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BBB Accredited Business since
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Leader Bank provides a variety of personal banking services, such as checking and savings accounts, certificate of deposit, and IRA accounts. We also offer a full range of commercial real estate services including permanent loans to purchase or refinance existing real estate, as well as residential loan services, including competitive mortgage rates.
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A BBB Accredited Business since
BBB has determined that Leader Bank, NA meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.
BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.
Reason for Rating
BBB rating is based on 16 factors. Get the details about the factors considered.
Factors that raised the rating for Leader Bank, NA include:
- Length of time business has been operating.
- Complaint volume filed with BBB for business of this size.
- Response to 2 complaint(s) filed against business.
- Resolution of complaint(s) filed against business.
- BBB has sufficient background information on this business.
Industry Ratings Comparison
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||0|
|Total Closed Complaints||2|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||0|
This business is in an industry that may require professional licensing, bonding
or registration. BBB encourages you to check with the appropriate agency to be certain
any requirements are currently being met.
These agencies may include:
Federal Deposit Insurance Corporation (FDIC)
15 Braintree Hill Office Park, Braintree MA 02184-0172
Phone Number: (877-275-3342) or TDD: 800-925-4618 or 781-794-5500
Type of Entity
Business ManagementMr. Sushil K Tuli, President & CEO
Number of Employees
BANKS MORTGAGE BANKERS MORTGAGE LENDER Monetary Authorities-Central Bank (NAICS: 521110)
Industry TipsAdjustable Rate Mortgages Advance Fee Mortgage and Loan Brokers Choosing a Bank Home Equity Loans Mortgages - Broker
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BBB Complaint Process
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Additional Email Addresses
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Complaint Trends - Last 3 Years
Customer Review Trends
BBB Customer Review Rating Overview
BBB Customer Reviews Star Rating represents the customers opinions of the business. The Customer Review Star Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score. Below is the Customer Review Star Rating scale.
|Positive Review||5 points per review|
|Neutral Review||3 points per review|
|Negative Review||1 point per review|
BBB Customer Review Star Ratings are not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Star Rating in addition to all other available information about the business.
Read Complaint Details
Complaint: When I had originally agreed to refinance my mortgage with Leader Bank, they locked me in for a rate that eventually they told me they couldn't get me. This is bad on its own, but the reason for my complaint is that when I first agreed to refinance I gave them $595 to start the refinancing process. When they told me I couldn't get the rate and I opted to not refinance, they informed me they would refund my credit card. They told me this in February. It's now the end of July and I have yet to see this refund. I would never ever do business again with this company and I want to warn others to also not get involved lest this happen to them.
Desired Settlement: I want Leader Bank to refund me the full $595 they owe me.
BY CERTIFIED MAIL AND EMAIL (firstname.lastname@example.org)
I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint.
BBB's Final Determination: Consumer accepted resolution offered by the business.
BBB Comments: The consumer indicated to BBB that the complaint was resolved.
Read Complaint Details
Complaint: I have had a bank account with Leader Bank for several years. About a year and a half ago after having moved away from the banks immediate location I decided to move the bulk of my account into a bank that is more local and convenient. I left some of the funds in the Leader Bank account to maintain the account on the chance I moved back into their area or they expanded their operations into my area. I was told at the time there would be no penalty or charge for doing this as long as I maintained a minimum balance. Recently I received a phone call asking if I was interested in changing my account and informing me that I had been charged an inactivity fee. I was never explicitly and properly notified of this change in the terms of the agreement. When I discussed the situation with a customer service representative he acknowledged I was not the first person to express irritation with this new policy and end their relationship with the bank. He stated that he agreed those who received estatements like myself were not notified in the same way as those who receive traditional paper statements. Nevertheless he refused to address the issue. Though he apologized to me his apology seemed quite artificial and he stated he had no authority to address my complaint about not having been properly notified about this change in policy. It's bad enough that my "friendly local bank" made the decision to start charging me for the "privelege" of lending them my money. It's absolutely outrageous that they should see fit to do so without properly notifying me of a change in the existing policy!
Desired Settlement: I would like to receive a refund of the inactivity charge which was levied prior to any explicit disclosure of a change of policy.
Business Response: BY CERTIFIED CLASS MAIL AND EMAIL (email@example.com)May 3, 2013Better Business Bureau 290 Donald Lynch Boulevard, Suite 102 Marlborough, MA 01752RE: Better Business Bureau Complaint No. ******* Dear Sir/Madam:I Write on behalf of Leader Bank, NA. with respect to the Complaint No. ******* (“Complaint”), as received from the Better Business Bureau (“BBB”) by letter dated April 25, 2013. We pride ourselves on offering superior service to all customers, and regret that the affected customer Was not satisfied by his Leader Bank experience.4 Leader Bank has researched the allegations raised in the Complaint upon our receipt from the BBB on April 29, 2013, and can provide the following information and response to the Complaint.To provide some background to the concerns raised by the affected customer, as part of an ongoing reviews of our deposit accounts, Leader Bank recently updated its fee schedule for deposit accounts. AS part of this update, the Bank implemented a new “inactivity fee” as to its new and existing checking accounts, which Went into effect March 18, 2013. This one-time ten dollar ($10.00) fee is assessed only if the account remains dormant with no transactions for a period of ninety (90) days. Leader Bank provided express advance notice of this new fee by means of an updated “schedule of fees” to all deposit customers with their January 2013 account statements. This updated schedule expressly disclosed the existence of the inactivity fee and the circumstances in which it would apply. Customers who received only electronic statements - such as the customer in this matter - received this updated schedule With their January e-statement, and all other customers received the schedule by mail with their January statement. Leader Bank also posted notice of this new fee to our website, www_leaderbankßom. Thus, all affected deposit customers received more thirty days’ advance notice of this new fee prior to implementation in compliance with both federal regulatory requirements and Leader Bank’s deposit account agreements.With respect to this Complaint, the customer had not made any deposits or Withdrawals from his checking account since 2011, and therefore was assessed a single ten dollar ($10.00) inactivity fee on March 29, 2013 due to the more than ninety (90) days of dormancy, Leader Bank understands the customer’s confusion if he did not have the opportunity to review his January 2013 statement, and regrets any frustration he has experienced. A Leader Bank representative personally contacted the affected customer on April 30, 2013 upon receipt of the complaint to address any conclusion and to explain the prior disclosure of the new fee. Additionally, in effort to resolve this matter, Leader Bank refunded the customer with the ten dollar ($10.00) inactivity fee by a check mailed out on April 30, 2013, as requested in the Complaint.Leader Bank hopes that this response fully addresses the Complaint and this customer’s concerns. If there is any further infomation that the Bank can provide to resolve this matter, please do not hesitate to Contact me at 7816463900, ext. ***.***** **** Irl-House Counsel Leader Bank, NA.
I have reviewed the response submitted by the business in reference to complaint.
BBB's Final Determination: Consumer accepted resolution offered by the business.