Shareplus Federal Bank
Refusal to send auto title after loan paid in full

Mr. Jeff Weaver:
President
Shareplus Federal Bank

I paid off my auto loan with Shareplus Federal Bank on December 17. This was a 4 year auto loan of which I never missed a payment nor had a late payment. I have also had a personal checking account with this bank for 10 years.

Prior to making my last loan payment, I called the bank and asked how long my title would take to be mailed to me. I was told 10 business days. After waiting three and a half weeks January 15, I decided to call back since I had not received my title. Adella told me that she didn't know why my title was not mailed. She put me on hold and came back and said that Shareplus was going to hold my title because my checking account has a negative balance.

I do have a negative balance that resulted in an error from a transaction from another one of my financial institutions. This occurred on January 6th and I have been in communication with my local Shareplus branch about the issue as well as my other institution that is responsible for the error. Nonetheless, this matter is a separate and unrelated issue to my auto loan which has been satisfied according to my legal obligation.

I certainly will resolve the negative balance issue one way or another as soon as I hear from the other financial institution. Shareplus has no right to withhold my auto title on the basis of an unrelated checking account. This is not only wrong, but I would question whether or not it is legal in California. Shareplus is based in Texas but I live in California.

Shareplus used to be a great institution when it was a credit union. I joined it 10 years ago and about 2 or 3 years ago, they became a commercial for-profit bank. Their service level went down and their fees continued to go up. At this point, I will close the account as soon as the balance is brought back to the correct amount. Unless my title is mailed to me immediately, I will continue to publish complaints to consumer groups and government agencies.

Company: Shareplus Federal Bank
Country: USA
State: Texas
City: Plano
Address: 5224 W. Plano Parkway
Phone: 9729315311

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