Consumer complaint received 2021-08-23
Company: U.S. BANCORP
State: VA
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage

Complaint:
On XX/XX/2021 I called your Customer Service, spoke to XXXX and requested that the Home Equity Line of Credit be closed and written confirmation be sent to me about the credit line being closed.. I was told there was a lengthy procedure and it would take 10 Business Days ( unacceptable ). I needed to refinance and this Home equity line needed to be closed and I had to submit the closure letter to my Mortgage Company to refinance my mortgage. 

On XX/XX/2021 I received a Letter from US Bank. To my surprise it said " This letter is to confirm receipt of Pay funds '' ( grossly incompetent ) .. There was no letter confirming that the account was closed. 

What payoff funds? There was no balance! 

So I called again on XX/XX/2021 and spoke to XXXX at XXXX XXXX.. After spending a lot of time with her she agreed to send a letter of closure to the Mortgage company where I am refinancing my Loan. I would not be getting a copy of the account closing Letter. If I selected the option of receiving the Closure Letter it would take 7 business days ( unacceptable ). ( The Letter has not been received by my Mortgage company as of writing XX/XX/2021 ) I requested the letter be sent to me by overnight mail. She refused. 

So now there is no closure Letter, I have no way of knowing that US Bank sent a home equity closure Letter to my Mortgage Company. My refinancing will possibly expire since it can not remain open forever and US Bank keeps XXXX XXXX around. 

Sent a Email on XX/XX/2021 to XXXX XXXX President/Chairman of US Bank Mr. XXXX XXXX : Hope all is well with you and US Bank. 

On XX/XX/2021 I called your Customer Service, spoke to XXXX and requested that the Home Equity Line of Credit be closed and written confirmation be sent to me about the credit line being closed.. I was told there was a lengthy procedure and it would take 10 Business Days ( unacceptable ). I needed to refinance and this Home equity line needed to be closed and I had to submit the closure letter to my Mortgage Company to refinance my mortgage. 

On XX/XX/2021 I received a XXXX from US Bank. To my surprise it said " This letter is to confirm receipt of Pay funds '' ( grossly incompetent ) .. There was no letter confirming that the account was closed. 

What payoff funds? There was no balance! 

So I called again on XX/XX/2021 and spoke to XXXX at XXXX XXXX.. After spending a lot of time with her she agreed to send a letter of closure to the Mortgage company where I am refinancing my Loan. I would not be getting a copy of the account closing Letter. If I selected the option of receiving the Closure Letter it would take 7 business days ( unacceptable ). 

I requested the letter be sent to me by overnight mail. She refused. 

So now there is no closure Letter, I have no way of knowing that US Bank sent a home equity closure Letter to my Mortgage Company. My refinancing will possibly expire since it can not remain open forever and US Bank keeps XXXX XXXX around. 

Regards. 

Received a response from US Bank on XX/XX/2021 Thank you for your email to the chairman, president and CEO of U.S. Bancorp, XXXX XXXX. I appreciate the opportunity to acknowledge receipt of your message on behalf of Mr. XXXX and our executive offices. 

We regret to learn of the concerns described in your message and appreciate the time you have taken to reach out to us. Upon receiving your email, we requested that your communication be reviewed by those who are in the best position to respond directly to you about this matter. As we have a formal process for researching concerns, we expect that youll receive a telephone call or a written response will be sent as soon as we have completed a review of the information youve shared. 

We understand the importance of addressing your concerns in a timely manner ; therefore, we will strive to expedite a response and we appreciate your patience while this matter is in review. 

Sincerely, As of XX/XX/2021 XXXX XXXX  there is no communication from US Bank or their Customer Service. My mortgage Banker has not received the Home Equity line of credit closure Letter and neither have I received the Letter.

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