I am not sure exactly which office is to blame for this so I will include all of US Bank. We obtained an equity line of credit in April but before the loan was acquired we were told to purchase flood insurance for the property or the loan would not be approved. Because the property is in my parent's name they are the ones who obtained the insurance. A copy was faxed to US Bank within the original loan packet with an ok transmission. Then the insurance company faxed a copy to an address in Ohio provided by the bank. About 2 months later my parents received a letter requesting a copy of the flood insurance. My mother mailed a copy back in the self-addressed envelope provided by US Bank.
About 2 months later my parents received a letter saying since they had failed to purchase flood insurance a policy had beed purchased for them and the cost would be added to the loan. This loan payment came out of my checking account not theirs. I might add they don't even have checking account with US Bank. Of couse this letter was received on a Saturday when the Bank was closed. First thing Monday morning I went to my local branch to get the problem resolved with a copy of the policy my parents had purchased in hand. The branch manager called a 1-800 number and protested this matter to no avail. Not only would they not remove the charges in a timely matter they would not remove this from auto pay from my account. My branch manager told me not to worry that it should be removed from auto pay before the payment is due. Wrong. It has been almost a month and it still is on auto pay with the insurance attached. This loan is based on the amount owed and you pay 1% of the balance due. Because of this insurance the loan increased to 888.00 over the limit which also increased my payment for something that I don't need. To make matters worse we found out from FEMA we are not even in a flood zone so don't even need flood insurance.
After me arguing with them for an entire month my Dad calls 1-800-usbanks and talks to someone about the matter. He gets the same lip service as I did but unlike me my Dad gives them a time limit of 2 days to get the problem resolved. We have one more day left for the results and 3 days left before it scheduled to be taken from my checking account.
I feel like there should be something I could do or someone I should be able to call to make these people realize they are breaking the law by having 2 policies on the same property.
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