It all started 01/06 when I took out a new home equity line of credit. 1st instead of paying off the old line of credit they advanced the balance due on it thereby justifying two advance fees for $15.00 each. The credit available on the old loan however was not advanced according to their documentation. Then for 6 months they charged us 8.07% interest when the loan was signed @ a fixed rate of 7.74%.
They transferred an interest balance from option one of the old loan to the new one in the amount of $11.85. Then they re-did this loan w/o our permission in June. We know this because Equifax sent us a copy of the credit report the bank had requested. It stated it was used in connection with our home loan application. We didn't apply for a loan in 06/06, we applied in 01/06 and also have that Equifax report.
As you recalculate your statements on a month to month basis you discover that the amount they are charging you interest on monthly is more than what you owe totally. Also hidden among the figures are the advance fees and interest they have added to your loan amount which means you are paying interest on those advance fees as well as on interest itself (the $11.85).
They also charged us for an advance they claim we took in June in the amount of $1,934.00 but actually there was no advance taken. But we were charged $15.00 for the advance and then they calculated $12.30 interest on the $1,934.00. Where they actually got that amount from was in taking it from the overall amount owed.in other words say we owed 25,000.00, they took the $1,934.00 from that amount and created a new option (advance amt) with it. So now we have one option in the amount of $1,934.00 and a 2nd option in the amount of $23,066.00.
We caught some of this intially and argued over it at our local branch who wasn't much help because they don't have access to the loan department's transactions, well I wonder why that is!
Then we tried repeatedly with the loan department (by phone) who has offices out of state without physical addresses, no need to wonder why that is! We got absolutely no where with the bank itself and in fact they were down right rude over the phone regarding our inquiries.
So then we went to the Federal Reserve Bank that oversees SunTrust regarding regulations and violations. Let me inform you that there is currently no government or consumer agency that is going to be able to get you your money back, that's a fact at this point based on the way the current issues stand. Unless you're owed a large sum of money, lawyers are reluctant to get involved as well.
Intially, the Federal Reserve Bank we contacted wrote us off till I fired off a letter to them questioning their investigating practices. They have re-contacted us and are promising to do a more indepth look at our situation so don't go down without a fight! Even when they do find violations be aware they will only sanction the bank with penalities paid to the government not you!
But I strongly advise you to contact the Federal Reserve anyway so there is a report as well as the BBB, Attorney General, The Federal Reserve itself and everybody and anybody you can find via the internet. Do your research 1st and be sure you have documentation to back up your allegations. Keep track of your contacts in writing. Do everything in writing when and where it's possible, that's your proof!
I went through every BBB in every state this bank has locations in and printed out the reports. I also looked into complaints about other banks the BBB had reports on and compared them to SunTrust's. And Advertise!!! We have buyer beware signs posted on both rear inside windows as well as suntrustbankingsucks.com written across the lower part of the rear window of our car (don't block driving view) in white ink you can purchase at Wal-mart for $3.00 in the automotive department.
And DON'T switch banks until you have resolve. We use SunTrust's drive through for banking transactions as well as park in their lot with our signs and rear window statement. The constitution gives you the right to express your opinion, so exercise your freedom to do so!
Consumers are being ripped off in this country and we pay too much in taxes to allow this to go on. We maybe the little guys but there's a lot of us. Nothing changes unless you take action.
Action causes Reaction. Banking consumers especially need to create a united front and confront the Federal Government as to why consumer's rights are not being protected from these types of practices. You want rights, then be a part, of making it right!
Most companies selling products if pressured (good customer service/relations) will replace or reimburse consumers but banks and financial institutions are of a different breed. Consumer's are the only ones who have something to lose, banks make sure their covered from every angle.
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