Consumer complaint received 2022-03-12
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: CITIZENS FINANCIAL GROUP, INC. (MA)

Our son was enrolled as a student at XXXX College for the XXXX academic year. 
We applied for and received student loans from Citizens Bank in the amount of {$7500.00} for each semester ( total loan for XXXX year was {$15000.00}. 
Our son withdrew from XXXX College very early in the spring semester, and received a 90 % refund for his loan expenses. 

XXXX College sent a check to Citizens Bank, to the address that they provided, for {$6700.00} mailed on XX/XX/XXXX ( check # XXXX ) ( This check shows up as reversed on our account statement ) Citizens Bank lost or misplaced that check when our account balance was not reduced accordingly, we contacted XXXX College, and then Citizens Bank to find out what happened. 

Citizens Bank told us to tell XXXX College to cancel first check and re-issue another check. 

XXXX College reissued second check ( to the same address ) for {$6700.00} on XX/XX/XXXX ( check # XXXX ) ( This check ALSO shows up as reversed on our account statement ) XXXX College informed us that they had called Citizens bank and were told that Citizens Bank had received the second check and that we were all set. 

We received a letter of repayment from XXXX in XX/XX/XXXX regarding the beginning of our loan payment period. This letter showed a FULL balance with a corresponding higher interest amount, and therefore, a higher monthly payment amount. 

We reached out to XXXX College to see if they had a record that either check had been cashed. They confirmed that neither check had been cashed and that they would reach out to Citizens Bank. 

In the same time period, I called XXXX ( XX/XX/XXXX XXXX - talked to XXXX XXXX to tell them we had a problem with the amount owed and monthly payment amount. They told me I had to call Citizens Bank instead to handle it. 

I called Citizens Bank ( XX/XX/XXXX XXXX XXXX XXXX who confirmed that XXXX College had been in touch several times recently, and that XXXX College was sending another ( third! ) check for {$6700.00}. He also indicated that the third check was going to be backdated to the date that Citizens Bank first messed up ( my language, not his. ) and that our account would show the correct balance with new interest charges, and a lower monthly payment. 

We checked our account yesterday ( Monday XX/XX/XXXX ) and found out that they ( Citizens Bank ) applied the check for {$6700.00} and our balance had indeed been lowered to the correct amount, but it still showed that we owed the same monthly payment for the same term as before ( {$190.00} ). 

We sent screen prints to Citizens Bank showing them that there was still a problem, and were told that WE had to get in touch with their subcontractor XXXX, and ask them to recalculate our total debt and our monthly payment amount, and then, if XXXX refused to do it for us, we should to call Citizens Bank AGAIN. 

I called XXXX at XXXX XXXX on XX/XX/XXXX and was told that she recalculated the loan amount unofficially and came up with a figure close to {$110.00} that she said we could pay until XXXX formally recalculated the monthly payment which would happen within XXXX days. 
Still nothing has been recalculated. 

This is incredibly poor customer service and it is something that I have not ever experienced with any other organization at any time in my life. Over the course of the last XXXX years, we have been in touch with ( sent emails or called ) Citizens Bank, XXXX XXXX, and XXXX College somewhere between 20 and 30 times regarding this simple issue. 
Their service in this matter is pathetic. 
I would respectfully ask that the Consumer Assistance Unit within the XXXX of Massachusetts, Division of Banks assist us with this situation. 
Thank-you very much for your consideration, XXXX XXXX