Consumer complaint received 2022-10-02
Product: Mortgage — Other type of mortgage
Issue: Trouble during payment process — 
Company: U.S. BANCORP (WA)

I've had 3 commercial real estate loans with US Bank since XXXX A couple years ago when I had saved up enough money, I wanted to pay off the XXXX loan. The balance was ~ {$450000.00}. I also asked for a line of credit on the property of {$250000.00}. The property was worth {>= $1,000,000}. Over the last 12 years my loan payments have been taken out of my bank accounts automatically. Never a late or missed payment. Additionally I deposit close to {$30000.00} per month in the bank and have over {$400000.00} in 5 accounts earning practically nothing in interest. My credit history is perfect. I have plenty of credit history and have never been late with a payment in 50 years. I have had no revolving credit debt for 20 years. Only these commercial real estate loans. Even though the money to pay off the loan was in an account at US Bank, they delayed paying of my mortgage FOR MORE THAN 6 MONTHS! They played games with me. They lied to me. They held me XXXX! They required me to provide them with detailed personal financial statements, bank statements, and tax returns. They required rent rolls and business financial statements FOR THE PROPERTIES THAT THEY HAD BEEN RECEIVING {$30000.00} MONTHLY FROM FOR SEVERAL YEARS!! Just to pay off a loan and put a {$250000.00} line of credit on a free and clear property worth {>= $1,000,000} that was depositing {$9000.00} per month in US Bank! After being abused by them for several months it occurred to me that they could have paid down my mortgage to within a XXXX XXXX XXXX immediately, to save me from paying interest on a loan that I was prepared to payoff. A month ago I decided to pay off the other two loans. I have been in contact with a personal banker by email and by telephone and he is playing games with me again. He keeps calling me and pressuring me to give them my personal financial statement and tax returns and rent rolls and business financials because my loans term on XX/XX/XXXX. When I ask tell him I want to pay off my loans or ask him questions about how to do it he ignores me, doesn't reply to my emails or return my phone calls. This is like dealing with a loan shark. I'm flabbergasted that US Bank would employ these types of tactics to gain a few more dollars in loan interest. I have paid them ~ {$250000.00} in interest over the last 10 years on these loans. The only reason I didn't pay them off sooner is that they lied to me about the prepayment penalty when I got the loans. They told me, in writing, that if prevailing interest rates were the same or higher than my loan rate there would be no prepayment penalty. They called it " Breakfunding ''. After 8 years, when I asked about paying off my loans, 10 year interest rates were higher than my loan rate, but when I got the payoff statement they billed me XXXX XXXX XXXX prepayment penalty per property. When I aksed why, they told me that they compare my loan rate to the rate for a loan that is the same length of time as is remaining on my loan. So, they are comparing apples to oranges. They claim they are " forced '' to loan out the money ( after a payoff ) for the length of time that is remaining on my loan that is paid off. So, I had 10 year loans. If I wanted to pay them off after 8 years, my 10 year loan rate was competing against a 2 year loan rate. Either they're lying to me now, or they lied to me about " breakfunding '' when I got the loans. Now, short term rates are higher, so there is no PPP. But US Bank is once again stalling ; preventing me from paying off my loans so they can continue to earn interest on them. There must be some law, some federal regulation against this. I would like to see them prosecuted. It's such a foolish practice, expecially in my case. They couldn't ask for a better client. They have already made so much money from me, and enjoyed my accounts containing $ XXXX for the last 10 years paying me virtually NO interest! I'm really offended. US Bank has been extremely disrespectful and quite possibly guilty of violating consumer protection laws.