We’re considering refinancing our home. After searching through quite a number of banks and lending institutions around here and online, I’ve narrowed down my search and focused in on US Bank.
Their quoted APR (which I know can fluctuate day to day) is on the low end of the spectrum. And their closing costs are pretty cheap, all things considered.
But my wife has had some really bad experiences with US Bank when she had a checking account there. Poor customer service, hassles with administration etc.
While we realize that there’s a difference from branch to branch even between the checking account portion and a loan officer, she made me promise to at least start a thread here soliciting opinions.
What’s been your experience with US Bank? Have you ever run a loan through them? Anyone heard anything about the normal fees they charge on a mortgage refinance and if there’s anything in particular we should be on the alert for as we review the contract?
Thanks all.
Oh yeah, and any other institutions to consider in the KS/MO area?
US Bank had one of my mortgages for a few years, and I never had any trouble with them. I don’t know about closing costs, though, because I’ve always gotten my loans through a (trusted) mortgage broker who tends to do loans with no closing costs.
I’ve never actually shopped for a loan directly, in fact – just used my broker every time. There’s no reason why your lender has to be local to your area, BTW. In fact, my refinance in 2008 brought me into business with the notorious Countrywide, who is on the opposite coast from me. Again I had no problems. I just sold that place on the 31st (woo hoo!) and now am back to renting (long, tragic story).
The best way to find a trustworthy broker is word of mouth, and there are a lot of shady ones out there – though maybe fewer, now that the subprime fiasco has happened. Unfortunately I’m not in your area to recommend anyone. Good luck shopping around!
My Mom set up a trust, naming me as Successor Trustee. She had an auto loan and a 2nd Mortgage through US Bank.
When she died and I acceded as Trustee, US Bank refused to acknowledge me as Trustee.
Every document was in order IAW Missouri law, prepared by a very reputable attorney.
The Social Security Administration, the State of Missouri, and two other financial institutions had no problem, but US Bank said they couldn’t acknowledge the court documents or a properly sealed and recorded cert. of death due to Homeland Security and The Patriot Act.
They almost screwed up the sale of my Mom’s house, until a Judge pretty much ordered them to quit dicking around.
I’ll never cross the entrance threshhold of a US Bank ever again, unless I take up armed robbery.
I have never had a loan from them…got close to a personal loan once, paperwork filled aout and credit references checked and everything, until the manager found out they don’t MAKE that type of loan…sigh.
The Homeland Security thing means that when my son didn’t have a bank account anywhere, he couldn’t sign his paychecks over to me for me to deposit in my account. That might be money-laundering, you see. Even though we have the same last name, live at the same address, and his paychecks were only about two hundred dollars.
So he opened a checking account with USBank, since I’d had one there for years. When he screwed up and overdrew one time, we drove up to the bank to find out why, even though he had deposited money a few days before, he was overdrawn…even though the computer at home said he had money. During the discussion, he mistakenly let the f-word slip, in relation to the distress he was feeling at finding out that $300 of his money was gone, in a sort of side comment…not directed at the teller at all. She threatened to call security and told us she wouldn’t be continuing any discussion of his account. We were flabbergasted and stunned…frankly, I’m so used to hearing most of my son’s friends use that word that I didn’t even notice what he had said. So I call the Customer Service line and complain about the way she over-reacted…and they were apologetic…but when I went to the branch on their suggestion the next business day to get the answers that the teller wouldn’t give us, I was told that our accounts…mine as well as his…had been “flagged” to warn tellers that we were hostile customers!
I don’t want to paint a whole institution with a broad brush…and my son WAS wrong in letting his anger and distress take that form…but when we went to open an account at another bank for him recently (a really long story behind that one) the difference in attitude on the part of the tellers and the manager was astounding. We even asked the woman if she would call security if my son forgot and let a bad word slip, and she laughed and said they wouldn’t be so quick to over-react to a slip of the tongue.
Right now I still have an account with them, but I am looking forward to the day I don’t anymore.
They signed me up for a credit card, even though I didn’t want one. Called and complained about that, and never activated the card. No big deal.
They also released personal information (account balance, and transaction history) to my father without my permission (I was 21, so it’s not like I was a minor). Called and complained to bank manager and teller was suspended, and I closed the account.
I will not be doing business with them anytime soon, but I do miss having a bank open until 8 6 days a week.
I got my car loan through them. They were really quick and efficient in getting that done, and didn’t screw it up. All of my accounts are there as well. I’ve had a little trouble getting my address correct on everything, but that’s more of a divorce issue than US Bank’s fault. My home loan, however was not through them; it was through Chase. Only time I’ve ever escalated a non-tech-support call.
The few times I’ve had issues with my account, they’ve resolved it very, very well. Once, I did call customer service, and was mistakenly transferred to a branch in Racine, WI. (This after calling the main customer service number). The banker that I got there was very confused. . .but resolved my problem anyway, no issues. Even though I was in Illinois at the time, and have never even been to Racine. So. . .good experiences here.
I’ve had them for checking/debit & savings & credit card for 15 years and a car loan now. The only problem I’ve ever had was when they added an extra zero to a deposit and that was cleared up quickly. In December my credit card number got hacked and, since I discovered it immediately (I was online when the confirmation of purchase e-mails started rolling in) they managed to shut everything down so only one charge actually got through and that was $4.95, which they ate. Their online services are spiffy and I read that they have one of the most secure online banking sites. Plus, there are a ton of branches in my area if I ever need an ATM.