CINCO Family Financial Center Credit Union

I apologize it has taken quite some time to respond to complaint # [redacted] from [redacted] There were several people I needed to talk to regarding the issueI had to speak with our lending and collections departments, and the company that offers our disability insuranceIn addition to those three I also had to speak with the actual insurance company regarding this particular situationWhere it appears MrSmith’s issue began was in August There was no payment made, which could have been simply a timing issue between him filing the necessary paperwork (signed by his doctor) that he was still on disabilityBy the time the insurance received the paperwork and issued payment it was for both August and SeptemberHere is where the issue happenedThe disability payments are based on a dollar amount per dayThe payment made in Sept was based on a days which calculated to a payment of $Two months of payments would have actually been for a total of $leaving a difference (short payment) of $for the two month totalIt was from that point forward that [redacted] began receiving late notices in the mail because a portion of every payment after that was being applied to the previous month to bring the loan current [redacted] would have received the paperwork the payment made in Sept (as we also receive a copy) showing the payment amount and would have seen the shortageIt was at this time he would have had to contact either Cinco or the insurance provider to research and rectify the situationI am confident that both we (CINCO) and the insurance provider did what was necessary in handling the claimIf there is anything I can do from this point further and this needs more clarification please let me knowThanks *** [redacted] Human Resource & Compliance ManagerCINCO Family Financial Center Credit UnionWm Howard Taft RdCincinnati, OH 45219Direct Phone: ###-###-####Fax: ###-###-####Member Service: ###-###-#### WE ARE HERE FOR YOU! www.cinco.org

I have done an analysis on Ms***’s checking account and found the following information: In May there was a balance of $in Ms***’s checking account and a balance of $in her primary share (savings) account In there was $in deposits and $in point of sale withdrawals (debit card transactions)The ending balance as of 12/31/was $ In there was $in point of sale withdrawalsThe ending balance as of 11/31/was $ Flash forward to November which is when the dormancy fee began at $per month (as a result of no activity for months)This continued until the account was zeroed out in December of as a result of many dormancy fees There was no other fee other than a $fee for returned mail on May Statements are sent to members no less than quarterly Ms [redacted] opted not to have monthly statements sent and was only receiving quarterly statements All fees and members’ responsibilities are communicated to members in our disclosure statement, which are initialed and signed by all new members *** [redacted] Human Resource & Compliance ManagerCINCO Family Financial Center Credit Union [redacted] [redacted] *** [redacted] [redacted]

I have done an analysis on Ms. [redacted]’s checking account and found the following information: 1.       In May 2010 there was a balance of $750 in Ms. [redacted]’s checking account and a balance of $8.51 in her primary share (savings)...

account.2.       In 2010 there was $243.83 in deposits and $348.35 in point of sale withdrawals (debit card transactions). The ending balance as of 12/31/2010 was $700.40.3.       In 2011 there was $547.89 in point of sale withdrawals. The ending balance as of 11/31/2011 was $152.51.4.       Flash forward to November 2012 which is when the dormancy fee began at $5 per month (as a result of no activity for 12 months). This continued until the account was zeroed out in December of 2014 as a result of many dormancy fees5.       There was no other fee other than a $3 fee for returned mail on May 2012.6.       Statements are sent to members no less than quarterly.7.       Ms. [redacted] opted not to have monthly statements sent and was only receiving quarterly statements.8.       All fees and members’ responsibilities are communicated to members in our disclosure statement, which are initialed and signed by all new members.  [redacted] Human Resource & Compliance ManagerCINCO Family Financial Center Credit Union[redacted]
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I apologize it has taken quite some time to respond to complaint #[redacted] from [redacted] There were several people I needed to talk to regarding the issue. I had to speak with our lending and collections departments, and the company that offers our disability insurance. In addition to those...

three I also had to speak with the actual insurance company regarding this particular situation. Where it appears Mr. Smith’s issue began was in August 2013. There was no payment made, which could have been simply a timing issue between him filing the necessary paperwork (signed by his doctor) that he was still on disability. By the time the insurance received the paperwork and issued payment it was for both August and September. Here is where the issue happened. The disability payments are based on a dollar amount per day. The payment made in Sept 2013 was based on a 41 days which calculated to a payment of $504.45. Two months of payments would have actually been for a total of $738.22 leaving a difference (short payment) of $233.77 for the two month total. It was from that point forward that [redacted] began receiving late notices in the mail because a portion of every payment after that was being applied to the previous month to bring the loan current. [redacted] would have received the paperwork the payment made in Sept (as we also receive a copy) showing the payment amount and would have seen the shortage. It was at this time he would have had to contact either Cinco or the insurance provider to research and rectify the situation. I am confident that both we (CINCO) and the insurance provider did what was necessary in handling the claim. If there is anything I can do from this point further and this needs more clarification please let me know. Thanks [redacted] Human Resource & Compliance ManagerCINCO Family Financial Center Credit Union49 Wm Howard Taft RdCincinnati, OH 45219Direct Phone: ###-###-####Fax: ###-###-####Member Service: ###-###-####                       WE ARE HERE FOR YOU!                             www.cinco.org