BBB Logo

Better Business Bureau ®
Start With Trust®
In Eastern Massachusetts, Maine, Rhode Island and Vermont
Are you the Owner of this Business? ×
BBB® Accredited Business Seal

Are You the Business Owner of Leader Bank, NA?

If yes, click here to login.

Are you...?

BBB Business Reviews may not be reproduced for sales or promotional purposes.


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.

BBB Accreditation

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 | Chart

Customer Complaints Summary Read complaint details

2 complaints closed with BBB in last 3 years | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 2
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 0
Total Closed Complaints 2

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Leader Bank, NA
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

BBB file opened: September 27, 2007 Business started: 05/01/2002 in MA

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 Management
Mr. Sushil K Tuli, President & CEO
Contact Information
Principal: Mr. Sushil K Tuli, President & CEO
Number of Employees


Business Category

BANKS MORTGAGE BANKERS MORTGAGE LENDER Monetary Authorities-Central Bank (NAICS: 521110)

Industry Tips
Adjustable Rate Mortgages Advance Fee Mortgage and Loan Brokers Choosing a Bank Home Equity Loans Mortgages - Broker

Additional Locations

  • 1201 Massachusetts Ave

    Arlington, MA 02476 (781) 641-8800

  • 141 Massachusetts Ave

    Arlington, MA 02474 (781) 649-3900

  • 160 Gould St  Ste 111

    Needham Hgts, MA 02494

  • 180 Massachusetts Ave

    E Arlington, MA 02474 (781) 646-3900

  • 363 Pleasant St

    Belmont, MA 02478 (617) 489-5100

  • 449 Massachusetts Ave

    Arlington, MA 02474 (781) 641-0020

  • 50 Mall Rd

    Burlington, MA 01803 (781) 221-1700

  • 675 Massachusetts Ave

    Cambridge, MA 02139 (617) 497-2500

  • 864 Massachusetts Ave

    Arlington, MA 02476 (781) 641-8600

  • 1

What is a BBB Business Review?

We offer free reviews on businesses that include background, licensing, consumer experience and other information such as governmental actions that is known to BBB. These reviews are provided for businesses that are BBB accredited and also for businesses that are not BBB accredited.


About BBB Business Review Content & Services:

Some Better Business Bureaus offer additional content & services in BBB Business Reviews.
The additional content & services are typically regional in nature or, in some cases, a new product or service that is being tested prior to a more general release.
Not all enhanced content & services are available at all Better Business Bureaus.

Professional AffiliationsX

Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.


BBB Complaint Process

Your complaint will be forwarded to the business within two business days. The business will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the business's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.


What is BBB Advertising Review?

BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to prove their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.


What government actions does BBB report on?

BBB reports on known significant government actions involving business' marketplace conduct.


Thank you for your feedback!

Help us improve by taking our survey.


BBB Reporting Policy

As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.


Additional Email Addresses

  • - Customer Service
Find a LocationX

  Change Location
Show Only Accredited Locations

Complaint Detail(s)

8/9/2013 Billing/Collection Issues | Read Complaint Details

Additional Notes

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.

August 2, 2013
Better Business Bureau
290 Donald Lynch Boulevard, Suite 102
Marlborough, MA 01752

RE: 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 July 23, 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. Leader Bank has researched the allegations raised in the Complaint upon our receipt from the BBB on July 25, 2013, and can provide the following information and response to the Complaint, which Leader Bank hopes addresses any confusion regarding the subject transaction. A copy of this response has also been sent to the customer who submitted the Complaint (“Customer”) by U.S. Mail.On or about April 4, 2013, Customer contacted Leader Bank to submit a residential mortgage loan application (“Application”) for a refinance mortgage loan to be secured by a condominium unit (“Unit”) owned by Customer for investment purposes. In the Application, Customer represented to Leader Bank that the Unit conformed to the underwriting requirements of Fannie Mae and Freddie Mac (a “Conforming Condominium”). Accordingly, Leader Bank quoted Customer an interest rate based upon that representation, as interest rates loans secured by Conforming Condominiums are different than interest rates for loans secured by other condominium properties. Following receipt of the Application, Leader Bank provided Customer a disclosure stating that she must pay an application fee of $595.00 (“Application Fee”) to proceed with her Application. The disclosure stated that the Application Fee would be applied towards final costs or escrow amounts due if at closing the loan requested closed, but would not be refunded if the loan was denied or the Application withdrawn. Customer executed and returned this disclosure, and Leader Bank charged the Application Fee to Customer’s credit card of April 15, 2013 at her request.Following receipt of the Application Fee, Leader Bank ordered an appraisal of the Unit as part of the underwriting process, incurring a fee of $425.00 for the appraisal (“Appraisal Fee”) which Customer would be responsible for paying at closing. After incurring the Appraisal Fee, however, Leader Bank received information from the Customer’s condominium association thatthe Unit failed to meet the requirements of a Conforming Condominium, in that sixty percent of the units in the Unit’s condominium project were investment properties rather than owner occupied properties. Accordingly, Leader Bank could not approve Customer’s Application for a loan secured by a Conforming Condominium as the property failed to meet that definition. When Leader Bank notified Customer of this issue, she declined to proceed with an application for a loan secured by a non-conforming condominium. Although Leader Bank had the contractual right to retain Customer’s entire Application Fee, Leader Bank refunded a portion of the Application Fee to Customer on May 22, 2013 in the amount of $170.00 (“Refund”). The Refund represented the difference between her Application Fee and the Appraisal Fee incurred by Leader Bank for Customer’s Application, so that Customer paid for only the actual third party costs associated with her Application when she elected to proceed no further with her refinance request to Leader Bank.Although Leader Bank acted appropriately with respect to this Customers Application and the voluntary refunding of a portion of her Application Fee as set forth above, we regret any frustration she experienced during her Leader Bank experience. In an effort to resolve this matter, Leader Bank has decided to refund the Customer the Appraisal Fee, and that refund has been processed as of the date of this response. Together with Leader Banks previous Refund, this return of the Appraisal Fee has resulted in the Customer receiving a complete refund of her Application Fee. Additionally, a Leader Bank representative has communicated with the Customer by telephone and email on multiple occasions subsequent to the filing of the Complaint to address her questions, and has informed her of Leader Bank’s decision to refund the Appraisal Fee.Leader Bank believes that this response fully addresses the Complaint and the Customer’s questions regarding her Application. If there is any further information that the Bank can provide to resolve this matter, please do not hesitate to Contact me at 781-646-3900, ext. ***.

Very truly yours,
***** ****
Irl-House Counsel Leader Bank, NA.

Consumer Response: 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.

5/6/2013 Billing/Collection Issues | Read Complaint Details

Additional Notes

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 ( 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.

Consumer Response: I have reviewed the response submitted by the business in reference to complaint. 

I acknowledge a statement of fees was included in the January e-statement.  However it's worth noting that given there was no specific mention of changes to the fee schedule and given that the inactivity fee was relatively anonymous among a very large number of fees listed I am quite certain I am not the only person who was caught very much by surprise by this new fee.It seems that a fair practice would be not just providing a fee schedule but noting explicitly any changes from previous agreements.  That said given the willingness of Leader Bank to refund the fee in question I consider this matter resolved.

BBB's Final Determination: Consumer accepted resolution offered by the business.