Consumer complaint received 2019-02-15
Product: Payday loan, title loan, or personal loan — Personal line of credit
Issue: Problem with cash advance — 
Company: BBVA FINANCIAL CORPORATION (TX)

My husband and I have applied for a HELOC at Compass Bank on 2 occasions. The first time was XX/XX/XXXX. We were approved. We had included a request to pay off XXXX Mortgage. This is not our primary mortgage ( XXXX XXXX ) we were getting the equity from. however the financial advisor XXXX XXXX said the application had expired due to a combination of the processor not getting the employer and or home insurance verification on time etc.. We were a little upset we would have to go through the entire application and credit checks again but continued with the 2nd application.

The 2nd HELOC application was submitted end of XXXX, the beginning of XX/XX/XXXX. This time, we didn't request any payoffs on our behalf and wanted the HELOC proceeds into a checking account we would open with Compass Bank at the time of closing. This was discussed when the 2nd HELOC application was submitted. Part of the documents we signed was a 'Debt Consolidation Letter '. This form is used to write down creditors we intend to payoff with this HELOC. We didn't include anything on it. 

During the process, I receive an email from XXXX the processor requesting a fax number for XXXX. I was shocked. XXXX is a pool loan we have and is not a HELOC and is not tied to any property. This was a personal loan and no information was given to Compass Bank about it at any time. I believe they may have seen this credit on our credit. I emailed XXXX the financial advisor at the bank as to why they are needing this information, she emailed me back and said the email was sent in error. ( I have all emails available ) I get an email on XX/XX/XXXX from XXXX that our HELOC is ready to close. We made an appointment for Saturday XX/XX/XXXX. Everything was fine and dandy. We closed. We opened the checking account with them. She said we would have the funds available within 5-7 days. 

On XX/XX/XXXX I went into Compass Bank to make a payment on a loan my husband has with them and asked the teller about the status of the funding of the HELOC. She researched and said that I only had {$1700.00} available out the of {$29000.00} HELOC we received. Again, I was in complete shock. I asked to speak to XXXX. When explaining to XXXX, she did her research and said there was a payoff submitted to XXXX in the amount of {$27000.00} and that there must have been a mistake. She reviewed the documents given to her and agreed there was no such request made by us. She said she would email the back office and get back with me. 

On XX/XX/XXXX I emailed XXXX asking her for an update. She emailed back, 'I spoke with someone in our back office this morning and she says she received the request for a payoff of the XXXX loan after the home equity booked. She submitted the payoff on XX/XX/XXXX and the check has already been cashed through XXXX. She says the loan information, account #, etc, was provided. She sent me the payoff authorization and I have attached it here for you. Have you talked with you husband to see if he had talked with anyone and provided the account information? Let me know if you have any other questions. '' OF COURSE NOT!! WE HAVE NOT AUTHORIZED ANYONE TO PAY OFF OUR XXXX LOAN!!! 

we walked in to the Compass Branch on XX/XX/XXXX. XXXX was off and were offered to speak to the Vice President XXXX XXXX. He said he knew a little bit about what was going on based on what XXXX had explained to him. I explained the situation. He brings out 2 forms. One was a 'Request for payoff ' not completed by either my husband or I. It listed XXXX as our 'Mortgage Company ' with a property address of our current address.

*****XXXX IS NOT OUR MORTGAGE COMPANY***** I explained to him this was not a form we filled out.

Then he says we had to of been informed that one of the requirements of us getting the HELOC was we had to payoff any liens we currently have. I advised him we do not have any liens. 

He looked puzzled. He said he had never seen a situation like this in the 10 years he's been doing this and that he would review my information with his regional manager XXXX. 

I want Compass Bank to rectify this problem and take accountability for their mistake. 

They have made an error in paying off an account they weren't authorized to and have used up all of my HELOC. 

This is causing me serious distress and need this taken care of ASAP.