First South Financial Credit Union

After requiring a $25.00 deposit to open an account, we closed the account after 10 years. Upon closing we where informed that our $25.00.After requiring a $25.00 deposit to open an account, we closed the account after 10 years. Upon closing we where informed that our $25.00 would be kept by the Bank per the policy. I had nor have any knowledge of this policy. Desired SettlementSince this is my money I want it returned. Final Consumer Response Please cancel this as First South has refunded my money.

The bank billed me and sent me to collections charges not authorized by me.Good morning, This letter is in reference to an ongoing issue that has persisted since [redacted]. I open an account on with First South Credit Union on fall of [redacted] (I think) because my home bank only has two branches both in [redacted] At the time of its use there was at most $300 in the account at one time. I don't remember EVER over drafting this account during my use of it. I discontinued my use of that account with First South in February/Spring of [redacted] when I moved back home to care for my ailing mother. I don't even remember the account number. I returned very briefly to the [redacted] of [redacted] for my graduation in December of [redacted] and never returned. Upon returning to my home town I became aware that there were several instances of fraud involving one of my old roommates who looked very similar to me (from my hometown) where she saw [redacted] in my name using my old insurance card, used my credit card and applied for loans (all in my name). When I applied for an auto loan in June of [redacted] with my primary credit union of almost 10 years I was informed by [redacted] my loan officer that there was an outstanding balance with you bank of $299 that was sent to collections. I have worked very hard to clean up my credit after my roommate debacle. When I ceased using First South Credit Union in [redacted] I first disposed of all of the information regarding the account. As I was 21 and didn't think to shred the info I just threw it away. It was at that time, I believe that my old roommate ascertained this information as well as my pin number and began use of the card, possibly. If not this person then someone else. As I made no use the account at all after spring of [redacted] as I no longer lived in [redacted] and has no use of the account after that point. I never received any correspondence regarding this issue as I only used my [redacted] of [redacted] Po box to receive school books and set up this account. When I reached out to the First South Credit Union I was informed that I needed to come in and sign some papers attesting to the fact that the a fraud took place. I took a day off, drove 40 minutes to [redacted] from my home in [redacted], ** and signed the papers that they requested in [redacted] of [redacted] When these papers were LOST I went in and signed the papers again in September of [redacted] As I heard nothing else regarding this issue I assumed (apparently wrongly so) that is had been resolved. Imagine my surprise when I do a self-credit check and the balance is still showing in collections. As work every day from 7-7 and only get of Sunday (when the credit union is closed). I have not been able to contact the bank nor have I been able to reach anyone by email. So I have decided to contact the [redacted] Revdex.com and the [redacted] Attorney General, [redacted] for review of this inquiry. [redacted]SSN: [redacted], ** XXXXXDesired SettlementI would like the balance removed from collections and a resolution letter sent to my home to confirm. Business Response Re: Revdex.com Case # XXXXXXXXWe have reviewed the concerns of our customer and the circumstances surrounding her account.We understand fraud of any type can be a frustrating experience, but working to correct in a timely manner is critical. In our review we see where our collectors contacted the member multiple times in [redacted] to discuss the outstanding balance (see collector documentation attached). At this time [redacted] our collections staff was told that the account would be brought positive by the end of August due to lack of employment. Due to lack of payment and no deposits in effort to correct the negativebalance, the account was charged off.First South Financial has no records of fraud paper work completed at our [redacted] branch nor did First South find any record of fraud reported in [redacted]While we understand the importance of protecting your credit, we are unable to show the matter closed until the balance owed is paid in full.Please do not hesitate to contact us directly to discuss in detail.

Could not get my $25.00 out of Saving Account.Years ago I purchased a Desired SettlementYears ago I purchased a Certificate of Deposit, but was required to put a minimum of $25.00 in a saving account and was assured that I withdraw that amount if I ever closed the account. Today I was going to close the saving account and get my $25.00. [redacted] told me that if I closed the account that it would be $25.00 charge. I put that $25.00 in that account and I want my money back. Business Response February 9, 2015Re: Revdex.com Case # 40102724We are sorry to hear of the recent frustrations experienced regarding whether or not our $25 minimum balance in Savings (membership share) was refundable.In reviewing the information provided to the Revdex.com we noted it was a newer teller who assisted you and by accident provided incorrect information. We will improve our training to hopefully prevent this confusion in the future.Accounts opened in 2006 and before are eligible to withdraw the $25 minimum balance at account closure. Our policies were amended in 2006 and accounts opened after no longer receive the $25 back, as it becomes a closed account fee.We are very sorry for the confusion and incorrect information you received. We will be happy to refund the $25 immediately. Please contact us directly to discuss these funds.Thank you for addressing with us and we hope to rectify this matter as soon as possible.Sincerely,[redacted]SVP of Branch OperationsFirst South Financial Credit Union

Misled me about their overdraft functionality on their [redacted] bank card productI overspent in August and they informed me that it was because I had no money in my account and that had I not had overdraft protection, I would not have incurred all of these overdraft fees. The bank would have declined my request at the point of sale.I requested that my overdraft protection would be removed and it was and I was assured that if I didnt have money in my account that I would receive a DECLINE at the point of sale. This did not happen and I was charged two overdraft fees for transactions that were paid but I didnt have money in my account to warrant an ACCEPT issued from first south thru the [redacted] network. This is a very dishonest approach to collecting fees. If I don't have the money, don't let me use it. Their comment was, use a check register and know if you have the money or not. I have a reasonable expectation that I should be able to rely on the technology their product is using and if they give me money that I should repay the money they gave but NOT BE RESPONSIBLE FOR A INSUFFICIENT FUNDS FEE!!!!Desired SettlementI do not want to pay the two insufficient fund fees of $36 each.Business Response We are sorry to hear of the recent frustrations experienced regarding fees charged for insufficient funds activity. We hope you find the following explanation to be useful and are happy to work with our member to address his concerns. If funds are available at the time of the transaction, First South Financial will authorize the charge to the cover the merchant purchase. The charges in question on the account were related to insufficient funds. There were 2 transactions that received a $36 NSF fee when they cleared. When a customer purchases something with a merchant and uses credit, merchants will place an authorized hold on the account for the amount spent (this is to ensure they receive the funds owed for the merchandise rendered). While most merchants will authorize exactly what you have spent, restaurants and gas stations do not always follow that same format. A restaurant will authorize (hold) what you spent before any tip is applied. A gas station will typically authorize (hold) only one dollar to ensure they have a valid account. Institutions only receive the information regarding the hold, we do not receive the actual amount they will charge once the payment clears your account. On November 21st the account had $25.64 in holds and a balance of $40.92. The holds were as follows:[redacted] $6.54[redacted] $13.95[redacted] $4.15[redacted] $1.00When the transactions actually cleared they cleared for the following amounts: [redacted] $6.54[redacted] $16.95[redacted] $5.15[redacted] $42.98We clear items in the order presented by the merchant. After [redacted] and [redacted] cleared, the balance was at $29.23. When [redacted] attempted to clear next, the balance then went to -$13.75. Any time a transaction clears when your available balance is negative, even without Overdraft Privilege, the account is assessed a fee (NSF) automatically. This is a standard bank practice. As the balance was negative following the Shell transaction and the NSF fee, the Hooters transaction received a fee as well. While we are sorry for any frustration that this may have caused, it is still important to keep up with the balance in an account prior to swiping your card. If funds were not available at the time the transaction was authorized, they would have been denied, however because the merchant authorized holds for less than the amount spent, when the items cleared it caused your account to be negative. Since the merchandise was already received or service already rendered, we are required to still pay the merchant on the members behalf. We are happy to further explain the circumstances that led to the fees received and discuss further any options for potential refund if you wish to contact us directly.

On May 24, 2006, my husband and I purchased a 2006 [redacted] in [redacted] Tn. from[redacted] car lot. The vehicle was financed through First South Credit Union of [redacted], TN. This was an 8 year installment loan of $508.92 per month with a purchase price of $50,605.82. Looking at these numbers almost 15 years later, I am astonished that we could have been so incredibly stupid to have agreed to such a contract. But what is even more astonishing is the fact that they claim our payoff balance as of today is $15,746.45!!! Our monthly payments are due on the 26th of each month with a 7 day grace period in which they add on an additional $5.00. In July of 2013 we called to get a payoff balance and was blindsided by the amount that they claim we still owe. We began to start our own investigation as to what and how this could be. We talked to several people and each one telling us a different story or just that they "didn't know why we still owed that much" !!! We discovered that this load had forced insurance put on it not once, but twice. Years of forced insurance that we were not aware of. We showed proof of having insurance the entire time. They claim the money was credited back to our account. The final insult to this sad story is the fact that my husband lost his job in 2009 and we were forced to file bankruptcy. We kept this vehicle (another huge mistake), and ever since the bankruptcy, every time we have made them a payment, they have been reporting to the credit unions that we JUST filed!!!! This all boils down to the fact that if we had not made our payments like we were suppose to, WE WOULD NOT STILL HAVE POSESSION OF THE VEHICLE!!! I have hired a lawyer to rid of us this albatross once and for all. At this point I would rather give my money to a lawyer than First South. We have filed a complaint with the Department of Financial Institutions and now I have been instructed to file one with the Revdex.com and the Attorney Generals office. First South=PREDATORY LOANS!!!Product_Or_Service: VehicleDesired SettlementAny one that looks at the amount of time, the beginning balance, and the remaining balance surly can see that First South has clearly gotten their money back from us. There has been mistakes made by them some where, some how. I would like them to call us and say, "Guess what, we are professional enough to admit that we have made some mistakes with this account. After paying $508.92 every month for 9 years, we believe that we have gotten enough by now to meet your obligation." plus 5000.00 more.Business Response Re: Complaint Case: #40101663 -[redacted]To Whom It May Concern: We are sorry to hear of the frustration felt by our member. We have completed a thorough review of the member loan and would like to share the following details to dispel the concerns of error on the part of First South Financial. Our member opened the loan on 5/30/2006. In reviewing, 66 of the loan payments received were made late. The following shows the breakdown of the late payments: 11-30 days delinquent: 3431-60 days delinquent: 3161-90 days delinquent: 1Interest is accrued daily on the loan. Late payments led to increased interest charges and late payment fees equivalent to 2% of the interest due on the loan. Each time a fee was charged, it decreased the amount paid towards the principal balance. Additionally we show four modifications to the loan. This is simply where a member requests to skip a payment on the loan for a small fee. Finally, it is important we note that twice during the term of the loan we requested proof of insurance and it was not provided in the time required. We are then required to force place insurance, or essentially acquire insurance for our member. In the first occurrence of forced place insurance, we received proof from our member that they did indeed have coverage and we were able to refund the cost of the insurance to the loan. In the second occurrence, we were only able to obtain proof of insurance for a partial period. We refunded a portion of the insurance cost for the time period we show our member had insurance coverage. We are happy to discuss more specific details with our member upon their request. It is our hope to answer any additional questions they might have. Please contact us at 901.[redacted] for additional questions or information.