At West End Bank, we apply the highest standards of professionalism and integrity while striving to provide the best quality service to our customers. With this in mind, we provide verbal payoff quotes as a courtesy to customers and in doing so follow specific procedures to ensure accurate
information is provided. The customer is also informed that this is a quote and a written payoff should be obtained prior to submitting final payment.
In this particular instance, the dealership called to request payoff information under a specific customer name but did not provide the loan account number and failed to inform the Bank employee that the customer was not primary, but a co-borrower on the account. While the dealership may have provided the VIN on the loan collateral, accounts are searched and identified by account number and customer name. The customer also had a vehicle loan as a primary borrower. Based on the information provided the customer’s account information was accessed and the loan on which the customer was primary account holder was identified. As a verification procedure, the Bank employee recited the loan account number, and then provided the payoff quote with the standard notification that a formal payoff should be obtainedThe payoff quote was correct for the account number provided to the dealership, and the check sent to the bank for the payoff cited this account number. When the check was received, the payoff was applied to the account listed on the check, as is our procedure. When we were informed that the payment was not applied to the loan the customer intended to payoff, we took measures to correct the mistake and apply the amount to the correct loan account and the unpaid loan account balance provided to the customerThe balance remaining was the difference in the loan balances on the two loans and due to the Bank prior to release of the title. As of 1/7/the remaining balance was paid and the title processed for release
West End Bank makes every effort to ensure our customers receive excellent service and assist them in meeting their financial goals. We regret the miscommunication in providing the payoff on the wrong loan but feel confident that had a written payoff been obtained by the customer or dealership, or the account number provided confirmed to the customer’s records, the error would have been identified earlierIf you need further information to resolve this issue, please contact me directly at 765-488-Regards,
*** ***Compliance Officer
At West End Bank, we apply the highest standards of professionalism and integrity while striving to provide the best quality service to our customers. With this in mind, we provide verbal payoff quotes as a courtesy to customers and in doing so follow specific procedures to ensure accurate
information is provided. The customer is also informed that this is a quote and a written payoff should be obtained prior to submitting final payment.
In this particular instance, the dealership called to request payoff information under a specific customer name but did not provide the loan account number and failed to inform the Bank employee that the customer was not primary, but a co-borrower on the account. While the dealership may have provided the VIN on the loan collateral, accounts are searched and identified by account number and customer name. The customer also had a vehicle loan as a primary borrower. Based on the information provided the customer’s account information was accessed and the loan on which the customer was primary account holder was identified. As a verification procedure, the Bank employee recited the loan account number, and then provided the payoff quote with the standard notification that a formal payoff should be obtainedThe payoff quote was correct for the account number provided to the dealership, and the check sent to the bank for the payoff cited this account number. When the check was received, the payoff was applied to the account listed on the check, as is our procedure. When we were informed that the payment was not applied to the loan the customer intended to payoff, we took measures to correct the mistake and apply the amount to the correct loan account and the unpaid loan account balance provided to the customerThe balance remaining was the difference in the loan balances on the two loans and due to the Bank prior to release of the title. As of 1/7/the remaining balance was paid and the title processed for release
West End Bank makes every effort to ensure our customers receive excellent service and assist them in meeting their financial goals. We regret the miscommunication in providing the payoff on the wrong loan but feel confident that had a written payoff been obtained by the customer or dealership, or the account number provided confirmed to the customer’s records, the error would have been identified earlierIf you need further information to resolve this issue, please contact me directly at 765-488-Regards,
*** ***Compliance Officer