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Marine Credit Union

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Marine Credit Union Reviews (23)

Review: In April 2012 I took a mortgage out on my house through Marine. In January I asked to refinance to a lower rate. I was dis-satisfied with their offer. I then went to Community First Credit Union. Their offer was much better so I moved all of my personal finances there. On February 9th Community First wired a mortgage pay-off to Marine in the amount of $34,121.11. Marine took that money and put it in my savings account at Marine and didn't apply it to the mortgage. So now here I sit thinking I have a new mortgage at Community First and didn't think I needed to deal with Marine anymore. Six weeks later I got a letter from Marine telling me I am late on my mortgage payment. When I checked my accounts with Marine I discovered they didn't apply the money sent to them from Community First to the mortgage. Marine put the wire transfer into my savings account. I called Marine and they admitted to the mistake. The problem is in the mean time Marine reported to the credit bureau I had a late payment on a mortgage that should have all ready been paid off. My credit score dropped 70 points. I went in to Community First to borrow money and they indicated to me that because of the drop in my credit score I would have to be put at a higher rate. I also have another issue with Marine. While I was still making payments to Marine I was sending them extra money to apply to the principle of the mortgage. They were putting the money into my escrow. I indicated to them that I wanted that money to go toward the principle. I was paying an extra $475.00 a month. In January 2013 all the extra money they were putting into my escrow which was supposed to be going to the principle was put into my savings account. I feel this very unethical and they didn't follow my instructions in order to make more money from me based on interest. I truly think this Credit Union should be investigated. I don't think they are acting in the best interest of there customers.Desired Settlement: I want Marine to contact the Credit Bureau and remove the late payment from my credit score. I think the Revdex.com should do an internal investigation into the practices of Marine.

Business

Response:

Marine Credit Union and the consumer have been in communication and reached a resolution.

Review: We had a mortgage with Marine Credit Union and were in the process of refinancing. On June 25th, we received the final pay off amount in writing stating the loan balance was $259,155.38 with a payoff of $260,324.15 good through July 2nd with a daily interest rate of $55.0261. On July 1st, a payoff of $260,324.15 was sent to Marine Credit Union and the account was closed. I inquired about the escrow account on July 11th asking where the escrow account check was.

[redacted] responded to me stating the following(I have email and all documentation regarding this transaction).

[redacted],

I apologize for not being able to contact you yesterday. I assure you we are taking this very seriously. What I can see from the numbers that I can look at is that the payoff check we received from Bank of England on 07-01 was for 260,324.15, left a balance on your mortgage of 1953.07. On the payoff you received the “Net payoff” is the payoff figure with the escrow balance subtracted out of the total amount that you owe. If we would have received a check from Bank of England for 262,315.32 we would send you a check from your escrow account for 2101.22.

From [redacted]:

I will review these numbers with our accounting team and management to ensure accuracy. I assure you if a mistake as been made on our side, we will rectify it immediately.

Please note that they treated the escrow AND mortgage account as one, and also originally took the $148 and so change and deposited it into a savings account. Not ONCE was I notified of what they were doing or asked me. I believe that the mortgage account and escrow accounts need to be treated separately.

It escalated quickly from there and now I am filing complaints also with the Revdex.com and with you. I think it is quite obvious that their documentation provides enough proof that there is deceptive business practices where Marine Credit Union is purposefully deceiving their customers.Desired Settlement: Refund of $1,953.07

Business

Response:

We are writing in response to the [redacted] concern dated July 24, 2014. We have also received

correspondence regarding his concern with the payoff statement provided by Marine Credit Union on

June 23, 2014. We have repeatedly attempted to schedule an in person or phone conference with Mr.

[redacted] and our CEO to explain the payoff; unfortunately, he has refused to discuss this with our

CEO and instead communicates only through threatening emails.

After a thorough review of the pay off statement, it was determined that the payoff and treatment of

the escrow balance was correct. Industry practice is to subtract the escrow balance from the payoff

balance which is how the [redacted] payoff was calculated. We welcome the opportunity to further

review this with Mr. [redacted] either by phone or in person.

We regret that your office had to be involved and appreciate your patience. If you have further

questions, please contact me directly.

Thank you very much.

Sincerely,

Consumer

Response:

Review: my balance in my checking account was $177.02 and then I had a withdrawal on 10/1/14 for $177.00 which make my new balance $.02 and then I was charged a nsf fee of $30.00. excuse me, but having a balance of 2 cents is not against any rules, why I am I being charged this when I had a positive balance.Desired Settlement: I would like that fee reversed.

Business

Response:

We are writing in response to the [redacted] concern dated October 2, 2014.On October 3,2014, we spoke wi th Ms. [redacted] regarding the $30.00 NSF fee that was charged. Atthis point, we have refunded the fee back into her account and the issue is resolved.We regret that your office had to be involved. If you have further questions, please contact me directly.

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Description: Credit Unions

Address: 915 Short St # 151, Decorah, Iowa, United States, 52101-2416

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