EIGHT HUNDRED DOLLARS! In fact, even the Republic Bank loan officer from the [redacted]e branch that was the originator on our loan said alound before checking our loan that the ETF might be three years, NOT FIVE! And when I asked her if she thought the situation we were faced with was excessive, she replied, "No Comment!" I am certain when the Republic Bank officer contacted me back in 2012 to try to stop us from leaving that he intentionally put in pitfalls to trap us.
Republic Bank may bring up document after document that they've gotten us or others to sign that agreed to give up the moon but I know predatory lending techniques when I see them. Republic Bank can certainly refuse to return our money. Why not stick it to a customer they've had for well over a decade when it benefits them. And I shall make certain, in a completely legal manner, that this costs them 100x this amount in new business. I've already got the wheels turning.
Republic Bank never re-opened the account of Mr. [redacted], nor has there been any attempt to collect on this debt since his post-bankruptcy discharge. Republic Bank was not totally repaid, but we did receive about 10% of the balance due during the bankruptcy proceeding. Republic Bank...
has not violated any law, however, we are revising our credit bureau reporting on this account to reflect the balance owed to be 0 (zero) and to reflect that the account balance was discharged in bankruptcy. This revised reporting will be submitted to the credit bureau on the next statement cycle reporting date (4/6/15).
I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution would be satisfactory to me I will wait for the business to perform this action and, if it does, will consider this complaint resolvedRegards, [redacted] [redacted] %
Any allegation that Republic Bank has re-opened or attempted to collect on this Complainant's account following his bankruptcy discharge is falseAny allegation that Republic Bank is guilty of any predatory activity or has any interest in the credit score of the Complainant is false In order to attempt to finalize this matter, rather than continuing to report to credit bureaus or otherwise revise its report in a legally permissable manner, Republic Bank has today submitted a credit bureau report deleting the Complainant's file This should remove any opportunity for conflict going forward It could take days or more for the deletion to be effective in credit bureau files, if at all, as Republic Bank has no control over when and to what degree the various credit bureaus update their informationRepublic Bank considers this matter closed
We have been able to contact Mr [redacted] and Republic informed him that his fees were being credited back and confirmed that he never received his cardHe confirmed the address and we are sending him a replacement card so that he will be able to use his account Regarding emails that were not responded to, Republic did locate his email that came into our client service inboxHe was replied back to by email with the response when a client is asking for specific information via email For security reasons specific account information cannot be discussed via email and our customers are asked to contact us via live chat or by phone Mr [redacted] opened his account in and a checkcard was ordered for him at that timeThe card was never activated and the Inactive Card Fee was applied Due to the monthly inactive card fees the client's account dropped below the minimum balance and he began receiving the Below Balance Fee as well There has not been any other activity on the account All fees have been waived as an accomodation to Mr [redacted] and Republic believes the matter has been satisfactorily resolved
Republic Bank never re-opened the account of Mr [redacted] , nor has there been any attempt to collect on this debt since his post-bankruptcy discharge Republic Bank was not totally repaid, but we did receive about 10% of the balance due during the bankruptcy proceeding Republic Bank has not violated any law, however, we are revising our credit bureau reporting on this account to reflect the balance owed to be (zero) and to reflect that the account balance was discharged in bankruptcy This revised reporting will be submitted to the credit bureau on the next statement cycle reporting date (4/6/15)
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below Regards, [redacted] I have found with help of my bankruptcy lawyer [redacted] law office and [redacted] founder of the [redacted] states , the practice is not permitted and against the lawThis practice is opening an account that is closed through bankruptcy and placing the account in collection to redamage my credit score which violates the Double Jeopardy Tradeline lawThat is using predatory tactics to harm the person who has already taken plenty of damage from the initial bankruptcy Furthermore, Republic Bank place this account as late since ***-when this account was being paid every month through my lawyers through the courtsRepublic bank lied at saying its lateAlso, a creditor must by law notify within five days of anything placed in collection and if nothing is not placed in collection and nothing is owed why is Republic Bank opening a discharged account that has been discharged for years, unless it is to negatively influence a credit score Republic Bank has broken the law and I have the proofI will not accept anything less than removal of all reports that Republic Bank placed on my credit report , all negative and derogatory concerning the [redacted] bankruptcy which has long been discharge I hope that you can help me because Republic Bank has with assurance of three other lawyers --broken the law
Yes, we do require customers that choose to get reduced closing costs to maintain their account here. Customers do not have to have their account at Republic, but in that case they pay and customary closing costs. The decision is left to the customer Mr***'s
written agreement to avail himself of the Promotion is attached
As to stopping the auto pay draft, we do this to avoid drafting an account when a payoff in fact occurs. If we don't do this, then the customer is upset that we have taken a payment and they were not expecting it since they thought they were paying the loan off. This can create a timing problem. Mr*** acutally called our Contact Center rather than our Loan Servicing Dept. We have changed our procedures to be sure Loan Servicing issues are appropriately forwarded to the correct department. We are waiving the fee now and also waiving a fax fee that was charged in as a further accomodation
We wish to extend our thanks to Mr*** for banking with us and bringing this matter to our attention. We apologize for any Inconvenience
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolvedRegards,
*** ***
It's ashame that it gets to this point with a business While I agree with most everything in the company response, I disagree with the one statement about using chat I tried that and was told that I would need to come into a branch I asked for someone with authority to contact me, and that never happened until I filed a complaint with the Revdex.com I'm happy with the resolution and glad the Revdex.com is there to help in this matter
Thank you for bringing this complaint to our attention and allowing us to respond. Republic Bank & Trust Company (“Republic”) received an application for a Refund Transfer (*** state tax return only) in the name
of *** *** in January of 2015. A Refund Transfer is a process where a taxpayer files his/her taxes through an online tax software company (“***”) and applies to have Republic take out the tax preparation and bank fees, and then transfer the remaining refund to his/her account at another bank via Automated Clearing House
Mr*** contacted Republic and spoke to a Risk Manager and the Legal Department. During those conversations, Mr*** claimed he did not apply for our product or file his taxes via ***. He claimed that his identity was stolen and his state tax return was fraudulently filed. Mr*** also refused to send the check back to Republic. It is Republic’s policy to collect the fraudulent check before returning funds. At that point in time, Republic opened an investigation and took proper steps to mitigate the situation. Per Mr***’ requests, Republic did the following:
1. Made an exception to our policy and returned the full amount of the *** state tax refund to the state of *** on February 19, without receiving the live check
2. Deleted all records of the transaction and Mrand Mrs***’ non-public personal information from Republic’s Refund Transfer system of record on February 23,
Republic would also like address the claims Mr*** set forth in his complaint. Mr*** claims the following:
1. Republic has a relationship with TaxCUT.
Republic has no such relationship. The fraudulent state tax return was filed through ***, which is owned by 2nd Story Software.
2. Republic “scrapes” a $fee and pays *** $for each of the “fraudulent refund checks.”
Republic discloses and charges $to the taxpayer for the Refund Transfer. *** (listed as “*** *** SOFTWARE” on the attached copy of the check) discloses and charges $to the taxpayer for tax preparation. Both of these fees were returned to the state of *** on February 19,
3. Republic “does not have a robust Vendor Management policy in place that complies with OC *** *** ** *** *** *** ***….”
Republic is a state chartered bank regulated by the Federal Deposit Insurance Corporation and the Kentucky Department of Financial Institutions. Additionally, Republic has a vendor management program that complies with all applicable law, regulations, regulatory guidelines, regulatory financial institution letters, and advisory opinions.
4. Republic has allowed *** to perpetrate fraud against Mrand Mrs***.
This claim assumes that *** actually committed the fraud. Unfortunately, Mrand Mrs***’ identity and non-public personal information was stolen before the tax fraud took place. The person(s) committing the fraud had stolen enough information to prepare and file Mrand Mrs***’ taxes before any information was disclosed to Republic. That information was used to file Mrand Mrs***’ taxes and fraudulently apply for a Republic bank product. Unfortunately, the ***’, *** and Republic were all victims of this fraudulent activity
5. Republic is in violation of the Gramm-Leach-Bliley-Act due to Republic possessing Mrand Mrs***’ non-public personal information.
Although Mrand Mrs***’ information has since been deleted, their information was fraudulently disclosed to Republic. Republic has protected their information in compliance with the Gramm-Leach-Bliley Act and all other applicable laws and regulations.
Attached please find (i) a copy of a letter to Mrand Mrs*** assuring that the *** state tax refund was returned to the state of *** and their non-public personal information was deleted from Republic’s system of record and (ii) a copy of the check that Mr*** refused to send back to Republic. At this point in time, Republic has done everything in its power to mitigate this situation. Republic has no plans to compensate Mrand Mrs*** for fraud that was committed against Mrand Mrs***, *** and Republic by a third party. If there are any questions or concerns regarding this situation, please feel free to contact me directly by phone (###-###-####) or email (r***@***)
Sincerely,
*** ***
Vice President, Associate Counsel
Republic Bank & Trust Company
W Market Street
Louisville, KY
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]
I have found with help of my bankruptcy lawyer [redacted] law office and [redacted] founder of the [redacted] states , the practice is not permitted and against the law. This practice is opening an account that is closed through bankruptcy and placing the account in collection to redamage my credit score which violates the Double Jeopardy Tradeline law. That is using predatory tactics to harm the person who has already taken plenty of damage from the initial bankruptcy. Furthermore, Republic Bank place this account as late since [redacted]-2013 when this account was being paid every month through my lawyers through the courts. Republic bank lied at saying its late. Also, a creditor must by law notify within five days of anything placed in collection and if nothing is not placed in collection and nothing is owed why is Republic Bank opening a discharged account that has been discharged for years, unless it is to negatively influence a credit score. Republic Bank has broken the law and I have the proof. I will not accept anything less than removal of all reports that Republic Bank placed on my credit report , all negative and derogatory concerning the [redacted] bankruptcy which has long been discharge. I hope that you can help me because Republic Bank has with assurance of three other lawyers --broken the law.
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]
%
Any allegation that Republic Bank has re-opened or attempted to collect on this Complainant's account following his bankruptcy discharge is false. Any allegation that Republic Bank is guilty of any predatory activity or has any interest in the credit score of the Complainant is false. In order to attempt to finalize this matter, rather than continuing to report to credit bureaus or otherwise revise its report in a legally permissable manner, Republic Bank has today submitted a credit bureau report deleting the Complainant's file. This should remove any opportunity for conflict going forward. It could take 30 days or more for the deletion to be effective in credit bureau files, if at all, as Republic Bank has no control over when and to what degree the various credit bureaus update their information. Republic Bank considers this matter closed.
We have been able to contact Mr. [redacted] and Republic informed him that his fees were being credited back and confirmed that he never received his card. He confirmed the address and we are sending him a replacement card so that he will be able to use his account. Regarding emails that were...
not responded to, Republic did locate his email that came into our client service inbox. He was replied back to by email with the normal response when a client is asking for specific information via email. For security reasons specific account information cannot be discussed via email and our customers are asked to contact us via live chat or by phone.
Mr. [redacted] opened his account in 2012 and a checkcard was ordered for him at that time. The card was never activated and the Inactive Card Fee was applied. Due to the monthly inactive card fees the client's account dropped below the minimum balance and he began receiving the Below Balance Fee as well. There has not been any other activity on the account. All fees have been waived as an accomodation to Mr. [redacted] and Republic believes the matter has been satisfactorily resolved.
Mr. [redacted] was provided three separate disclosures in September, 2012 that disclosed the fee in question and his loan was not closed until October 15, 2012. The fact that the loan carried an early termination fee was also disclosed again at closing. Mr. [redacted] had ample...
opportunity to review the loan terms which disclosed the ETF, the closing table was not his only opportunity. These fees are customarily utilized on loans in order for banks to properly fund longer term loan assets that pay off early. Republic declines to refund the contractually agreed to fee.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted] and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]
Neither my wife, nor I, would have ever agreed to the terms of a five year ETF had we actually been aware of this. Never. I guarantee you this information was slipped past us. We've done business with Republic Bank for over a decade, have remained in good standing with multiple mortgage and HELOC loans, and yet when we are finally able to terminate our agreement, Republic Bank takes parting shots at us. I expected something along this order as we got to know some of the staff of Republic Bank and we got to see firsthand how they treat their own. We became friends with a Republic Bank loan officer over the years and saw how Republic treated them when they notified them that they are taking another job. For years we have wanted to get away from this company. This company that in the beginning never brought up the fact that we were going to be pressured to end our relationships with banking institutions that we had long, strong histories with until we were already invested with time and money with the Republic offer. And each time we've pulled away, we always get the call saying we are going to get hit with some penalty or another, some threat to keep us with them. Republic Bank is on an institutional level what on a personal level it is to be stuck in a controlling, jealous relationship where one face is presented but once you feel a financial hostage the real face comes out. And trying to isolate their clients, pushing them to end other banking relationships is just more of the same. And as fortunate as it has been over this many years that national lending rates have dropped and dropped, when we were told we'd face huge penalties if we left Republic Bank less than two years after our mortgage loan was made, it was also very difficult to not trap ourselves in that two year commitment when rates dropped greatly below what we were already paying Republic Bank. Again, we would have NEVER agreed to a five year commitment. NEVER.
Republic can report how we were given this document or that document but the reality is that they are neglectful of communicating potential harm to their clients when it might cost them business. I just contacted a loan officer at [redacted] and asked them about their rules around their HELOCs including their ETF. Since[redacted] didn't charge us any ETF whatsoever, I thought I should at least check with a competitor's bank instead of just a credit union. They said that the upfront cost to the customer is about $30 for the HELOC and you are committed to THREE years (Not Five - are you listening Republic Bank?!!!) and that each month that the customer keeps the loan the total penalty drops by about $10. If you paid the loan off IMMEDIATELY, you'd owe a penalty of about $360. So in our case, with us having our load for over 28 months, we'd owe a penalty of about $80,...CERTAINLY NOT OVER EIGHT HUNDRED DOLLARS! In fact, even the Republic Bank loan officer from the [redacted]e branch that was the originator on our loan said alound before checking our loan that the ETF might be three years, NOT FIVE! And when I asked her if she thought the situation we were faced with was excessive, she replied, "No Comment!" I am certain when the Republic Bank officer contacted me back in 2012 to try to stop us from leaving that he intentionally put in pitfalls to trap us.
Republic Bank may bring up document after document that they've gotten us or others to sign that agreed to give up the moon but I know predatory lending techniques when I see them. Republic Bank can certainly refuse to return our money. Why not stick it to a customer they've had for well over a decade when it benefits them. And I shall make certain, in a completely legal manner, that this costs them 100x this amount in new business. I've already got the wheels turning.
Republic Bank never re-opened the account of Mr. [redacted], nor has there been any attempt to collect on this debt since his post-bankruptcy discharge. Republic Bank was not totally repaid, but we did receive about 10% of the balance due during the bankruptcy proceeding. Republic Bank...
has not violated any law, however, we are revising our credit bureau reporting on this account to reflect the balance owed to be 0 (zero) and to reflect that the account balance was discharged in bankruptcy. This revised reporting will be submitted to the credit bureau on the next statement cycle reporting date (4/6/15).