Consumer complaint received 2019-04-12
Company: CITIZENS FINANCIAL GROUP, INC.
State: PA
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
During the first week of XXXX, XXXX I went to the Citizens Bank branch office located at XXXX XXXX XXXX in XXXX to make a deposit. While there, I inquired about HELOC rates as I have a HELOC with the bank that has a rate of Prime minus .50. I was not interested in a larger HELOC amount as I was satisfied with the amount of my line which is sufficient. The branch manager proceeded to inform me of a special promotion that would offer me a better rate ( Prime minus .75 ) as well as increase my line amount and the maturity on the HELOC. I was encouraged by the manager and his assistant to submit an application and follow-up with additional required information ( W-2, 1 month of pay stubs and home owners insurance ) to get the rate. The app was submitted and I follow-up within a few days with the other required information. About a week or so later, I received a call from the branch assistant notifying me the loan was approved. On XX/XX/XXXX, I received a letter dated XX/XX/XXXX in the mail ( attached ) verifying the application was approved contingent upon items that I had provided to the branch. I few days later, I received a call from Citizens loan closing department inquiring to set up a date to close the loan as everything was approved satisfactorily with the information I provided to the branch. During that call, the loan closer informed me that the rate would be the same as I already had ( Prime minus .50 ). He said that the lower rate was only for new borrowers only which I told him that the branch manager never informed me of that. I told the closer that I would not have gone through the process had I known that, as I am sensitive to inquiries on my credit report that effect my credit rating and I didnt need a larger HELOC. I then followed up with the branch and was told they would look into giving me the reduced rate as had been told the wrong information by the manager. On about XX/XX/XXXX, I went to a branch closer to my home ( XXXX XXXX Office ) and filed a report of the incident ( # XXXX XXXX ) to get in on record. On XX/XX/XXXX I received a call from the assistant at the XXXX XXXX XXXX office that they would not honor the lower rate for me per the denial by the regional manager. He could not tell me why it was denied. I requested the regional managers contact information which was given to me ( Ms. XXXX XXXX ). I placed 2 calls to her ( XXXX and XX/XX/XXXX ) and have not received a call back. This is very disturbing and frustrating as I have banked with this bank for more than 30 year!!. I went through this loan process only because I was told confidently by a trusted authority ( branch manager ) that I would get a lower rate on my existing HELOC. The loan was approved and it was committed to me that I would get the rate. Instead, I got a larger loan amount that I didnt need along with my credit report being impacted. The regional manager doesnt even have the courtesy to call me and tell me why they wont honor the rate. 
I am furious about this whole situation!! I need them to stand up to what was committed to me! Thank you for your help.

Company response to consumer: Closed with explanation