|
3217547
|
2019-04-19
|
Managing an account
|
Checking or savings account
|
|
| Issue |
Managing an account
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Banking errors
|
| Sub Product |
Other banking product or service
|
| Date Received |
2019-04-19
|
| Submitted Via |
Referral
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2019-04-19
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
N/A
|
|
|
1421996
|
2015-06-15
|
Loan modification,collection,foreclosure
|
Mortgage
|
|
| Issue |
Loan modification,collection,foreclosure
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Mortgage
|
| Sub Product |
Conventional adjustable mortgage (ARM)
|
| Date Received |
2015-06-15
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
No
|
| Date Sent To Company |
2015-06-15
|
| Complaint What Happened |
Our primary mortgage holder, First Republic Bank did not escrow our property taxes, they were our responsibility to pay. In XX/XX/XXXX, our property taxes were in arrears and First Republic paid the taxes that were due plus all current property taxes that were due. Now they decided to collect escrow for future taxes and also they wanted to be paid back within a year for the taxes they paid that were in arrears. Our mortgage payment went from {$1400.00} per month to {$3400.00} per month. Starting XX/XX/XXXX, the new amount was due and I paid XXXX, XXXX, XXXX and XXXX. After the XXXX payment I contacted the bank and to notify them of our situation. I stated that the new payment amount was unaffordable for us. I requested to have First Republic Bank modify the loan to make it more affordable for us, and their proposal dated XX/XX/XXXX was to collect interest only from XX/XX/XXXX and to list our home for sale on XX/XX/XXXX and all proceeds must be paid back by XX/XX/XXXX and the house should be sold by then as well. We declined this proposal and continued to ask for a more affordable approach to keep our home. We feel that First Republic Bank did not look at our situation after we submitted our income and expenses again with an accurate picture as to what we could afford. Their solution was to have us resume the new monthly payment of {$3400.00}, which we still can not afford. The Manager of Special Assets, in a phone conversation with myself stated that we can not afford our home, so we should sell it. After much back and forth, First Republic Bank is refusing, we feel, to make any attempt to give us an opportunity to remedy our situation.
|
| Consumer Consent Provided |
Consent provided
|
|
|
6026854
|
2022-09-27
|
Improper use of your report
|
Checking or savings account
|
|
| Issue |
Improper use of your report
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Credit inquiries on your report that you don't recognize
|
| Sub Product |
Checking account
|
| Date Received |
2022-09-27
|
| Submitted Via |
Referral
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-09-28
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
N/A
|
|
|
3284460
|
2019-06-24
|
Managing an account
|
Checking or savings account
|
|
| Issue |
Managing an account
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Banking errors
|
| Sub Product |
Checking account
|
| Date Received |
2019-06-24
|
| Submitted Via |
Web
|
| Company Response |
Closed with monetary relief
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2019-06-24
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
Consent not provided
|
|
|
1830713
|
2016-03-14
|
Account opening, closing, or management
|
Bank account or service
|
|
| Tags |
Older American
|
| Issue |
Account opening, closing, or management
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Bank account or service
|
| Sub Product |
(CD) Certificate of deposit
|
| Date Received |
2016-03-14
|
| Submitted Via |
Postal mail
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
No
|
| Date Sent To Company |
2016-03-15
|
| Consumer Consent Provided |
N/A
|
|
|
3008214
|
2018-08-31
|
Opening an account
|
Checking or savings account
|
|
| Issue |
Opening an account
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Unable to open an account
|
| Sub Product |
Checking account
|
| Date Received |
2018-08-31
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2018-08-31
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Complaint What Happened |
XX/XX/18 I recently tried to open a bank account at First Republic on XXXX XXXX and XXXX XXXX. The bank was suggested to me by a number of clients. I decided to inform myself about their services. The banker, XXXX XXXX, informed me about all the options. Since I travel frequently and have family aboard and conduct business in XXXX and XXXX XXXX. I was to by the banker that this was not a problem that the fees for wires would in fact be much lower than with other banks. XXXX XXXX emphasized how easy it is to work with FR internationally. I decided to open an account. I went home to get the required documents my passport, social security card as well as a check for {$40000.00} for the initial deposit only to be told on my returned to the bank that FR was not the right bank for me and that international transfers could not be made. I pointed out to that this was the exact opposite of what I was told before. After showing him a brochure he had given me 15 min. before about the options for international transfers the banker told me that there was another reason, nothing to do with my finances or my need to do international transfers. He referred me to the manager of the branch. I spoke to her about my conversation with XXXX XXXX. She said he did not know the details since he had not been working at the bank for long. I ask her why he said that there was another reason and was told : " We are not a good fit for you. '' I asked her to be more specific and she said : " I have nothing more to add. '' Since I do not recall any negative banking history I was perplexed. I can not help but understand the refusal to open an account as an act of personal discrimination against me. I would like to report this form of prejudicial and inequitable experience I have made with First Republic and their branch on XXXX XXXX. and be told why I was in fact denied to open an account and if the reason I was denied is in fact legal.
Sincerely, XXXX XXXX
|
| Consumer Consent Provided |
Consent provided
|
|
|
5604138
|
2022-05-26
|
Getting a line of credit
|
Payday loan, title loan, or personal loan
|
|
| Tags |
Servicemember
|
| Issue |
Getting a line of credit
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Payday loan, title loan, or personal loan
|
| Sub Product |
Personal line of credit
|
| Date Received |
2022-05-26
|
| Submitted Via |
Phone
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-05-26
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
N/A
|
|
|
5233705
|
2022-02-17
|
Closing an account
|
Checking or savings account
|
|
| Issue |
Closing an account
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Company closed your account
|
| Sub Product |
Checking account
|
| Date Received |
2022-02-17
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-02-17
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
Consent not provided
|
|
|
4385022
|
2021-05-18
|
Closing on a mortgage
|
Mortgage
|
|
| Issue |
Closing on a mortgage
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Mortgage
|
| Sub Product |
Conventional home mortgage
|
| Date Received |
2021-05-18
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-05-18
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Complaint What Happened |
I applied for a mortgage with First Republic Bank for the amount of {$470000.00}. I was approved for the mortgage and received a disclosure containing a rate of 2.85 % for 360 months. The rate contained in this disclosure was contingent upon opening a non-accruing checking account with First Republic and maintaining a balance no less than 10 % of the loan amount or {$38000.00} for 2 years, with the loan amount being {$380000.00}. A subsequent disclosure was dispatched detailing an interest rate of 3.1 %, a modest increase, but one that carried significant repercussions over the lifetime of the loan. The initial dispatch of the preferential disclosure was alleged by a bank representative to be a 'mistake '.
It was later revealed to me further along in the process that in addition to maintaining a balance of {$38000.00} for two years, that I'd need to switch my direct deposit to use this account, as well as opt into automatic payments from this account for the monthly principle and interest. This treatment effectively ensured that I'd need to terminate my relationship with my current primary bank, which I ended up doing.
As a first time buyer with a credit score exceeding XXXX with all reporting agencies, I was surprised by the onerous terms imposed upon me in order to secure this mortgage. I have never in my financial history declared bankruptcy or defaulted on a loan. These requirements effectively nullify the benefit of securing the preferential rate, as the required balance loses significant value to depreciation to in the first 24 months of the mortgage.
|
| Consumer Consent Provided |
Consent provided
|
|
|
5140009
|
2022-01-23
|
Problem caused by your funds being low
|
Checking or savings account
|
|
| Issue |
Problem caused by your funds being low
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Late or other fees
|
| Sub Product |
Other banking product or service
|
| Date Received |
2022-01-23
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-01-23
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
Other
|
|
|
4304736
|
2021-04-16
|
Getting a line of credit
|
Payday loan, title loan, or personal loan
|
|
| Issue |
Getting a line of credit
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Payday loan, title loan, or personal loan
|
| Sub Product |
Personal line of credit
|
| Date Received |
2021-04-16
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-04-16
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Complaint What Happened |
On XX/XX/XXXX and XX/XX/XXXX I spoke with XXXX XXXX at First Republic ( XXXX XXXX XXXXXXXX ) about First Republic 's Personal Line of Credit product. On both occasions, he told me the maximum credit line available to a prospective Personal Line of Credit borrower was {$350000.00}.
Then yesterday he informed me that he was mistaken that the PLOC maximum was in fact {$100000.00} if the borrower did not intend to refinance debt which I told them I never intended to do. See correspondence below : Re : Personal Line of Credit at First Republic - quick follow up questions Inbox XXXX, XXXX XXXX Hi XXXX, I just checked in with Credit on this, being that this will be line for future utilization and not refinancing any existing debt the maximum loan request would be XXXX. I sincerely apologize for the confusion and take full responsibility for the miscommunication here. I know we have been talking about XXXX.
As the regulator of First Republic, I would ask that you take 3 regulatory changes : 1. I would ask the CFPB to compel First Republic to more clearly communicate in their marketing diclosures and conversations with customers that their loan maximum is XXXX and only $ XXXX if they are refinancing debt.
This is the relevant footnote from the current marketing document, " 2 Personal Line of Credit minimum is XXXX maximum is the lesser of XXXX or debt to be repaid at origination plus XXXX XXXX Line of credit can not be fully drawn at origination '' 2. First Republic told me this line of credit was unsecured. What they did not tell me was that this line of credit requires a borrower to provide a personal guarantee! Given the personal guarantee requirement, it is not in fact unsecured. The loan may be unsecured by collateral but is secured by a personal guarantee. That is at best highly misleading marketing and at worse just an outright falsehood. I would request that the XXXX require them to disclose that fact in their marketing footnotes.
3. Nowhere in the Personal Line of Credit marketing footnotes do they disclose that borrowers who have a debt to income ratio of above 40 % will be rejected for the loan. I would request that the XXXX require them to disclose that fact in their marketing footnotes.
|
| Consumer Consent Provided |
Consent provided
|
|
|
3410414
|
2019-10-18
|
Fraud or scam
|
Money transfer, virtual currency, or money service
|
|
| Issue |
Fraud or scam
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Money transfer, virtual currency, or money service
|
| Sub Product |
International money transfer
|
| Date Received |
2019-10-18
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2019-10-18
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Complaint What Happened |
The wire transfer happened on XX/XX/19 at XXXX.
I had been on the phone with a person claiming to be a US Marshal with a name and badge number, as well as my case number. Long story short, this person took over three from XXXX saying that my social security number and identity were used to rent apartments in Texas where they found drugs and also to wire money internationally. So they said that they have to verify my own money and put them in federal custodial account while they prosecute these identity thieves. So they eventually got me to take a cab to First Republic bank in XXXX and wire transfer the money to a XXXX XXXX bank. As I was getting back home and trying to communicate with my husband ( I was told to not involve him, but he was freaking out knowing that something was wrong ), I began to realize I was being scammed. Immediately, I called First Republic at XXXX to recall the transfer and explained that I was being scammed as I was walking over to XXXX XXXX precinct. Now the bank is saying that they could not recover the funds. I don't understand how this is possible, as even if I transfer money from my account from one bank to another, it takes 4-5days to clear. Also, the security measures taken by the bank was nonexistent, as I didn't even have my driver 's license with me or any photo identification at the time I went to the bank. Later, I was also told by another bank 's teller that not only they wouldn't do such transfer without photo identification, but also they wouldn't execute such transfer of large amount of money without my verification that I know the receiving person. I have been in contact and keeping in touch with people at First Republic bank, and they have been responsive but not helpful. If these international wire transfers are so instantaneous as First Republic says, then there must be more security measures taken including checking my photo ID. Also, I was there in completely shock state reading off the information of the XXXX XXXX bank, recipient name, account number, etc in spelling-letters fashion from papers that I had scrabbled these onto and when the banker asked me what the money was for, I couldn't answer him until I scrambled to find what I was told to say on the next page of the paper. All of these should have set some alert ... Something so that this kind of transfer can be stopped when I called less than four hours later.
Of note, I found out through US Marshal and FBI to email complaint to them, then later found out on website about FTC complaint that should be filed, then when I called to follow up, I was told be file IC3 complaint, all of which I have done and shared with First Republic -- again, they responded to my calls, but gave me no help with any information regarding these complaint filings. Again, from another bank, I was also given information and instruction regarding identity theft and protection, but no one at First Republic gave me any information of such.
|
| Consumer Consent Provided |
Consent provided
|
|
|
3384164
|
2019-09-24
|
Opening an account
|
Checking or savings account
|
|
| Issue |
Opening an account
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Unable to open an account
|
| Sub Product |
Checking account
|
| Date Received |
2019-09-24
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2019-09-24
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Complaint What Happened |
This bank doesnt offer latest card technology contactless like other banks I wish they did they only offer chip which is so old it makes the checkout longer if they had tap card it would be faster I called to inquire and they were rude to open an account I asked if they plan on having this technology they said no
|
| Consumer Consent Provided |
Consent provided
|
|
|
3014886
|
2018-09-07
|
Opening an account
|
Checking or savings account
|
|
| Issue |
Opening an account
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Unable to open an account
|
| Sub Product |
Checking account
|
| Date Received |
2018-09-07
|
| Submitted Via |
Referral
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2018-09-10
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
N/A
|
|
|
3356256
|
2019-08-28
|
Managing an account
|
Checking or savings account
|
|
| Issue |
Managing an account
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Deposits or withdrawals
|
| Sub Product |
CD (Certificate of Deposit)
|
| Date Received |
2019-08-28
|
| Submitted Via |
Postal mail
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2019-08-28
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
N/A
|
|
|
1586352
|
2015-09-30
|
Making/receiving payments, sending money
|
Bank account or service
|
|
| Issue |
Making/receiving payments, sending money
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Bank account or service
|
| Sub Product |
Checking account
|
| Date Received |
2015-09-30
|
| Submitted Via |
Referral
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
No
|
| Date Sent To Company |
2015-10-02
|
| Consumer Consent Provided |
N/A
|
|
|
1917134
|
2016-05-09
|
Account opening, closing, or management
|
Bank account or service
|
|
| Tags |
Older American
|
| Issue |
Account opening, closing, or management
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Bank account or service
|
| Sub Product |
Checking account
|
| Date Received |
2016-05-09
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
Yes
|
| Date Sent To Company |
2016-05-10
|
| Consumer Consent Provided |
Consent not provided
|
|
|
3640852
|
2020-05-06
|
Opening an account
|
Checking or savings account
|
|
| Issue |
Opening an account
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Didn't receive terms that were advertised
|
| Sub Product |
Checking account
|
| Date Received |
2020-05-06
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2020-05-06
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
Consent not provided
|
|
|
1553583
|
2015-09-05
|
Account opening, closing, or management
|
Bank account or service
|
|
| Tags |
Older American
|
| Issue |
Account opening, closing, or management
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Bank account or service
|
| Sub Product |
Checking account
|
| Date Received |
2015-09-05
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
Yes
|
| Date Sent To Company |
2015-09-08
|
| Consumer Consent Provided |
Consent not provided
|
|
|
2142250
|
2016-10-03
|
Account opening, closing, or management
|
Bank account or service
|
|
| Issue |
Account opening, closing, or management
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Bank account or service
|
| Sub Product |
Other bank product/service
|
| Date Received |
2016-10-03
|
| Submitted Via |
Referral
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
No
|
| Date Sent To Company |
2016-10-05
|
| Consumer Consent Provided |
N/A
|
|
|
5441774
|
2022-04-13
|
Opening an account
|
Checking or savings account
|
|
| Tags |
Older American
|
| Issue |
Opening an account
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Unable to open an account
|
| Sub Product |
Savings account
|
| Date Received |
2022-04-13
|
| Submitted Via |
Phone
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-04-13
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
N/A
|
|
|
5755066
|
2022-07-11
|
Applying for a mortgage or refinancing an existing mortgage
|
Mortgage
|
|
| Issue |
Applying for a mortgage or refinancing an existing mortgage
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Mortgage
|
| Sub Product |
Conventional home mortgage
|
| Date Received |
2022-07-11
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-07-26
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
Consent not provided
|
|
|
5029902
|
2021-12-20
|
Getting a line of credit
|
Payday loan, title loan, or personal loan
|
|
| Issue |
Getting a line of credit
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Payday loan, title loan, or personal loan
|
| Sub Product |
Personal line of credit
|
| Date Received |
2021-12-20
|
| Submitted Via |
Referral
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-12-21
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
N/A
|
|
|
100401
|
2012-06-14
|
Loan modification,collection,foreclosure
|
Mortgage
|
|
| Issue |
Loan modification,collection,foreclosure
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Mortgage
|
| Sub Product |
Other mortgage
|
| Date Received |
2012-06-14
|
| Submitted Via |
Referral
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
Yes
|
| Date Sent To Company |
2012-07-30
|
| Consumer Consent Provided |
N/A
|
|
|
3913537
|
2020-10-21
|
Opening an account
|
Checking or savings account
|
|
| Issue |
Opening an account
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Checking or savings account
|
| Sub Issue |
Didn't receive terms that were advertised
|
| Sub Product |
CD (Certificate of Deposit)
|
| Date Received |
2020-10-21
|
| Submitted Via |
Referral
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2020-10-22
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Consumer Consent Provided |
N/A
|
|
|
2786516
|
2018-01-18
|
Dealing with your lender or servicer
|
Student loan
|
|
| Issue |
Dealing with your lender or servicer
|
| Timely |
Yes
|
| Company |
FIRST REPUBLIC BANK
|
| Product |
Student loan
|
| Sub Issue |
Received bad information about your loan
|
| Sub Product |
Private student loan
|
| Date Received |
2018-01-18
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2018-01-18
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Complaint What Happened |
On XXXX XXXX, XXXX, I was approved for the student loan refinance program at First Republic Bank, which offers a relatively low interest rate to borrowers looking to refinance federal student loans. The loan amount was approximately {$120000.00}.
On XXXX XXXX, XXXX, I submitted electronically a payoff form instructing First Republic to process a payment to XXXX, the servicer of my existing student loan. On XXXX XXXX, XXXX, this payment was processed via check, and I began accruing interest on the XXXX XXXX student loan with a first payment date of XXXX XXXX, XXXX.
On XXXX XXXX, XXXX, XXXX business days later, I noticed that the payment to XXXX had not been reflected in my account. I find this concerning and called XXXX to inquire. XXXX informed me that the payment was mailed to an incorrect payoff address and, while XXXX received the check in its possession, it was returning the check to First Republic and would not process the payment.
I immediately alerted First Republic of this issue and asked to get the issue resolved as soon as possible, in part because I was now accruing interest on both the XXXX student loan and the First Republic loan. I was assured by First Republic that they would " take care of me '' and would " make me whole '' by reimbursing me for the extra interest that I would now accrue. However, First Republic would not issue a new check to XXXX until the previous check was received by them.
On XXXX XXXX, XXXX, after not hearing anything from First Republic, I followed up to inquire about the status of the check and learned that First Republic had not sent out a new check. To their credit, after I contacted them, a new check was issued the next day and sent to the correct payoff address. I nevertheless wondered how long I would have had to wait before the bank contacted me to issue a new check ( had I not contacted them ). I suppose it was n't of great concern to them now that I was accruing interest on the loan with them.
After the new check had been mailed, I then asked First Republic to settle the " double interest '' that had accrued as a result of this hiccup. The double interest came out to approximately {$660.00}. After a somewhat contentious back and forth, including First Republic blaming me, the borrower, for providing them with an incorrect payoff address for XXXX - something I continue to dispute - First Republic finally agreed to give me a {$500.00} credit which they described as a " courtesy '' and a showing of " good faith. '' While I let them know this was appreciated, I again reminded First Republic of the assurances I had received from them that I would be made whole and reimbursed for the double interest that accrued. The bank 's only response was to cite certain boilerplate in the payoff form describing a certification as to the accuracy of the information provided - in other words, they were throwing the book at me and were not willing to reimburse the last {$160.00} or so.
In summary, there are two points that I believe prospective consumers should be aware of when considering a student loan refinance with First Republic : 1. Be cautious of any assurances you receive from the bank. They may not necessarily make good on everything they promise, and it is probably best to get everything in writing to the extent possible.
2. Ensure that you provide them with precise, correct information, particularly with respect to the payoff information. While I would argue that the bank has a duty and is in the best position to ensure that loan payoff information is correct before issuing a check, the bank does not seem to agree and instead holds borrowers strictly liable for any mistakes. They also do not seem to do any diligence prior to issuing a check, even ones for over {$100000.00}.
|
| Consumer Consent Provided |
Consent provided
|
|
