Consumer complaint received 2019-11-11
Company: Flagstar Bank, N.A.
State: CA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Other personal consumer report
Issue: Problem with a company's investigation into an existing issue
Sub-issue: Difficulty submitting a dispute or getting information about a dispute over the phone

Complaint:
I took a second mortgage on my home and had the chance to save .5 percent on the loan if I used an ACH account ( automated clearing houose ). I agreed, it saved me money. I was provided an ATM card to fund this ACH. I made attempts to deposit to this account that failed so I I called the bank to ask for advice. I tried other ATM machines too. The XXXX app was suggested, but I thought that was incredibly risky. My 1st payment on this second mortgage was very far away from being due, but I was accruing a $ 2/mo fee for paper statements. Everytime I had an issue, I called the bank. I spents HOURS on the phone every month. I have the money and I am happy to pay my bills. My phone calls concerned the difficulty of funding this ACH. The ATM card didn't work, the bank is new to the western market and admitted network and technical issues. I made my payment over the phone after having no way to fund the ACH. The bank staff was friendly and apolgetic. Always assuring me that they had technical issues and they were following my account personally. I mean one person was actually watching. A check did not clear as I had expected and this person was on vacation shortly after she promised to watch my account. She never monitored my account. 

This is XX/XX/XXXX and all of my payments have been made on time. The ACH could still not be funded. I have to admit one thing that I feel could be my fault ; in all of the documents sent to me during this 2nd mortgage any account numbers have appeared as XXXX. I thought my account was XXXX, perhaps tied into my primary mortgage? I don't know how I should know this, I don't know the inner workings of that bank. 

After receiving the FULL account information and calling the bank to assure on time payments, we were able to try again to perform an " electronic funds transfer ''. The micro deposits were succesful per XXXX in the HELOC department, but the bank and I had so many troubles since the origination of the loan, that we thought it would be best to use the payment method I'm accustomed to. I had been given so many assurances and I made every payment on time, despite being in a training program and having to get a cashiers check into the postal service at the last possible hour. My Fico score was XXXX before this 2nd mortgage. 

Okay, here is the problem. I was accused of account abuse to XXXX XXXX on XX/XX/XXXX. If trying to fund the banks account and making an on time payment, reaching out for solutions to pay on time, following the advice of bank personnel, double checking that payment has been received ; I am very abusive! I'm not calling them to receive congratulations, I'm calling because of recent issues! 

The derogatory remark of account abuse prevents me from opening a business checking account. I am a new small business with one check in hand that I really need to cash, bad! Next month, a bigger one. But no bank will touch me with this comment on XXXX XXXX. I am held hostage by this comment. I have contacted my bank and sent a message to the site that addreses credit corrections. It has been 5 business days, the maximum they state, without reply. 

The bank has always been so polite and assuring, but being unable to create an account for my new business means I can't cash checks. With this derogatory comment that has zero merit, I will go broke with {$30000.00} in checks addressed to my business and know way to pay bills with that money. Everyone is just so happy to tell me everything is fine and on XX/XX/XXXX I was assured by XXXX XXXX that the derogatory comment was going to disappear aftert 90 days. 

Despite the best efforts of myself and the bank employees, we can not sufficiently navigate a method to correct the problem of this derogatory comment. 

My only hope is the Consumer Financial Protection Bureau, and possibly forcing this bank to cater to my business needs, as they seem to offer this service. 

I have made numerous phone calls addressing payment concerns since XX/XX/XXXX. I have an absolute willingness to pay on time, but I will run out of money in XX/XX/XXXX and may have to stop home related payments. 

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 explanation