Consumer complaint received 2018-05-08
Company: U.S. BANCORP
State: WI
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
On XX/XX/XXXX, I made calls to multiple banks requesting quotes to lower the interest rate on our US Bank boat loan # ... ... ... ... XXXX paying {$1200.00} monthly at a rate of 8.49 % since XX/XX/XXXX. XXXX XXXX ( XXXX ) from US Bank offered us the best quote of 5.21 % if we made a {$40000.00} payment that we were offering to make, along with opening a savings account with their bank. We agreed over the phone and passed by other bank offers that were very close to US Banks offer. He immediately requested the wired payment of {$40000.00} from our personal bank, XXXX XXXX in XXXX, WI and applied it directly to our current loan. We also opened the savings account at this time. He told us that the monthly payment would now be {$710.00}. The confirmation for this transaction was XXXX. 

On XX/XX/XXXX, we received a letter dated XX/XX/XXXX. stating that US Bank was now unable to offer the credit terms that we had agreed upon. They now wanted to charge us an interest rate of $ 5.95 %. 

Clearly we were upset that they did not hold up their end of our bargain so we immediately called our local US Bank branch and spoke with XXXX XXXX at XXXX. He told us at this point that it's never necessarily that rate when they give quotes over the phone. Some of the reasons they decided to charge us more was because it was a used boat and that when they quoted us, we didn't have an account with them. At this point, he agreed to take off .25 % because we had opened the savings account as requested. As far as the used boat, we stated that they knew it was a used boat because they had the initial loan from when we bought it as a used boat. Also, none of this was discussed in our initial phone conversation. He said that he would see what he could do and then on XX/XX/XXXX, we received another letter stating that now they wanted a marine survey. I personally delivered them our marine survey from XX/XX/XXXX. A few days later he called me and said that this marine survey was too old and now I needed to invest $ XXXX {$800.00} for an updated marine survey and that the survey would have to be done once the boat was in the water. At this point, it's still winter in Wisconsin and not possible. We said again, " this was not the condition on what we agreed to '', but if the bank wanted to get a survey, they were welcome to get one and cover that cost. They refused. 

Even more frustrated, we now looked for someone in the support area of US Bank that could help us and eventually spoke with XXXX XXXX ( XXXX ). We asked her to listen to the recording of the initial conversation and agreement that was made. She called back after she listened to the recorded conversation and confirmed that he never spoke of contingencies with the agreed upon new note. She said that she would look more into this and try to help. After a few separate conversations over a span of a month, she then said there really was nothing she could do. 
So here we are, three months later with our {$40000.00} gone and still paying 8.49 %.

Please, this can't be acceptable. We would appreciate you looking into this. We would like to have them honor the agreement that was made and recorded. This was their mistake, which they agreed it was, and they should honor it - retroactive to the date they took our {$40000.00}. We've attached support documents to this claim. 

Thank you for any guidance and resolution to this matter. 

XXXX and XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with non-monetary relief