Consumer complaint received 2020-04-21
Company: U.S. BANCORP
State: AK
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
On Saturday, XXXX, XXXX I received an insurance check in the amount of {$36000.00}, from XXXX XXXX. It covered the additional costs to repair earthquake damage to the sewer line, not included in the original estimate. 

I endorsed the check and put it the mail the to US Bank National Association, Loss Dept. located in XXXX, Monday, XXXX, XXXX. 

1 ) It finally showed up in the US Bank file Monday, XX/XX/XXXX. 
I called and explained that they had closed their file too early. This was a supplementary check for unanticipated sewer line damage. 
He said it would take two or three days to process the check. So, I expected a check issued by XX/XX/XXXX. 

A ) XX/XX/XXXX, I received a call from a US Bank representative asking me what the check is for. I explained it all over again. This also pushes back the check 's process date to XXXX, XX/XX/XXXX. 

2 ) XX/XX/XXXX, I called to check on the status of the check. Now I am told they need an Adjustor 's Report. I was told that the adjustor could just call however. I called my adjustor who in turn called them. This just delayed processing the check until XX/XX/XXXX. 

B ) XX/XX/XXXX, and they still have not issued a check. When I called, the representative I spoke with could not give me an adequate answer as to why they have not processed the check. I insisted on speaking with a supervisor or manager. No one is available, someone will call me tomorrow. XX/XX/XXXX, I receive a call at XXXX a.m. I was in the shower. 

C ) He left a garbled unintelligible voicemail. 

3 ) I called them at XXXX and had a nineteen minute conversation where their representative told me they needed a Stabilization Report. I went ballistic. 

D ) During this nineteen minute conversation I insisted on speaking with a manager.  Again their narrative is no one is available. However, during my rant, he did say I could make a phone appointment with a manager. I was upset and left the conversation with a promise that a manager would return my call tomorrow. I realized I didn't get a firm appointment time to speak with a manager so I called them again at XXXX to schedule one. They kept me on hold for an hour and 7 minutes. I wanted a firm time so that my contractor could be attend the call. 

4 ) XX/XX/XXXX, I spoke with XXXX, manager. She explained that they made a mistake with the first {$110000.00} disbursement and it shouldn't have been released without the Stabilization Report. 

E ) She asked if she could release 1/2 of it? I said no! This is exactly what transpired with the first {$110000.00}. I want it all or you can withhold a {$1000.00} until you get the Stabilization Report. I said I'd check the computer in the morning to see if the check has been issued. I also asked her to provide me with the regulations that require a Stabilization Report and how much they can withhold until they receive it. As of XX/XX/XXXX, I have not received that email. 

To sum it up : This case was closed. The check should have been released by XX/XX/XXXX at the latest, according to the first representative I spoke with. The excuses they gave me are just to delay paying. If they needed a Stabilization Report they should have in formed me by XX/XX/XXXX. The Stabilization Report should also have no bearing on disbursing this check. If it was an issue it should have been resolved earlier. This is the first I've heard of them requiring a Stabilization Report. They are withholding funds that they have no right to hold on to. This is extortion. 

1-4 the narrative changes. 1, it's 2-3 days ; 2, they need the adjustor 's report ; 3, they need the stabilization report, 4, can I send you half? 

A-E are the delay tactics they use to drag it out issuing a check. 

This is blatant " Big Bank '' taking advantage of the little guy. 


I've got horror stories from the first {$110000.00} check. It took four months to get them to release it! The work was completed in 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