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A BBB Accredited Business since
BBB has determined that Stock Yards Bank and Trust Company 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 Stock Yards Bank and Trust Company include:
- Length of time business has been operating.
- Complaint volume filed with BBB for business of this size.
- Response to 1 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||1|
|Total Closed Complaints||1|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||1|
Type of Entity
Business ManagementMr. David P. Heintzman, President & CEO Mr. Neil Lancaster, Director of Sales, Service, and Marketing
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Complaint Trends - Last 3 Years
Customer Review Trends
Problems with Product/Service
Read Complaint Details
Complaint: I have taken out 2 loans with stockyard bank for a building expansion and equipment. They lumped the 2 loans into 1 checking acct. However, when they disbursed the loan money according to my building draws and equipment invoices, they have mislabeled the disbursments in favor of the smaller equipment loan. They now have claimed as of 3 weeks ago that 1 loan is overdrawn and have been charging fees ever since. They also refused twice to pay 2 checks that they had the invoices. Because of this, my credit card account was frozen for 3 weeks and incurred interest and fees due to non-payment. I have shown them evidence several times that I am within limits on my loans, but they refuse to cooperate. I feel I am being ignored and bullied for more fees. I have ask them to resolve this and waive the fees and pay my cc interest but I have received no reply.
Desired Settlement: See above plus a letter of apology to my CC company
Our customer’s lending officer visited with him on April 26 to discuss his concerns. The lending officer explained which expenses have been approved and disbursed to date and what funds remain. The overdraft in the loan disbursement account resulted from checks written by our customer to pay expenses for which invoices had not yet been received and approved by the bank.
As a courtesy, we have agreed to waive all our customer’s overdraft fees that were charged to his Stock Yards Bank checking account as a result of those payments. The lending officer explained to our customer the criterion for disbursing the remainder of his construction loan funds. Once all invoices have been received and a final inspection performed, the remainder of the funds can be disbursed.
This response contains lies. The bank had all my invoices but now claims I needed an inspection even on work that I performed. This is contrary to what I was told all along. My builder had met with us and can confirm that I was only ask to turn in invoices for reimbursement. Due to this conflict, my credit card was cancelled due to the bank's not honoring the checks multiple times. This in turned snowballed due to other companies not being able to charge my CC. I'm sure this has damaged my credit as well.
During the meeting between customer and loan officer on April 26, 2012, it was agreed that customer would submit a request for balance of loan proceeds and supporting invoices. It was also discussed at this meeting that a final inspection would need to be made prior to disbursing these funds. Then on May 2, 2012, customer submitted a signed request and a listing of change orders presented by contractor. On May 4th, customer faxed a duplicate copy of the initial invoice submitted by sign company for the down payment on signage. However, this invoice had been funded on February 10, 2012..
The Bank’s Construction Lending Administrator faxed a request to Customer on May 11, 2012, requesting the final invoice for the balance due on the signage, invoices or paid receipts for landscaping material customer had purchased and completed personally, and confirmation of total expense for cabinets. In this faxed request, Administrator stated that once we have this documentation, the Bank anticipates being able to fund without any further inspections. This fax was confirmed to have been sent May 11, 2012 at 5:03 pm. On May 18, 2012, the final disbursement was made without incurring the cost of another inspection and Customer was informed of the deposit into account on May 21, 2012.
Customer also stated that they were unaware of needing an inspection on anything other than presenting invoices for reimbursement. On December 28, 2010 customer signed acceptance of Commitment Letter which outlined the Bank’s requirements prior to disbursements. In addition, at closing of the Loan on December 2, 2011, customer signed an “Agreement For the Disbursement of Loan Proceeds.” This agreement outlined the requirements for disbursement which included:
· A signed request by customer
· A progress and compliance report
· A certificate from Bank’s Inspector certifying that construction of improvements included in progress report have been performed in accordance with plans and all materials have been incorporated into the improvements. Also, the certification was to be accompanied by photographs.
· A title update performed and title update letter or policy endorsement issued.
Finally, the Bank was unable to honor checks presented for payment on two separate dates because there were not sufficient funds in the account to cover these checks. However, the Bank can confirm that the we have not made any derogatory reports to any of the credit bureaus. The Bank’s most recent credit report on Customer is dated November 2, 2011, therefore, we are unable to confirm if any other institutions or companies have made any derogatory reports on Customer’s credit since that date.
BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved