I have been a member for almost 15 years, and always had good dealings with EDS credit union including closing multiple loans, however, recently the Credit Union changed its name from EDS to In Touch, and apparently now have new leadership who don't seem to very "In touch" with their practices.
They apparently have outsourced all of their services so that you can never talk to the same person twice, and those you now deal with are not very knowledgeable and prone to making errors with your money, and on your credit report. After the incident below, I moved my money and loans out of In Touch to a more reputable Credit Union, and I wanted to write this report to WARN others who may be considering joining or getting a loan through In Touch Credit Union.
I completed an application for an RV loan through In Touch Credit Union and was approved. As I am not based in Texas (the location of the credit union), the transaction was done over the phone and through email. As a part of the loan process the loan officer stated that I needed insurance for my travel trailer, and asked me to give him information on my insurance company and policy so he could "take care of it".
When I signed the final paperwork there was a sheet that was an Agreement to Provide Insurance, in which my insurance company and policy were stated. This document also stated that by signing it, I am authorizing the credit union to act on my behalf to add the travel trailer to my insurance policy. I signed this sheet and again thought I was all set. The loan closed and I bought my travel trailer.
A little over a month later I received a letter from In Touch Credit Union saying that I was being charged a $7000 insurance policy on my loan because I have not insured my Travel Trailer. I called my insurance company, and indeed, the loan officer never even called them, they had no idea I had gotten a travel trailer, and their policy does not even allow such campers, I would have to buy a separate policy.
I scrambled to purchase a policy, however due to the length of time, could not back date it.in Touch charged me $1100 for the lapse in coverage, and worse hiked my monthly payment over $100 a month. The prices for this "default insurance policy" and the terms in which they could raise my payment were not disclosed in any document I signed for the loan, and as never discussed with me.
I fought In Touch credit union to drop the $1100 charge based upon the following points: the loan officer told me he was taking care of it, the loan application indicated In Touch would be taking care of it by my signed authorization, and no communication (required by law) took place via phone calls, emails, or letters at closing or post closing notifying me that I had no insurance policy, so I could get a policy and back date it.
In Touch response was that I didn't understand the loan application which is my fault, the loan officer never stated he was taking care of anything, and its my fault I didn't receive the letters they apparently send out before they applied the default insurance policy.
Bottom line, this is a credit union whos supposed to be looking out for me, and they really screwed me on this loan, worse than any bank I have dealt with. What hurts the most, is trying to make an extra $100 a month on my payment which they refused to rework or lower. I couldn't image that this could be legal since I never signed anything stating my payment could rise. Anyway, I wanted to WARN everyone out there to stay away from these guys, shady operators who do not want to take any responsibility for their many points of failure in my loan process.
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