U.S. Bancorp Complaint - Hidden Fees
OWENSBORO, KENTUCKY -- For almost 5 years U.S. Bank Home Mortgage has held my current mortgage. I pride myself in paying all of my bills on time to ensure a good credit standing. Well back in March 2011 I had to call U.S. Bank and was asked if I would be interested in refinancing my current loan. Naturally I said yes to the opportunity to lower my monthly payment, I only wanted to refinance my principle balance. I was told by the initial refinance employee that I would only have to pay $312.00 and this would cover my appraisal and the entire process.
Well today May 20, 2011 I discover that U.S. Bank has charged my credit card an additional $365.00, why? Needless to say I’m trying to pay off my credit cards and this now increases my current balance. I immediately call U.S. Bank and was transferred three times (spoke with three different people) to be transferred a fourth to my original refinance employee. Please note this call took almost an hour for me to learn that the additional $365 was for an appraisal and there is nothing that I can do about it! So long story short I’ve wasted/paid $677.00 to U.S. Bank to learn that they can do nothing for me……WHAT A SCAM! Now I'm being told that the initial $312 was an "application fee" I would have never agreed to that....that fee is outrageous! What happened to the $50/$75 application fees? I’m currently in graduate school I could have used the $677.00 on tuition or books.
With all the negativity in the media regarding the U.S. housing market and loan fraud you would think the banks would precede with caution, I guess not!
The moral to my story is DO NOT GIVE U.S. BANK ANY BUSINESS!