My auto-loan was sold to Kinecta Federal Credit Union. As part of the loan being sold to them, they open a savings account in your name and then deposit $5 into the account. No issues so far, but I never knew I had the savings account and never received any statements or other information that would let me know the account existed.
The issues began when I sent checks (paper and electronic through my bank) that were "accidentally" deposited into my savings account. Then the collection calls began. This happened more than one time. Then I began sending electronic payments through my bank and it started again.
The loan had been paid off for over a year when I received a letter saying that my savings account that I had asked to close when the loan was paid off, was not being charged $5 a month because it was below the $250 requirement.
I called Kinecta, they said there was no money in the savings account anymore. The service rep said all of the money that had accidentally been placed in there "should have" been applied to my auto loan. Was it? I have no idea because I NEVER received any account statements for the 5 years I had the loan and the more then 1 year the loan has been paid off. They offered to send statements, but the charges would not be reversed if there had in fact been any money in the account taken out for fees. Sounds like the offer is a day late and a dollar short. Why was the account not closed the first time I asked it to be closed? Why did I not receive a statement from them at any point of the years I was a "member"?
I will NEVER do business with this company again. Hope you have better luck!
I really don't like to deal with rude people, but after 20 min. on hold you get who you get rude people. Amanda kept repeating herself and no matter what, we were wrong.They have added auto Insurance to our loan at a rate of $1690.00 for a year! Seriously. We sent in our insurance info when we applied for loan. Then last week I spoke to kInecta and also recieved a call back stating my insurance company Was faxing over the required documents so not to worry and now this week, today We get a document stating our insurance has been added to our acct. at a rate of 1690.00 I don't think SO. If I ever have to deal with kinecta again it will be too soon.
My auto-loan was sold to Kinecta Federal Credit Union. As part of the loan being sold to them, they open a savings account in your name and then deposit $5 into the account. No issues so far, but I never knew I had the savings account and never received any statements or other information that would let me know the account existed.
The issues began when I sent checks (paper and electronic through my bank) that were "accidentally" deposited into my savings account. Then the collection calls began. This happened more than one time. Then I began sending electronic payments through my bank and it started again.
The loan had been paid off for over a year when I received a letter saying that my savings account that I had asked to close when the loan was paid off, was not being charged $5 a month because it was below the $250 requirement.
I called Kinecta, they said there was no money in the savings account anymore. The service rep said all of the money that had accidentally been placed in there "should have" been applied to my auto loan. Was it? I have no idea because I NEVER received any account statements for the 5 years I had the loan and the more then 1 year the loan has been paid off. They offered to send statements, but the charges would not be reversed if there had in fact been any money in the account taken out for fees. Sounds like the offer is a day late and a dollar short. Why was the account not closed the first time I asked it to be closed? Why did I not receive a statement from them at any point of the years I was a "member"?
I will NEVER do business with this company again. Hope you have better luck!
I really don't like to deal with rude people, but after 20 min. on hold you get who you get rude people. Amanda kept repeating herself and no matter what, we were wrong.They have added auto Insurance to our loan at a rate of $1690.00 for a year! Seriously. We sent in our insurance info when we applied for loan. Then last week I spoke to kInecta and also recieved a call back stating my insurance company Was faxing over the required documents so not to worry and now this week, today We get a document stating our insurance has been added to our acct. at a rate of 1690.00 I don't think SO. If I ever have to deal with kinecta again it will be too soon.