Consumer complaint received 2024-07-10
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: U.S. BANCORP (OH)

In May, I paid a fee, up front, to have Escrow separated from my mortgage payment to handle the Insurance and Property Tax payments on my own. 

They processed the request and it was approved. 

They stated the balance of the Escrow account would be refunded to us via a check through the mail. 

Their online records and customer service records show this was processed and mailed on XX/XX/year>. 

When no check arrived after two weeks, I began calling to check on the status. At each juncture, there were no updates and simply told that if it doesn't arrive by XX/XX/XXXX that I could request another check. 

My refund amount is {$3000.00} and the property taxes are due XX/XX/XXXX of ~ {$2600.00}. When cancelling this I was told it would arrive prior to those payments. In the meantime, I received a letter from US Bank indicating all the penalties and actions they could take against me if I don't pay my Property Taxes and Insurance on my own. 

I feel like it is just bad business to say I would receive this money in time, then either not mail or lose the check, and wrap it all up with a letter about how I can be held accountable. A letter which I would not have minded had they refunded my the money I am due. 

I'm on the phone with them today, XX/XX/year> and they indicated they can do NOTHING until XX/XX/XXXX ( tomorrow ) regarding another refund payment processed. When I inquired about doing an electronic transfer rather than paper check ( since I have a checking account with them ), they stated they tried that a few months ago and it didn't work for them so they stopped the process. I informed them of the upcoming payment due to the county for Property Taxes and that I need the refund ASAP. I also inquired about expediting the mailing of the check given the circumstances. 

After waiting on hold for their supervisor to indicate if this was possible, the agent returned to our phone call ( which I'm on hold with the agent right now as I type this complaint ), she indicated the supervisor needed to verify the check was actually mailed ... ACTUALLY MAILED!? She said the supervisor indicated that processed does not necessarily mean mailed. 

So now, there is a possibility that they never even mailed the check and a guarantee that they do not have the information readily available as I've been on hold for ~5 minutes while they attempt to discover if it was ever mailed to me. 

As U.S. Bankcorp is the 7th largest bank in the United States as of XX/XX/year> with ~ {$680.00} XXXX in total assets, I find it absurd that they don't have a system in place to refund customer money within 30 days, nor to track the payment of that refund. If I were to mail them my mortgage check and it didn't arrive and I told them, " I'm so sorry, I believe it was mailed. Let me check my records. If I can not locate it, I'll mail you another one but it may take a week to arrive because the USPS mails at the speed they mail at. '' If I were to do this, I'd be charged late fees and penalties and face consequences. 

They agent just returned to our call and indicated there was no records of the check ever being mailed. There was also no record it wasn't mailed. They indicated that their systems simply do not provide the information. 

She then told me that they would not be able to issue the 2nd check with tracking or expedited service. I've now escalated to a " Senior Agent '' to demand a certified mailed check so we can at least track it's progress. 

U.S. Bankcorp is a {$680.00} XXXX business that has now caused me the potential for grievous harm from my county auditor if I am unable to pay the property taxes on time. 

The senior agent is XXXX. she has now indicated that there is nothing they can do. Per regulations, we'll have to request the 2nd refund check be issued tomorrow, XX/XX/XXXX and that we have to wait the 20 business days to check on it's status if it, again, is not delivered. 

I want the CFPB to do something here! The money in the Escrow Account is legally our money that the bank holds. I've paid the fee to get my money returned to me over 6 weeks ago and I do not have my money. This is unacceptable behavior that should not be tolerated. 

I have recorded my most recent ( and 3rd ) call to US Bank 's customer service mortgage division and would be more than happy to share the call with you in this matter. I've been cordial to the extreme with this bank and am getting rebuffed at every turn. I've had enough and want actions taken against them!