RBS Citizens Mortgage Complaint

RBS Citizens Mortgage department,

Home equity loan or line of credit Application, originator, mortgage broker Massachusetts

We took an equity line with Citizens Bank in -/-/-. After a long process to get this loan we signed the paperwork in -/-/-. We then used the money to pay contractors to do some work on our home. The paperwork was lost '', not processed '' or just misplaced and we had to duplicate some of this paperwork for months after the loan was originated. The payment set up was incomplete which caused headaches and late charges which after a full year the bank realized their errors and reversed all those charges and cleaned the record. In -/-/- I refinanced my home and closed the equity line. Unbeknownst to me or my wife was that Citizens slipped a line in the documents to charge $350.00 for early termination of the equity line if closed within three years. I only found this out when


open '' which they did not prorate for the 4 months we did not use. I have complained to the bank about this and that the loan officer did not explain this fee prior to the loan being opened. On top of this they also charged $25.00 for a fax to get the payoff of the loan. The bank refuses to give a refund for the $350.00 or the prorated fee for the loan or the $25.00 for a fax fee that was also never discussed. $25.00 for a fax seems a bit high, almost a price gouging situation. The bank personnel have told me they would return calls several times within 24-48 hours and yet have taken over a week on each occasion to reply to me with the same negative response about reimbursing my fees that were paid. Had I been aware of the $350.00 fee I could have kept the loan open '' until - with a minimum balance to avoid these fees. I was not given that opportunity to do this and the statement I received was weeks after the payment was made making this situation even that much more frustrating.