Consumer complaint received 2022-01-27
Company: U.S. BANCORP
State: MA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
XX/XX/XXXX XXXX XXXX XXXX  XXXX, USBank RE : XXXX XXXX XXXX XXXX Dear XXXX XXXX : My business was started just as COVID-19 struck us in XXXX of XXXX. 
The equipment I leased in XX/XX/XXXX was sitting in the warehouse of XXXX XXXX. It was installed in XXXX of XXXX, and according to the terms of the Lease, I was to get XXXX months grace period after installation not from the date of signing the agreement. The Dental office was immediately shut down until XX/XX/XXXX. We had no business and no income! 
I never got the XXXX months of grace period after the installation of the equipment. 
XXXX XXXX XXXX, XXXX XXXX XXXX XXXX demanded payments immediately in the middle of the Pandemic. XXXX XXXX unfairly listed me as a high-risk defaulter when in fact I have enough asset to back up the loan. 
During Covid-19 Pandemic, XXXX XXXX was supposed to work with me and provide me with all the options to get relief, reduce payments and or postpone payments. He transferred the loan to USBank so so he could hide his mistakes and deny me a fair deal moving forward. 
During the second wave of COVID-19, My office was again closed between XXXX and XXXX except for a few emergency visits. I was unable to conduct business as usual. I had Pandemic related financial hardship and desperately needed and deserved additional Covid-19 relief. I had the right to request additional forbearance for at least 180 days. Based on the COVID-19 relief offered by the government, I had requested additional relief based on the medical emergency with myself and my family As a XXXX XXXX XXXX during the midst of COVID-19, you should have been more understanding and strived to help me recover and get back on track. 
Good Lenders are always willing to work with their clients to resolve the situation. As a good commercial lender, you were required to work with me and inform me about all my options during the COVID-19 before slapping me with property insurance charges and late charges. I complied with the USBanks requests and provided all the documents you requested and made payments as was arranged despite the Pandemic hardship that we are facing to this day. 
This information on Insurance charges and late charges was not disclosed to me from the beginning of the loan. Please take off these unfair late charges and property insurance charges when in fact I have had the XXXX XXXX for business property for the entire office and equipment since XX/XX/XXXX. 
Your equipment has never been uninsured since it was installed in XX/XX/XXXX I was shocked to learn it had late charges and legal fees added to the account without informing me. I had requested COVID-19 relief to make partial payments as is provided by Federal Law.

I am kindly requesting that the ALL-late charges and the Insurance property charges be removed from my account, and I am willing to pay off the entire balance. 
Please send me a final pay off bill. 
Thanking you, Sincerely yours, XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, MA 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