Electro Savings Credit Union

Electro Savings reports all loss accounts on Loans and Deposit accounts to the appropriate reporting agenciesIf you feel you have inaccurate information on your Credit Report the various Credit Reporting Agencies have dispute processes to make correctionsWe work directly with all Credit Reporting Agencies and would be glad to make corrections if a reporting error has occurred Again please feel free to contact me directlyAs far as the other comments, Electro Savings Credit Union treats all its members equally and follows all applicable regulationsIf you have specific information please contact me directly and I would be glad to look intoBut unless we have specifics we can't assist with general comments with no supporting facts

This person has sent inappropriate email communications to our staff that is offensiveThis person has refused to communicate in a professional manner and more recently has instructed the Credit Union to stop attempting contact to assist regarding this complaint.The subject of the complaint is not validElectro Savings Credit Union has no control over PayPal and its practices on funds transfersWe suggest the complainant contacts PayPal

We are sorry to hear that you were in an accident that resulted in a total lossWe hope you are OK and didn't sustain any injuriesOur GAP product can cover the difference in the value determination by the Insurance Company and your pay offI am sorry if you were given the impression when you initially informed the Credit Union of the total loss that the balance would be paid offCredit Union staff would not be able to make that statement until information is collected and submitted to the GAP Company for payment determination based on the information it collectedOne of the documents needed was the Police report or a statement from the Insurance Company that no Police report was required to proceed with the claimWe understand that was not submitted timely by the complaint which caused a delayWe have verified as of today the claim has been submitted and is in processThe title requested by the Insurance company needs to be clarified on how that caused a delay by the Credit UnionThe Insurance Company knows it is standard practice for all Financial Institutions that title with the lien released are not sent until payment is madeThe trigger for the Insurance Company being able to issue a settlement check and accept the title with the lien released is the Insured signing the Insurance Companies Power of AttorneyFrom our information from the Insurance company they were not able to receive that timely from the Insured which caused a delay on issuing payment which would delay the title with lien released being sent.I'm not sure how to reply to the complaint stating that he was taken advantage of by granting another auto loan as he would have to provide information for us to approve the loan then sign a number of papers acknowledging he requested the loanWe understand the complaint applied for a replacement vehicle and we granted that requestWe had no reason to decline itIt is unfortunate a total loss occurredHowever until the loan is paid in full payments are requiredIf the complaint executed a new loan while the old loan was still unsettled that was the complaint choice at no time did the Credit Union say payments were not requiredThe Insurance Company settlement process by nature is very fast as long as the vehicle owner does everything required timelyThe Credit Union cannot execute these claims on behalf of the Insured

Original complaint subject Hard Inquires in the Credit ReportElectro reply: Asked the complaint to please contact the Bureau to start a dispute processElectro cannot remove hard inquiresWe never said we would not remove them; we don’t have the ability without a dispute from the consumerThe bureaus have this set up as a security measure so Institutions can’t pull credit without the Consumer knowing and have the same power to remove the inquiryComplaint reply: Did not accept we could not remove the inquires and the complaint stated the Bureau told them we had toElectro: We would like the name of the representative and phone number from the Bureau the complaint called as the below is from Trans Union's Website under how to dispute inaccuraciesAs stated earlier Institutions are not set up to remove inquiresQuestion: Has the complaint done the following steps below? We show no request made from Trans Union to remove inquires as of the date of this writing on the complaint and have been waiting for one.FROM TRANS UNIONS WEBSITE:Request your credit report.Federal law gives you the right to at least one free credit report in a month period from each of the three major credit reporting bureaus (TransUnion, Equifax and Experian)Additional credit reports are typically inexpensive, and you can usually purchase and view your reports onlineMany credit experts advise regularly monitoring your credit reports so that you can spot problems before others do.Identify inaccurate information.Look for inaccurate information on each of your reports, such as late payments, charged-off accounts and judgments.Request removal of inaccuracies.If a credit bureau can't verify the accuracy of information on your credit report, it must remove the informationFederal and state laws give you the right to challenge inaccurate information, and the information that you need to request removal is included on your credit reportsIn many cases, you can challenge inaccurate information online.Original complaint subject 2: Checking account charged off and put on credit report.Electro reply: We can’t discuss specific confidential Member information in publicHowever we do report all loss accounts to the appropriate authorized agenciesComplaint Reply: Electro is unethical because they charged off the account, put me on *** ***,Electro reply: Again we can’t discuss specific confidential Member information in publicHowever we do report all loss accounts to the appropriate authorized agencies, *** *** is the authorized agency we report toComplaint Reply: but yet left the bank account active where I can still view the account onlineElectro Reply: Generally speaking practice regardless if a Member had caused a loss if they have other relationships like Loans, VISA, Mortgage, we would not restrict viewing access onlineIf the as the complaint states had a charged off checking with Electro then it would not be active, but it would be viewable should the Member want to make payments toward paying off the negative balanceComplaint Reply: Electro never replied or addressed the checking account at all (that’s suspicious) Electro Reply: The complaint wants to discuss specific confidential information in a public forum, how are we to reply when we do not discuss our Members confidential information in public and the complaint won’t call to talk to us for the answer? We would be glad to give you the details if you would call.Original complaint subject 3: And last, they actually shut down my visa without giving me any noticeI found out my visa was not active when it declined after trying to use it (and the card was not maxed out).Electro reply: If the complaint had a VISA as they stated and had a loss on a deposit account while that VISA was open, practice would be to suspend any Open lines of credit such as a VISA card to prohibit additional losses to the Credit Union until the loss is taken care of. In summary the Credit Union has been willing to work with the complaint for some time but the complaint will not follow the steps to make a correction they are requesting; removing the hard inquires and calling us to get the details of the checking accountIn addition the Credit Union understands and acknowledges the complaint is not accepting business practicesWe will not be replying further on this complaint as our responses are clear to what the complaint needs to do to satisfy their complaint issuesAgain the complaint is welcomed to call or come in to talk to usWe will be glad to go over all the details

Initial Business Response /* (1000, 5, 2015/10/27) */
Contact Name and Title: *** ***, VPO
Contact Phone: XXXXXXXXXX est ***
Contact Email: ***@escu.org
The Credit Union financed a vehicle loan for Mr***To determine the amount to be financed a value placed on the vehicle and based
on Credit Union policy we can finance a certain percentage of the purchase price or all of itWithin the same purchase transaction a warranty was purchased and subsequently financed with the vehicleThe warranty has a cash value if canceled and was not part of the percentage financed of the vehicleSo if the warranty is canceled, the Credit Union has to apply the amount to reduce the loan so the remaining amortization of the amount financed is not alteredIt is not appropriate to use add on products such as a warranty to make contractual payments on the loan if canceledBased on the due date of the loan, the Credit Union would not be asking for the return of the collateral, it was not that seriously past dueWe are sorry Mr*** thought he could use the funds from the refund of the warranty as payments, but that is simply not allowed as explained here

We are sorry to hear Ms***'s vehicle was a total loss and hope she is okReferencing the payments in the complaint, the credit union is not initiating the payments as Ms*** set up automatic payments with our 3rd party provider that she needs to cancel if she wishes to stop the debits to her
accountWe would be glad to refund any fees if it can be shown Electro Savings made an error to cause themCurrently there is still a balance owed on the loan of $3,after the insurance proceeds were posted so the loan is not closedPlease contact the Credit Union to work out arrangements on the remaining balance

The complainant had contacted the Credit Union prior to the complaint being filed March 07, As a result of that contact a refund was approved and a check was mailed March 10, for the two amounts listed in the complaintPlease let us know if there are additional subjects from the
complainant and we will be glad to look into them

Complaint: ***
I am rejecting this response because: unacceptable
According to the credit bureaus we should communicate with the company in regards to hard inquiries so Electro's response is indication to me that electro has unethical practices All they have to do is look at the inquiry's they put on my credit in 2016, confirm that I did not apply for anything, and remove themInstead, their response is "to communicate with the credit bureaus" Also, in regards to the checking account, I don't need to communicate with the credit bureau bec the account has been charged off I was saying that Electo is unethical bec they charged off the account, put me on chex stystems, but yet left the bank account active where I can still view the account onlineElectro never replied or addressed the checking account at all (that's suspicious)All they are suggesting is that I go to the Bureau's for things that have nothing to do with the credit bureau Please help Revdex.com otherwise this is getting escalated.Thanks
Sincerely,
*** ***

We thank Ms*** for contacting the Revdex.com to assist in resolving her concerns about the situation with her Auto LoanFirst and foremost no one is threatening to repossess her vehicleThe situation does involve a lapse of Insurance coverage on her vehicle which is the collateral securing her
loanThe Credit Union was not able to verify our collateral had acceptable physical damage insurance coverage as required by the contract Ms*** signed for the period of July 31, through July 31, So on October 2, we purchased a policy through our Collateral Protection Carrier in the amount of $2,for that periodWe then received acceptable coverage starting November 15, and canceled the Collateral Protection purchased on October 2, effective November 15, and issued a credit for $1,This leaves a lapse of acceptable insurance coverage from July 31, to November 14, with an earned premium of $The monthly payment of $was increased to $485.86, an additional $191.66, to allow repayment of the $This is done to not negatively amortize the auto loan and keep the loan on its original scheduleOnce the $is paid the payment will go back down to $The reason there is a past due situation is because Ms*** is not paying the higher payment to repay the earned premiumIf Ms*** has proof of insurance for the lapse period of July 31, through November 14, we would be able to get a refund of the $and reduce the payment back down to $and bring the loan current on payments

Electro Savings reports all loss accounts on Loans and Deposit accounts to the appropriate reporting agencies. If you feel you have inaccurate information on your Credit Report the various Credit Reporting Agencies have dispute processes to make corrections. We work directly with all Credit...

Reporting Agencies and would be glad to make corrections if a reporting error has occurred.  Again please feel free to contact me directly. As far as the other comments, Electro Savings Credit Union treats all its members equally and follows all applicable regulations. If you have specific information please contact me directly and I would be glad to look into. But unless we have specifics we can't assist with general comments with no supporting facts.

We became aware of Mr [redacted]'s situation with [redacted] and the transaction he is describing when he contacted us early March 2017. We understand Mr. [redacted]'s frustration however he is requesting a refund from Electro Savings in a situation where a refund is not possible. The type transaction that was...

submitted to Electro was a ACH transaction. It was not submitted using a Personal Check or Debit Card. Because it was an ACH transaction it means that prior to submitting the item [redacted] had verified Mr. [redacted] had sufficient funds in his account to clear the item, which he did. However prior to the item hitting Mr. [redacted]'s account, funds were taken from the account by Mr. [redacted] which resulted in the account going negative when the item was submitted for payment. When Mr. [redacted] contacted Electro we informed him of this fact. This would be the case on any ACH item regardless if it was [redacted], etc. We suggested to Mr. [redacted] to dispute this directly with [redacted] as it was their customer that initiated the transaction. If the transaction was not authorized he can dispute it with [redacted] and it would be their burden to prove that the transaction was authorized or not and issue a refund. As a good faith gesture we did attempt to dispute the item with [redacted] and they refused our request for refund. Also as a good faith gesture we refunded $100 in fees we charged for items that took his account negative. Lastly, Mr. [redacted] brings up the ODP benefit his joint owner authorized on the account April 8, 2016; ODP did not have anything to do with this situation as I have described above it was a ACH transaction that is not covered by ODP.

We are sorry to hear that you were in an accident that resulted in a total loss. We hope you are OK and didn't sustain any injuries. Our GAP product can cover the difference in the value determination by the Insurance Company and your pay off. I am sorry if you were given the impression when you...

initially informed the Credit Union of the total loss that the balance would be paid off. Credit Union staff would not be able to make that statement until information is collected and submitted to the GAP Company for payment determination based on the information it collected. One of the documents needed was the Police report or a statement from the Insurance Company that no Police report was required to proceed with the claim. We understand that was not submitted timely by the complaint which caused a delay. We have verified as of today the claim has been submitted and is in process. The title requested by the Insurance company needs to be clarified on how that caused a delay by the Credit Union. The Insurance Company knows it is standard practice for all Financial Institutions that title with the lien released are not sent until payment is made. The trigger for the Insurance Company being able to issue a settlement check and accept the title with the lien released is the Insured signing the Insurance Companies Power of Attorney. From our information from the Insurance company they were not able to receive that timely from the Insured which caused a delay on issuing payment which would delay the title with lien released being sent.I'm not sure how to reply to the complaint stating that he was taken advantage of by granting another auto loan as he would have to provide information for us to approve the loan then sign a number of papers acknowledging he requested the loan. We understand the complaint applied for a replacement vehicle and we granted that request. We had no reason to decline it. It is unfortunate a total loss occurred. However until the loan is paid in full payments are required. If the complaint executed a new loan while the old loan was still unsettled that was the complaint choice at no time did the Credit Union say payments were not required. The Insurance Company settlement process by nature is very fast as long as the vehicle owner does everything required timely. The Credit Union cannot execute these claims on behalf of the Insured.

This person has sent inappropriate email communications to our staff that is offensive. This person has refused to communicate in a professional manner and more recently has instructed the Credit Union to stop attempting contact to assist regarding this complaint.The subject of the complaint is not...

valid. Electro Savings Credit Union has no control over PayPal and its practices on funds transfers. We suggest the complainant contacts PayPal.