Consumer complaint received 2021-01-07
Company: U.S. BANCORP
State: NJ
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage

Complaint:
I am a valued Client of US Bank, for more than 10 years, with impeccable, responsible banking relationship with the bank. 

I opened my HELOC Account with US Bank for more than a year now and my financial responsibility history is sterling, spotless : I want to file a complaint for the fact that I was MISLED by USBANK bankers in relation to my existing HELOC account. 

1. I have an existing Heloc Account, XXXX balance and I was planning to close it. 
2. On XX/XX/XXXX, I called Banker XXXX XXXX XXXX ) at ( XXXX XX/XX/XXXX ) and after he reviewed my account with me, he assured me that I will not be charged with any penalty if I close my account on that day and he confirmed with me that after 2 business days I will receive an email statement of account closure, so I articulated that definitely, I am closing that account and he told me that I will receive a final statement via standard mail of no balance statement as I requested it for my another existing loan. 

3. On XX/XX/XXXX, I called again and spoke with Banker XXXX XXXX XXXX XX/XX/XXXX) and confirmed with me that my HELOC account is closed and no balance as I was told to wait for my letter in standard mail system. 

4. On XX/XX/XXXX, I called again and spoke with Banker XXXX XXXX XXXX XX/XX/XXXX ) and she told me that I can not get the letter because I have to pay XXXX dollars as penalty for closing the account. I complained that nobody explained that to me and truth of the matter is, I was being MISLED and held up on this account. So, I requested then, if they can waive it being a valued client but she said I have to go a nearby local branch as she is not authorized to waive the penalty and only a local branch can waive this type of penalty. I believe I was being MISLED again on that statement. 

5. I searched over the internet and I could not locate any local branch within XXXX so I decided to call on XX/XX/XXXX and I spoke with banker XXXX at XXXX XXXX XX/XX/XXXX ) and I explained my complaint and I requested to elevate my grievance to a Senior Banker and I was able to speak with XXXX. She reviewed my contract and she said she will elevate this case to her back office and I could follow up on this claim/ complaint after 3 days and encouraged to call again and speak again with a Senior Banker and she noted my cellphone, if they chose to speak with me personally. 

6. I called XX/XX/XXXX Monday at XXXX ; XXXXXX/XX/XXXX to follow up and spoke with Senior Banker XXXX and I demand a supervisor and email address for me to formally file this complaint and I was able to speak with Ms. XXXX XXXX XXXX email : XXXX XXXX 7. Ms. XXXX promised me that she will elevate this customer complaint to her supervisor and I was given tracking number XXXX and today iI spoke with senior Banker XXXX saying that my request was denied. 

8. Essentially, I summarized my complaint that I was being misled that closing this account after Bankers XXXX and XXXX reviewed my account and assured me that I will not incur any penalty but eventually I was being asked to pay XXXX dollars. 

9. Being a loyal and valued client of US Bank, all I am asking is to waive this penalty as its not fair for me to be charged this fee after i personally requested to review my account before I decided to finally to close it.

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 monetary relief