Guaranty Bank: Guaranteed Rip-Off!
MILWAUKEE, WISCONSIN -- We had two incidences where Guaranty Bank missrepresented themselves to us. The first incident came when we met with the Attorney to close on our second mortgage. The bank called to schedule our closing appt. at which time they stated the terms of the loan. It was to be a 30 yr. fixed rate for the life of the loan. As we met with the Attorney, she disclosed that the loan was NOT 30 yrs but a 20 yr loan with a final balloon on the last 10 yrs. Of course at that point we discontinued the meeting and instructed the Attorney to void all paperwork.
We contacted our Broker, who was very disgruntled with Guaranty Bank. The Broker tried to make amends so they would not loose our business. Guaranty Bank decided they would lower our interest rate because of the problems they had caused (just because they were losing our business along with thousands in interest). They would not however take the loan to a 30 yr fixed rate, and we must keep the balloon. Because we were on a time crunch to consolidate our debt, we decided to agree to these terms.
Several days later we met again with the closing Attorney and signed the paperwork. The Attorney stated that the money for the creditors would be paid to the creditors by the next Wednesday. She went over all the paperwork with us, including the Disbursment Request and Authorization which stated, "Please Disburst as follows," "Amount paid to others on Borrower's behalf", with each creditor and their amounts listed below. This is the ONLY documentation throughout the ENTIRE paperwork that tells how the money will be disbursed. This naturally lead us to believe that after signing the paperwork, Guaranty Bank would payoff our lenders! We have consolidated debt in the past and the banks have always paid off the creditors electronically.
The next Wednesday came and we thought the debt had been taken care of and cleared with the creditors as well as showing up on our credit report. On Thursday, to our dissmay we found a FedEx package on our doorstep. Inside the package were 5 checks to each creditor totaling $60,000! There was NO other paperwork, only checks! We signed NOTHING stating we would receive 5 checks totaling $60,000 on our doorstep via FedEX. We never imagined we would have to take care of this ourselves. I hate to think what might have happened if we had not found those checks lying around! There was not even a request for signature!!! Anyone could have stolen those checks. And now it would take another week or longer for our creditors to receive their money. We were now accumulating interest with the creditors who were supposed to have been paid by now along with interest from Guaranty Bank!
We immediately contacted Guaranty Bank. The first person we spoke with stated that she could not help us and there were no managers in the office who could help (even though there was 2 hours left until closing). She advised us to call back and talk with Kimberly Grambold on Friday. This means the clock is still ticking on our debt consolidation. On Friday morning we call Ms. Grambold who was rude to us and tried to place the blame on FedEx for just leaving it on the doorstep (even though THEY are the ones who did not request signature)! She also placed blame on the Broker whom she said must have miscommunicated with us, (although the Broker states he knew only the same information we knew and also assumed the creditors would be paid electronically)! Finally she placed blame on us for not requesting that the money be paid electronically! She then told us we would need to contact Josh Bryan in Atlanta, GA for further complaints. So we contacted Mr. Bryan, who was even more rude than Ms. Grambold. Keep in mind that we were very calm on the phone with these people, never speaking with fowl language or loud tones. These people were so defensive because they knew they had done something wrong! And remember how Ms. Grambold told us that we were to blame because of not requesting to have the money paid electronically? Mr. Bryan told us that they NEVER handle money electronically and they have no way of doing that. If that is the case shouldn't Ms. Grambold have also known that fact? Mr. Bryan said that we should not "assume" things and that it was our fault because we "assumed" they had taken care of our debt. Hello Mr. Bryan, wake up! It's 2007, EVERYTHING is handled electronically. Money is constantly being wired to and fro throughout the world. If this bank cannot handle money electronically they should not be in business!!!! Paper rarely exists anymore! We asked Josh Bryan to, at the very least reimburst us for the high costs of overnighting the checks to their proper places. Which brings me to yet another point... who would just put $60,000 in an envolope and send it through the Postal Service? Are we just supposed to hope that they money gets to the right places and in a timely fashion at that? Mr. Bryan told us he would not so much as reimburse us for the fees to overnight the checks. He said this was our problem not his.
We then proceeded to contact our Broker who was appalled at Guaranty Bank. He could not believe the way we were treated and he was appalled that the paperwork only stated "Amount paid to others on my behalf". That was the only information we had regarging disbursment and the Broker agreed that he would also "assume" that would mean Guaranty Bank would disburse the money to the correct locations!
I want everyone to know the horrors we've experienced with this bank. They were not willing to try to rectify any problems they caused. They were only rude and defensive, placing the blame on everyone else.