5/3 Bank Complaint - 5/3 Bank Unethical/Screwed - Up Refinance
FT MYERS, FLORIDA -- This occurred in Ft. Myers Florida 5/3 Bank Colonial office in Dec 2005.
My husband (my fiance at the time) had some debts and wanted to refinance one of his properties to pay off the debts as we wanted to build a custom home and needed the debts paid off to qualify for a construction loan.
My husband met with the loan officer at the Colonial Branch of 5/3 Bank and where he reviewed my husbands debts (several credit cards and one equity loan). My husband said that the officer seemed to be quite competent and added up the debt and said my husband needed to refinance BOTH of his properties in order to pay off the various credit cards and Suntrust equity loan so my husband said okay.
After the closings my husband came home and complained that it had seemed quite disorganized and unprofessional and that 5/3 Bank was to mail out the checks to the various creditors. He had no conformation or copies of the checks that were to be mailed out to his creditors and instructed me to keep a close eye and make sure the bills indeed had been paid, which I did. The credit cards were paid but I soon noticed that we had a very large credit (close to $20,000) on his SunTrust account. When I pointed it out to him he said, just wait it may be a bank error and they will catch it.
Well this went on for two more months until we caught on and asked for SunTrust to mail us the $20,000 credit.
This is what had happened. Two checks for $20,000 had been sent to SunTrust by 5/3 Bank. There had NOT been any need to refinance BOTH properties as the refinance of one would have covered all his debt. Because of incompetence or greed (the loan officer wanted two commissions instead of one) the loan officer had refinanced both properties and we had paid for a refinance that had NOT been necessary.
That fiasco cost my husband at least $5,000.
I called and complained to the loan officer on one occasion and he said "he would look into it"...I complained to the branch in Ft. Myers and they said "they would look into it". We are now living in the TampaBay area and here at the Seffner 5/3 branch I complained to the Bank Manager and he washed his hands of it and did not even bother to say "I'll look into it".
We would never have refinanced the Ft. Myers house if we had known it was not necessary to qualify for the construction loan as we needed o sell that house to build the new one anyways. As it was we refinanced the Ft. Myers house in Dec 2005 and it was sold in April 2006.
I feel by husband was duped or cheated out of at least $5,000 for an unnecessary refinance due to the incompetence or greediness of 5/3 Bank or it's loan officer and we want the costs of refinancing the Ft. Myers house REFUNDED immediately. If this post does not attract any attention within 30 days, we will contact an attorney and 5/3 Bank will pay a lot more.