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A BBB Accredited Business since
BBB has determined that BankFinancial, FSB 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 13 factors. Get the details about the factors considered.
Factors that raised the rating for BankFinancial, FSB include:
- Length of time business has been operating
- Complaint volume filed with BBB for business of this size
- Response to 4 complaint(s) filed against business
- Resolution of complaint(s) filed against business
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||1|
|Total Closed Complaints||4|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||0|
Type of Entity
Business ManagementMr. Gregg T. Adams, Exec. Vice President Mr. F Morgan Gasior, CEO/Chairman
Financial Services Investment Advice (NAICS: 523930)
1 Marriott Dr
Lincolnshire, IL 60069 Directions
1005 W. Wise Road
Schaumburg, IL 60193 Directions
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Additional Phone Numbers
- (708) 675-6521 (Fax)
Additional Email Addresses
Complaint Trends - Last 3 Years
Customer Review Trends
BBB Customer Review Rating plus BBB Rating Overview
BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.
|Customer Review Experience||Value|
|Positive Review||5 points per review|
|Neutral Review||3 points per review|
|Negative Review||1 point per review|
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Problems with Product/Service
Read Complaint Details
Complaint: During August-October 2014, we applied for a apartment loan refinance with BankFinancial, FSB. We received a card in the mail claiming rates as low as 3% and we inquired with Bank Financial, FSB and were given the contact information for Ms. ****** ***** who handles the Austin, TX market. ****** provided us with all the rates and term information and said she would get us fully underwritten and approved prior to paying the deposit so everything would go smoothly. Over the course of 6 weeks, we provided all the necessary documentation to ****** ***** and her analyst, *********. We gave all the information we had and a few weeks later she said everything looked good and provided us a signed commitment letter from Mr. **** ****** We promptly signed and returned the commitment letter along with the $2,500.00 deposit. The same day we received the commitment letter, we received another post card in US Mail advertising that BankFinancial would pay third party fees saving $2,500.00. We inquired with ****** ***** about this offer and she said she would speak with her boss about it. However, it took almost a week and a reminder email to hear back from her on it and she said it wasn't valid for loans already in the pipeline. The postcard makes no such stipulations or restrictions. In late October, ****** informed us the property did not appraise to their requirement of 65% LTV. I requested a copy of the appraisal report from ***** **** and she forwarded a PDF copy of the report. There were numerous errors in the appraisal report (comps were old, some of the comps were bought and resold and the appraiser only used the first comp). The appraisal report indicated the going cap rates for the Austin, TX apartment market is 5.25-5.50%, however he used a 6.25% cap rate to come up with his valuation. When I inquired with ****** about this, she told me BankFinancial has a minimum of 6% cap rate in all out of state markets. ****** should have known in the first place that this property would not meet their LTV criteria given that we had provided her our income statement during underwriting. There should have been no need for us to go any further to order appraisal, etc. I expressed my disappointment with the appraisal report with her and she emailed her appraisal department with my comments, however she said she really couldn't do much. The interest rate would be higher due to the LTV. At this point we decided to negotiate with our existing lender to see what options we had. Our existing lender offered us a better deal and said they could use BankFinancial's appraisal report if they send them a letter stating so. I contacted **** ***** requesting the letter and he had verbally told my grandfather that "his loan committee would allow it". He was very terse and became very defensive when we told him we were sticking to our original lender and that they were giving us a lower rate than he was. The signed commitment letter has no such restriction that the appraisal report can't be transferred . Our (new) lender just needed an email from Mr. ***** stating that they can use the appraisal report. I emailed and tried calling him several times and hadn't heard back from him. At this point, I requested our new lender to order another appraisal report since Mr. ***** wasn't responding and since time was of the essence since interest rates could rise. I am requesting a refund of the $2,500.00 deposit due to the fact BankFinancial, FSB should have known that the appraisal report would not meet their LTV requirements based on the operating statements provided to them during underwriting. They also failed to honor the postcard promotion we received. Mr. *****' communication with clients is also very poor.
Desired Settlement: Refund of $2,500.00 deposit paid to BankFinancial, FSB
Business Response: Initial Business Response /* (1000, 8, 2015/01/21) */ In response to your inquiry, our response is necessarily limited by applicable federal and state information privacy laws and regulations. However, with reference to the situation you described in your letter, the prospective borrower agreed in writing that the amounts paid in connection with the proposed loan were non-refundable. Therefore, our position remains that the prospective borrower is not entitled to a refund of these amounts, particularly in light of the borrower's decision to obtain financing at another financial institution shortly before the scheduled closing. Initial Consumer Rebuttal /* (3000, 10, 2015/01/24) */ (The consumer indicated he/she DID NOT accept the response from the business.) The response provided by the business does not address any of the issues presented in my original complaint. BankFinancial, FSB did not want to honor their original appraisal A new appraisal dated December 15, 2014, appraised the property at $2,500,000, a difference of $600,000 (or more than 30%) from BankFinancial, FSB appraisal of $1,900,000. Clearly, the property did not increase 30% in just 4 weeks. The appraisal report was severely flawed and contained numerous errors. When we explained these mistakes to ****** ******* she forwarded them to their appraisal department, who "Normally, I would not go back to the appraiser as the report they submitted has been reviewed and accepted". The response was from ******* ******** on Monday, November 10th. Clearly, BankFinancial, FSB failed to investigate these errors in the appraisal. The appraiser hired by BankFinancial, FSB used several comps which were purchased by flippers and were sold once again. The appraiser used the first sale, but didn't use the second sale. We requested several times to Mr. **** ***** to transfer the appraisal to our new lender so that they may contact them to make the appropriate corrections and close the loan. BankFinancial, FSB originally wanted to increase our interest rate due to the lower than expected appraisal. Bait and Switch?? Then two weeks later, we receive an email that the will honor their original interest rate. However, they had no interest in correcting the appraisal report they ordered. Mr. ***** said his loan committee would not allow this, however their is no such restriction from the appraisal company nor is their such a restriction in the commitment letter. The appraisal is important to a commercial loan as it establishes the amount of risk the bank is taking on. The higher the appraisal the lower the Loan to Value (LTV). This is important to a real estate investor who is in the market to acquire additional properties. Any future loans with BankFinancial, FSB or any other lender would look at your LTV to see how much recourse liabilities you have in proportion to the LTV. The lower LTVthe lower risk to the lender. I have retained all email correspondence with BankFinancial, FSB and their agents. Mr. **** ***** stopped responding to any phone calls, texts, or emails after December 10, 2014. Final Business Response /* (4000, 12, 2015/01/30) */ The customer has also communicated through the Office of the Comptroller of Currency (OCC). As this is the Bank's primary regulator, any additional communication concerning this matter will go through that channel.
Read Complaint Details
Complaint: LOST OVER $25000 WHEN MY MONEY WAS MISMANAGED BY THE BANK. THE BROKER BACK IN OCTOBER 2010 WAS TERMINATED. I FOUND THIS OUT AFTER GOING INTO THE BANK. THEY DIDN'T PROVIDE ME WITH THE PROPER TAX FORMS ON IRAS, STOCKS AND MUTUAL FUNDS. I ENDED UP LOSING ALL MY MONEY BECAUSE OF IT BEING MISMANAGED. THE BANK FINANCIAL TERMINATED ************* MY FINANCIAL ADVISOR. THE NEW PERSON WHICH I DIDN'T EVEN MEET. I WAS STILL BEING SENT STATEMENTS THAT I HAD ACCOUNTS EVEN WHEN I WAS EXPERIENCING INSUFFICIENT FUNDS. AFTER ALL MY MONEY WAS MISMANAGED. WHEN ****** ***** FROM ******** DID MY TAXES SAID THE BANK WASN'T PROVIDING ME WITH THE CORRECT TAX INFORMATION AND FUNDS WERE JUST MISMANAGED. LOSING THAT MUCH MONEY WHEN HAVING LOW VOLATILITY FUNDS. TO CHARGE SUCH A HIGH RATE TO PAY BACK MONEY 18% FOR INSUFFICIENT FUNDS WHEN CUSTOMERS FUNDS WERE MISMANAGED.
Desired Settlement: RECOVER WHAT WAS LOST IN MY IRAS, MUTUAL FUNDS AND OTHER RETIREMENT ACCOUNTS. ATLEAST RELIEVE ME OF HAVING TO PAY BACK THE INSUFFICIENT FUNDS AND CLEAR IT FROM MY CREDIT REPORT. THANK YOU AND GOD BLESS EVERYONE. FOR GOD'S HEALING, SALVATION, DELIVERANCE AND PROTECTION.
Business Response: Initial Business Response /* (1000, 5, 2014/03/27) */ Contact Name and Title: **** ******** SVP Contact Phone: XXX-XXX-XXXX Contact Email: ********@bankfinancial.com Please be advised that the concerns you expressed regarding the mismanagement of your investments have been forwarded to ****** ******* at ****** Investment Services LLC. ****** Investment Services LLC, formerly known as ********* Financial Services Inc., is the current brokerage firm located on the premises of BankFinancial through which customers may buy and/or sell a variety of non-deposit Investment products. ********* records reflet you directly help mutual funds with *********** Funds in which ****** was the broker dealer of record beginning in January 2011 until the account was redeemed in May 2012. *********** would be responsible for sending you any tax documents pertaining to this account. We also do not see any evidence that your funds were mismanaged during the time Cetera was the broker dealer of record. Prior to 2011, *** ********* Partners was the broker dealer of record for the diretly held account and the prior broker dealer for BankFinancial before ******* Customer complaints are handled by the broker dealer of record at the time of the investment sale. Therefore, since your concerns are regarding information you may have been provided at the time you purchased the investments, they would need to be addressed by *** ********* Partners. As a customer service, ****** has forwarded your concerns to them. You may follow up with them directly at *** ********* Partners, ATTN ******* ******* *** ****** Street, *** ******* ** XXXXX-XXXX. Phone XXX-XXX-XXXX. Attached is a copy of ********* response and will be also be mailing you the letter for your file. Initial Consumer Rebuttal /* (3000, 7, 2014/03/31) */ (The consumer indicated he/she DID NOT accept the response from the business.) Hello, BBB Administration. Had IRAs and Retirement Investments with ************ ******* and other Investments as Diversed Low Volatile Mutual Funds ******** since 1998. This bank has changed Financial Investor Advisors and Management. Infact still receiving statements that have other IRAs with *** and *********** with a % of income being invested. I didn't even know that ********* was handling the funds in 2011. The *********** must have been kept changing hands and I wasn't notified that other parties were handling my investments. Each time switching hands can cause the consumers to lose large amounts of money as myself. In the range of $17,000-25,000. While having these Accounts at this Bank. After *** ********* was let go from Bank Financial when handling my Investments. The new individual that took his place. I didn't meet and found out about the change when calling *** back in October 2010 and found out that he was let go. At that time had a Savings/Retirement Checking Account. My Investments if properly managed would grown to the $70,000-100,000. My Investments with a low volatile diverse profile kept losing money and it was large amounts starting after 2001 and became worse during 2008. By the time I needed money for a emergency my accounts were already drained before I was able to take out any funds to help me when I was let go of because of my Disability at the ****** Hospitals to help pay my Bills . When my Investments were losing money even when the **** was doing well my Investments weren't reflecting that. ****** ***** Master Tax Advisor from ** ***** said I wasn't sent the correct TAX Information/documents to use to claim for disability. She noticed and observed problems that this bank wasn't advising me properly. Noticing in the years doing 2008, 2009, 2010, 2011, 2012 & till the present. The bank even told me to hire a CPA as stated by *** ********** We don't know how to advise you on your investments back in 2008. Her address is XXXXX S ** ****** ****** ***** ** XXXXX. Telephone XXX-XXX-XXXX & Fax XXX-XXX-XXXX. Her e-mail ************@tax.hrblock.com . I had problems obtaining the proper forms from this bank. When my Tax Advisor ****** ***** needed them to do my Taxes back in 2008, 2009, 2010 & 2011. There maybe even be another 2-3 IRAs that be lost and don't even know whats in these accounts. I keep receiving *** statements and ***** **** Investment Statements. How can I be receiving statements when zero amount money in the accounts. So maybe there our other accounts that haven't been updated by all the changes of hands and management without there customers being notified. My Goal be able to recover any lost money and since 2001 and through 2008 where my Money should been protected by FDIC. Even if it was lost in 2001 and 2008. With low volatile how can you lose over $25,000 while it was being invested. So what caused my problems is this bank kept on changing hands and management. Everytime I came in to do business and transactions. New people our handling our accounts. This has been going on since 2001 until the present. I've never overdrafted until after all these changes and never knew who my new Financial Advisor was until I stopped doing business back in November 2012. Low volatile accounts and investments and had Keogh IRAs and many other Low Volatile was losing money like it was invested in the High Volatile Market. My money should have been protected under the FDIC with all the negative losses. My reasons to believe that our Accounts were mismanaged. Is when this bank kept changing it's name, Management and Financial Advisors abundant times since having Retirement Investment, Savings & Checking Accounts in 1998 to 2012. Especially having many accounts with *********** over $25,000 and kept losing money. Wasn't advised to have it moved where it be available for use as having a Emergency Account. When you ****** this bank online you can't findout about it's current features. So I don't think it's fair to keep paying for overdrafts when this accounts were part of my Retirement Investments. How can a Individual be allowed to cash checks when it's going to lead to abundant overdrafts and financial fees. The bank should had a error/control device to stop the over drafts when done at their own bank. When *** ********* was let go in October 2010. They handled my Retirement Investments from ****** Hospitals. Which were also Mismanaged by BankFinancial. I had ********** ******** and other Retirement Accounts. I still had over $20,000 in my Retirement Accounts and kept losing money and wasn't notified of the losses until it started to lead to overdrafts. Than I was being harassed by the BankFinancial Attorneys letter that I can be sued for overdrafts. When the Gross Mismanagement of all my Funds caused these problems. Other parties were being provided our personal information r/t by each time a change of hands and management. Our files weren't updated and probably there our lost Financial Accounts. So I'm asking that this bank doesn't ask me for anymore money to cover the losses. They need to compensate my Accounts with a $17,000-25,000 for all the losses and mismanagement of my funds. It has lead to credit problems as losing my Excellent Credit FICA Scores. So maybe you can be of assistance to recover some of the mismanaged money. Thank You and God Bless Everyone. For God's Healing, Salvation, Deliverance & Protection. Final Business Response /* (4000, 9, 2014/04/16) */ Dear Mr. *********, When you first wrote to the BBB of your complaint, it was regarding a fund held outside of BankFinancial. We recommended and still recommend that you contact *** Financial Services at XXX-XXX-XXXX for further assistance. In your subsequent rebuttal, you are now indicating some additional complaints. I contacted ****** ***** at *** ***** on Wednesday, April 16, 2014. Ms. ***** indicated there have not been issues with being able to receive the appropriate tax forms in order to complete your taxes. Ms. ***** also indicated she never said there have been previous problems with BankFinancial or any other investment you previously have held. Regarding your bank IRA account, you were making frequent distributions that lead to the zero balance of your account. Regarding the monies owed to the bank, it was from a checking account tied to an overdraft line of credit that you held at the bank. The balance owed is due to fully extending the line of credit and overdrawing the account where it was eventually closed by the bank. If further clarification is needed, I welcome you to visit one of our branches for further assistance. Sincerely, **** ******* Sr. Vice President
Read Complaint Details
Complaint: Acct # ******* I called the bank on 8-21-13. I asked for the $35.00 fee to be reversed. I do not believe I should be charged. When ************** bought out ************************, ** didn't sponser the loan. The loan was frozen and re-named to overdraft protection. I have no access to the loan. I pay interest which I understand but why should I pay a fee? ** will not consider reversing the fee. How is right to charge an annual fee on a closed account?
Desired Settlement: I want the fee reversed and not charged again also better customer service.
Business Response: Business' Initial Response /* (1000, 5, 2013/09/03) */ The $35 charge has been reversed and the annual fee will not be charged again. Consumer's Final Response /* (2000, 7, 2013/09/05) */ (The consumer indicated he/she ACCEPTED the response from the business.) ************** did reverse the fee and said they will not charge again. Thats all I asked for.