Medallion Bank

This bank lies to you in order to steal your money. I've made every payment ontime for about 5 years through auto pay. I had a rough month financially and called them before my payment was due and asked if it was possible to have that month's payment deferred until the end of the loan term without any penalty or it being considered missed or late and they assured me that would be the case. I received notice the next month my payment was late so I called them again and told them I ha my payment deferred by a medallion bank representative over the phone and they said yeah dont worry about the notices that whenever a monthly payment isnt made the notices automatically get sent out even if the payment was deferred.2 months later and I have been charged late fees and now my auto payments I see are going entirely to the interest and zero towards the principle.

I needed to get my basement waterproofed. This was the bank doing the financing. Unfortunately, all of my payments are going solely to interest. Is this a jail? Even when I send money from my bank and put "pay to the principal only," they still post all money to interest. What am I supposed to do?

Thank you for allowing us an opportunity to respond to this customer's complaintWe're always sensitive to our customers concerns In this instance we've taken the opportunity to reach out to Ms [redacted] , and discuss her concerns I believe we have resolved the concerns at this timeMs [redacted] understands that our loan agreement outlines our ability to place a UCC/Fixture Filing on a home when we finance a home improvement project We are also working with the contractor that performed Ms [redacted] 's home improvement work to ensure that we are not misrepresented during future sales processes If Ms [redacted] does have any additional concerns we remain willing to listen to those concerns and work with her to find an agreeable solutionThank you,Andy N [redacted] Portfolio ManagerMedallion Bank

Good afternoon SST, our loan servicing company, has researched Mr [redacted] 's concerns regarding the error he is receiving on SST's customer website, www.accountinfo.com, causing his inability to set up a paymentWe have been in contact with Mr [redacted] and have discovered that his banking information was not recognize within SST's system databaseSST is in the process of now issuing an update to our database to add Mr [redacted] 's banking information We have also worked with Mr [redacted] to setup his payment over the telephone, waiving the fee and advising that we will continue to waive the fees associated with setting up a payment over the phone until the update to the website is completeWe will contact Mr [redacted] once the update has been completed to notify that he can begin utilizing SST's customer website to submit his paymentsThank you,Andy N [redacted] Portfolio Manager

Thank you for allowing us an opportunity to respond to the referenced complaint Medallion Bank has received four loan applications on behalf of Mr***; [redacted] submitted a loan application on May 27, 2015, and then again on June 5, We then received a loan application from [redacted] on June 11, 2015, and again on June 24, If Mr [redacted] would like to discuss these instances in detail we would welcome a conversation with him I would recommend that he speak with Justin W***, our Senior Loan Officer, at ###-###-####Thank you,Andy N [redacted]

I accept the response however, it was not the contractor who misrepresented the loan/bankIt was an employee hired by Medallion Bank as a loan specialist to gather all documentation prior to us signing the loan who assured us that the loan would in no way be attached to our homeI realize at this point my hands are tied by the documentation I signedI would never ever recommend this business to anyone for a loanMake sure you deal with a company who knows their product and wont sell you something based on what they think you want to hear
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me
Sincerely,
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to meThis is a conditional acceptance until the online payment process is workingPlease not SST made reference to other customers having the same issue which is a more systemic problem then just my banking information not being accepted
Sincerely,
*** ***

Thank you for giving us an opportunity to respond to Mr*** concernsI regret that Mr*** has had a negative experience with his R.Vloan, and apologize that this has been the caseI have reviewed Mr*** repayment history in detail. I have confirmed that all payments made
by Mr*** have been appropriately applied to fees (if any), interest (including past due interest) and principal in accordance with the terms of his loan agreement. Although he has had two returned payments (May and June 2015) and a payment extension (May 2017), his loan has remained very close to the original amortization schedule; this is primarily because he has often paid more than the minimum monthly paymentHis current principal balance is $23,766.59, according to his original amortization schedule he should be at $23,467.00. Although Mr*** did receive the payment extension that he requested, he suggests that was a difficult process for himWe will review the events that took place, including listening to the recorded phone conversations that occurred surrounding the payment extension. We will use this material as resources for training with those agents that handle and process extensionsFinally, Mr*** mentions, “…all we wanted was to waive the late fees…” As a measure of good faith Medallion Bank will credit Mr*** loan $120.00, the amount of late fees assessed to dateThank you, Andy N*** Portfolio Manager Medallion Bank

Thanks for providing us an opportunity to address the concern outlined. Mrs. [redacted] contacted our office and expressed concern that she had been asked to provide proof of income. At the time of the call the work had already been done to her home, and Medallion explained to Mrs. [redacted] that we do...

generally require proof of income in order to approve a loan. We apologized that this hadn't already been explained by the contractor at an earlier stage in the application process. Medallion Bank has reminded this particular contractor that we do require verification of income, so that this doesn't become a problem in the future with other customers. At this point Mrs. [redacted]'s application has been approved, and Medallion Bank has financed the work done on her home. Should she have any further concerns we would welcome a call from her. Thanks,Andy N[redacted]

I appreciate having an opportunity to respond to Mr. [redacted]’s concerns.  I have reviewed the original Simple Interest Note and Security Agreement that this loan was based on.  The terms of the loan match what was outlined in the Truth-in-Lending Disclosures of that agreement. The...

amount financed with Medallion Bank was $19,926.00.  Perhaps that is the amount that Mr. [redacted] is referencing when he states, “A service that I was told would cost me less than 20k is going to cost me 38k…”   The Agreement also states that The Total of Payments  (the amount you will have paid after you have made all payments as scheduled) is $32,637.60.   I’ve mailed a copy of that agreement to Mr. [redacted] for review.  I’ve also reviewed the application of payment to the account. I’ve verified that Mr. [redacted]’s payments are being applied correctly. Mr. [redacted] is actually slightly ahead of his amortization schedule. I am also forwarding a copy of this complaint to Global Efficient Energy so that they will be aware of Mr. [redacted]’s concerns regarding the performance of the product(s).  I would be happy to talk to Mr. [redacted] if he would be interested. I can be reached directly at 801-284-7074. Thank you, Andy N[redacted] Portfolio Manager

Good afternoon.  SST, our loan servicing company, has researched Mr. [redacted]'s concerns regarding the error he is receiving on SST's customer website, www.accountinfo.com, causing his inability to set up a payment. We have been in contact with Mr. [redacted] and have discovered that his banking...

information was not recognize within SST's system database. SST is in the process of now issuing an update to our database to add Mr. [redacted]'s banking information.  We have also worked with Mr. [redacted] to setup his payment over the telephone, waiving the fee and advising that we will continue to waive the fees associated with setting up a payment over the phone until the update to the website is complete. We will contact Mr. [redacted] once the update has been completed to notify that he can begin utilizing SST's customer website to submit his payments. Thank you,Andy N[redacted]Portfolio Manager

Thank you for allowing us an opportunity to respond to the referenced complaint.  Medallion Bank has received four loan applications on behalf of Mr. [redacted];  [redacted] submitted a loan application on May 27, 2015, and then again on June 5, 2015. We then received a loan...

application from [redacted] on June 11, 2015, and again on June 24, 2015.    If Mr. [redacted] would like to discuss these instances in detail we would welcome a conversation with him.  I would recommend that he speak with Justin W[redacted], our Senior Loan Officer, at ###-###-####. Thank you,Andy N[redacted]

Thank you for allowing us an opportunity to respond to this customer's complaint. We're always sensitive to our customers concerns.  In this instance we've taken the opportunity to reach out to Ms. [redacted], and discuss her concerns.  I believe we have resolved the concerns at this time. Ms....

[redacted] understands that our loan agreement outlines our ability to place a UCC/Fixture Filing on a home when we finance a home improvement project.  We are also working with the contractor that performed Ms. [redacted]'s home improvement work to ensure that we are not misrepresented during future sales processes.  If Ms. [redacted] does have any additional concerns we remain willing to listen to those concerns and work with her to find an agreeable solution. Thank you,Andy N[redacted]Portfolio ManagerMedallion Bank